Bank of America Corp DE Trims Stock Position in Mitek Systems, Inc. (NASDAQ:MITK)

Bank of America Corp DE trimmed its holdings in shares of Mitek Systems, Inc. (NASDAQ:MITK - Free Report) by 55.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 95,587 shares of the software maker's stock after selling 119,914 shares during the quarter. Bank of America Corp DE owned 0.21% of Mitek Systems worth $1,064,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Quarry LP acquired a new position in shares of Mitek Systems during the fourth quarter valued at about $31,000. Canada Pension Plan Investment Board purchased a new position in Mitek Systems in the fourth quarter valued at about $39,000. Ancora Advisors LLC purchased a new position in Mitek Systems in the fourth quarter valued at about $67,000. KLP Kapitalforvaltning AS purchased a new stake in shares of Mitek Systems during the 4th quarter valued at approximately $105,000. Finally, Y Intercept Hong Kong Ltd purchased a new stake in shares of Mitek Systems during the 4th quarter valued at approximately $114,000. 83.64% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on MITK. Maxim Group increased their price target on shares of Mitek Systems from $13.00 to $14.00 and gave the stock a "buy" rating in a report on Tuesday, February 11th. Wall Street Zen raised shares of Mitek Systems from a "buy" rating to a "strong-buy" rating in a research report on Friday, May 30th. Finally, HC Wainwright reissued a "buy" rating and set a $13.00 price target on shares of Mitek Systems in a research report on Tuesday, February 11th. One research analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $12.88.

Mitek Systems Trading Up 4.6%

Shares of NASDAQ MITK traded up $0.45 during mid-day trading on Friday, reaching $10.26. The company had a trading volume of 703,456 shares, compared to its average volume of 560,997. Mitek Systems, Inc. has a 52 week low of $6.93 and a 52 week high of $13.72. The business's 50-day moving average is $8.66 and its 200-day moving average is $9.41. The stock has a market cap of $464.20 million, a price-to-earnings ratio of 114.00 and a beta of 1.15. The company has a current ratio of 4.59, a quick ratio of 4.59 and a debt-to-equity ratio of 0.73.

Mitek Systems (NASDAQ:MITK - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The software maker reported $0.36 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.26 by $0.10. Mitek Systems had a return on equity of 16.53% and a net margin of 2.59%. The business had revenue of $51.93 million for the quarter, compared to the consensus estimate of $47.21 million. Mitek Systems's revenue was up 10.4% on a year-over-year basis. Equities analysts expect that Mitek Systems, Inc. will post 0.59 earnings per share for the current year.

Mitek Systems Profile

Mitek Systems, Inc provides mobile image capture and digital identity verification solutions worldwide. Its product portfolio includes Mobile Deposit that enables individuals and businesses to remotely deposit checks using their camera-equipped smartphone or tablet; Mobile Verify, an identity verification solution that is integrated into mobile apps, mobile websites, and desktop applications; and Mobile Fill, which includes automatic image capture, minimizes the numbers of clicks, and expedites form fill completion.