Invesco Ltd. Purchases 75,891 Shares of Mitek Systems, Inc. $MITK

Key Points

• Invesco Ltd. increased its holdings in Mitek Systems, Inc. by 4.4%, owning a total of 1,797,990 shares valued at approximately $14.8 million.
• Multiple hedge funds adjusted their positions in Mitek, with notable investments including Pandora Wealth Inc., Vanguard Group, and Kovack Advisors, leading to 83.64% of the stock being owned by institutional investors.
• Analysts have downgraded Mitek's stock rating from "strong-buy" to "buy," with a current consensus rating of "Moderate Buy" and an average price target of $12.17.

Invesco Ltd. boosted its position in shares of Mitek Systems, Inc. (NASDAQ:MITK - Free Report) by 4.4% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,797,990 shares of the software maker's stock after purchasing an additional 75,891 shares during the quarter. Invesco Ltd. owned 3.97% of Mitek Systems worth $14,833,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of MITK. Vanguard Group Inc. boosted its holdings in shares of Mitek Systems by 0.3% in the first quarter. Vanguard Group Inc. now owns 3,564,891 shares of the software maker's stock valued at $29,410,000 after buying an additional 10,073 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Mitek Systems by 6.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,798,287 shares of the software maker's stock valued at $20,016,000 after buying an additional 112,513 shares during the period. Impax Asset Management Group plc boosted its holdings in shares of Mitek Systems by 70.0% in the first quarter. Impax Asset Management Group plc now owns 850,000 shares of the software maker's stock valued at $7,012,000 after buying an additional 350,000 shares during the period. Ameriprise Financial Inc. boosted its holdings in shares of Mitek Systems by 1.5% in the fourth quarter. Ameriprise Financial Inc. now owns 655,656 shares of the software maker's stock valued at $7,297,000 after buying an additional 9,894 shares during the period. Finally, Northern Trust Corp boosted its holdings in shares of Mitek Systems by 2.4% in the fourth quarter. Northern Trust Corp now owns 440,596 shares of the software maker's stock valued at $4,904,000 after buying an additional 10,377 shares during the period. Institutional investors and hedge funds own 83.64% of the company's stock.

Insider Buying and Selling

In related news, insider Michael E. Diamond sold 70,352 shares of the stock in a transaction on Friday, June 13th. The shares were sold at an average price of $9.77, for a total transaction of $687,339.04. Following the completion of the transaction, the insider owned 233,340 shares in the company, valued at approximately $2,279,731.80. This represents a 23.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 2.10% of the company's stock.

Analyst Ratings Changes

Separately, Wall Street Zen cut shares of Mitek Systems from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 9th. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, Mitek Systems currently has a consensus rating of "Moderate Buy" and a consensus price target of $12.17.

Mitek Systems Stock Down 1.2%

MITK traded down $0.12 during trading hours on Thursday, hitting $10.17. 316,343 shares of the company's stock were exchanged, compared to its average volume of 463,777. Mitek Systems, Inc. has a 1-year low of $6.93 and a 1-year high of $11.78. The stock's 50-day moving average is $9.73 and its two-hundred day moving average is $9.25. The stock has a market cap of $464.26 million, a price-to-earnings ratio of 30.82 and a beta of 1.13.

Mitek Systems Company 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.