Lynrock Lake LP Has $4.69 Million Stake in Mitek Systems, Inc. $MITK

Key Points

• Lynrock Lake LP reduced its stake in Mitek Systems, Inc. by 27% in Q1, selling 210,000 shares, leaving them with 568,877 shares valued at $4.69 million.
• Major institutional investors have been active, with Graham Capital Management L.P. increasing its stake by 72.5%, while a total of 83.64% of Mitek's stock is owned by institutional investors.
• Wall Street analysts have downgraded Mitek Systems from a "strong-buy" to a "buy" rating, with an average price target of $12.17 for the stock.

Lynrock Lake LP reduced its position in shares of Mitek Systems, Inc. (NASDAQ:MITK - Free Report) by 27.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 568,877 shares of the software maker's stock after selling 210,000 shares during the period. Mitek Systems comprises approximately 0.5% of Lynrock Lake LP's holdings, making the stock its 19th largest holding. Lynrock Lake LP owned about 1.26% of Mitek Systems worth $4,693,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Mitek Systems by 3.1% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 60,600 shares of the software maker's stock worth $674,000 after buying an additional 1,803 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Mitek Systems by 1.3% during the first quarter. Bank of New York Mellon Corp now owns 149,803 shares of the software maker's stock valued at $1,236,000 after purchasing an additional 1,851 shares during the period. Harbor Capital Advisors Inc. increased its holdings in shares of Mitek Systems by 24.4% during the first quarter. Harbor Capital Advisors Inc. now owns 11,083 shares of the software maker's stock valued at $91,000 after purchasing an additional 2,175 shares during the period. Rhumbline Advisers increased its holdings in shares of Mitek Systems by 3.8% during the first quarter. Rhumbline Advisers now owns 65,999 shares of the software maker's stock valued at $544,000 after purchasing an additional 2,396 shares during the period. Finally, Quarry LP acquired a new position in shares of Mitek Systems during the fourth quarter valued at $31,000. 83.64% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, Wall Street Zen lowered Mitek Systems from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 9th. Two research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Mitek Systems has a consensus rating of "Buy" and a consensus target price of $13.50.

Mitek Systems Stock Performance

Shares of NASDAQ:MITK traded up $0.15 during midday trading on Friday, reaching $9.81. The company had a trading volume of 366,841 shares, compared to its average volume of 421,732. Mitek Systems, Inc. has a 1-year low of $6.93 and a 1-year high of $11.78. The firm has a market cap of $447.83 million, a price-to-earnings ratio of 29.73 and a beta of 1.06. The company has a fifty day simple moving average of $9.75 and a two-hundred day simple moving average of $9.24.

Insider Buying and Selling at Mitek Systems

In related news, insider Michael E. Diamond sold 70,352 shares of the stock in a transaction on Friday, June 13th. The stock was sold at an average price of $9.77, for a total value of $687,339.04. Following the completion of the transaction, the insider owned 233,340 shares in the company, valued at $2,279,731.80. This trade represents a 23.17% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.10% of the stock is owned by company insiders.

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.