Graham Capital Management L.P. Acquires 43,312 Shares of Mitek Systems, Inc. $MITK

Key Points

• Graham Capital Management L.P. increased its stake in Mitek Systems by 72.5%, owning approximately 0.23% of the company's shares worth $850,000 after acquiring an additional 43,312 shares.
• Approximately 83.64% of Mitek Systems' stock is owned by institutional investors and hedge funds, indicating significant interest from large financial entities.
• Analysts have downgraded Mitek Systems from a "strong-buy" rating to a "buy" rating, with an average price target of $13.50 for the stock.

Graham Capital Management L.P. grew its position in shares of Mitek Systems, Inc. (NASDAQ:MITK - Free Report) by 72.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 103,089 shares of the software maker's stock after purchasing an additional 43,312 shares during the period. Graham Capital Management L.P. owned approximately 0.23% of Mitek Systems worth $850,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. GAMMA Investing LLC boosted its stake in Mitek Systems by 1,882.5% during the first quarter. GAMMA Investing LLC now owns 3,053 shares of the software maker's stock valued at $25,000 after buying an additional 2,899 shares during the period. Pandora Wealth Inc. purchased a new stake in shares of Mitek Systems in the 1st quarter valued at about $41,000. Ancora Advisors LLC purchased a new stake in shares of Mitek Systems in the 4th quarter valued at about $67,000. Harbor Capital Advisors Inc. boosted its position in shares of Mitek Systems by 24.4% during the 1st quarter. Harbor Capital Advisors Inc. now owns 11,083 shares of the software maker's stock valued at $91,000 after acquiring an additional 2,175 shares during the last quarter. Finally, Point72 Asset Management L.P. purchased a new position in shares of Mitek Systems during the fourth quarter worth about $131,000. Institutional investors own 83.64% of the company's stock.

Wall Street Analyst Weigh In

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

Mitek Systems Trading Up 0.1%

Shares of MITK traded up $0.01 during midday trading on Wednesday, reaching $9.95. The stock had a trading volume of 588,252 shares, compared to its average volume of 365,295. The company has a market capitalization of $454.22 million, a price-to-earnings ratio of 30.15 and a beta of 1.06. The company's 50-day moving average is $9.74 and its 200 day moving average is $9.26. Mitek Systems, Inc. has a 12-month low of $6.93 and a 12-month high of $11.78.

Insider Transactions at Mitek Systems

In other Mitek Systems news, insider Michael E. Diamond sold 70,352 shares of the company's stock in a transaction that occurred 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 sale, the insider owned 233,340 shares of the company's stock, valued at $2,279,731.80. This represents a 23.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 2.10% of the stock is currently owned by corporate 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.