Bank of New York Mellon Corp Acquires Shares of 264,393 Mitek Systems, Inc. $MITK

Key Points

• Bank of New York Mellon acquired 264,393 shares of Mitek Systems in the second quarter, worth approximately $5.3 million and representing about 0.59% of the company. Institutional investors collectively own 83.64% of MITK.
• Analyst sentiment is generally positive: the stock has an average “Buy” rating and an average price target of $19.33, while Wall Street Zen and Zacks Research upgraded it to “Strong Buy.”
• Mitek exceeded quarterly expectations, reporting adjusted EPS of $0.34 versus the $0.28 consensus and revenue of $54.04 million versus estimates of $50.82 million. The stock recently opened at $18.57, with a 52-week range of $8.53 to $21.05.

Bank of New York Mellon Corp acquired a new stake in shares of Mitek Systems, Inc. (NASDAQ:MITK - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 264,393 shares of the software maker's stock, valued at approximately $5,322,000. Bank of New York Mellon Corp owned about 0.59% of Mitek Systems as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. International Assets Investment Management LLC purchased a new position in shares of Mitek Systems in the fourth quarter valued at about $1,124,000. Sei Investments Co. bought a new position in Mitek Systems during the first quarter valued at $2,531,000. Pacer Advisors Inc. purchased a new stake in Mitek Systems during the first quarter valued at approximately $2,312,000. Anson Funds Management LP purchased a new stake in Mitek Systems during the 1st quarter valued at $998,000. Finally, Independent Advisor Alliance lifted its holdings in shares of Mitek Systems by 4.5% in the 4th quarter. Independent Advisor Alliance now owns 1,225,119 shares of the software maker's stock worth $12,925,000 after acquiring an additional 53,016 shares during the last quarter. 83.64% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently commented on MITK shares. Wall Street Zen upgraded shares of Mitek Systems from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 8th. Maxim Group set a $26.00 price target on shares of Mitek Systems in a report on Friday, August 7th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Mitek Systems in a research report on Friday, August 7th. Finally, Zacks Research raised Mitek Systems from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 18th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $19.33.

Mitek Systems Stock Performance

MITK stock opened at $18.57 on Friday. The company has a 50 day moving average price of $18.39 and a 200 day moving average price of $16.15. Mitek Systems, Inc. has a fifty-two week low of $8.53 and a fifty-two week high of $21.05. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.74 and a quick ratio of 2.74. The stock has a market capitalization of $837.88 million, a PE ratio of 39.51 and a beta of 0.99.

Mitek Systems (NASDAQ:MITK - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The software maker reported $0.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.06. Mitek Systems had a return on equity of 19.16% and a net margin of 11.39%.The business had revenue of $54.04 million for the quarter, compared to analyst estimates of $50.82 million. Analysts forecast that Mitek Systems, Inc. will post 0.91 EPS for the current year.

Mitek Systems Profile

Mitek Systems, Inc NASDAQ: MITK is a software company specializing in mobile capture and digital identity verification solutions. Headquartered in San Diego, California, Mitek develops and licenses patented technology that enables organizations to securely capture, authenticate and process identity documents, checks and other physical media using smartphones and other digital devices. Its platforms leverage advanced image processing, machine learning and biometrics to streamline customer onboarding and prevent fraud in real time.

The company's core offerings include mobile check deposit and deposit automation tools for financial institutions, as well as identity verification and authentication services for banks, fintechs, insurers and government agencies.

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