Kovack Advisors Inc. Purchases 46,556 Shares of Mitek Systems, Inc. (NASDAQ:MITK)

Key Points

• Kovack Advisors Inc. increased its stake in Mitek Systems, Inc. by 66.8% in the first quarter, now owning approximately 116,300 shares valued at $959,000.
• Mitek Systems has received a rating upgrade from buy to strong-buy from Wall Street Zen, contributing to a consensus rating of "Buy" with an average price target of $12.88.
• In the latest quarter, Mitek Systems reported earnings of $0.36 per share and revenue of $51.93 million, exceeding expectations and showing a year-over-year revenue increase of 10.4%.

Kovack Advisors Inc. grew its stake in shares of Mitek Systems, Inc. (NASDAQ:MITK - Free Report) by 66.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 116,300 shares of the software maker's stock after buying an additional 46,556 shares during the period. Kovack Advisors Inc. owned 0.26% of Mitek Systems worth $959,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of MITK. Quarry LP purchased a new position in shares of Mitek Systems in the fourth quarter valued at $31,000. GAMMA Investing LLC grew its holdings in shares of Mitek Systems by 1,882.5% in the first quarter. GAMMA Investing LLC now owns 3,053 shares of the software maker's stock valued at $25,000 after purchasing an additional 2,899 shares in the last quarter. Canada Pension Plan Investment Board purchased a new position in shares of Mitek Systems in the fourth quarter valued at $39,000. Ancora Advisors LLC purchased a new position in shares of Mitek Systems in the fourth quarter valued at $67,000. Finally, KLP Kapitalforvaltning AS purchased a new position in shares of Mitek Systems in the fourth quarter valued at $105,000. Institutional investors own 83.64% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen raised shares of Mitek Systems from a "buy" rating to a "strong-buy" rating in a report on Saturday, June 21st. One research analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Mitek Systems currently has an average rating of "Buy" and an average target price of $12.88.

Insider Buying and Selling

In other Mitek Systems news, insider Michael E. Diamond sold 70,352 shares of Mitek Systems 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 directly owned 233,340 shares of the company's stock, valued at $2,279,731.80. The trade was a 23.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.10% of the stock is owned by insiders.

Mitek Systems Stock Performance

NASDAQ MITK traded down $0.06 on Monday, hitting $9.41. 96,666 shares of the stock were exchanged, compared to its average volume of 468,792. The stock has a fifty day moving average price of $9.71 and a two-hundred day moving average price of $9.32. The firm has a market capitalization of $425.75 million, a P/E ratio of 33.48 and a beta of 1.15. Mitek Systems, Inc. has a 52-week low of $6.93 and a 52-week high of $13.65.

Mitek Systems (NASDAQ:MITK - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The software maker reported $0.36 EPS for the quarter, topping the consensus estimate of $0.26 by $0.10. The company had revenue of $51.93 million during the quarter, compared to analyst estimates of $47.21 million. Mitek Systems had a net margin of 7.51% and a return on equity of 18.85%. Mitek Systems's revenue was up 10.4% compared to the same quarter last year. Sell-side analysts expect that Mitek Systems, Inc. will post 0.59 earnings per share for the current fiscal year.

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.