Mitek Systems, Inc. $MITK Shares Purchased by Impax Asset Management Group plc

Key Points

• Impax Asset Management raised its stake in Mitek by 8.4% to 1,295,000 shares (2.86% ownership) after buying 100,000 shares in Q4, with its position valued at about $13.66 million; overall institutional ownership stands at 83.64%.
• Analyst views are mixed: MarketBeat shows a consensus Hold with a $16.00 target, though Jefferies upgraded to Buy (PT $15.00) and Northland set a $17.00 target while Zacks recently cut to Hold.
• Mitek beat estimates last quarter with $0.26 EPS and $44.24M revenue; the stock trades near $14.29 with a $647.6M market cap and a P/E of 40.8, close to its 52‑week high of $15.80.

Impax Asset Management Group plc increased its position in shares of Mitek Systems, Inc. (NASDAQ:MITK - Free Report) by 8.4% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,295,000 shares of the software maker's stock after purchasing an additional 100,000 shares during the quarter. Impax Asset Management Group plc owned 2.86% of Mitek Systems worth $13,662,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently made changes to their positions in MITK. AQR Capital Management LLC raised its holdings in shares of Mitek Systems by 138.3% in the first quarter. AQR Capital Management LLC now owns 111,967 shares of the software maker's stock worth $924,000 after acquiring an additional 64,980 shares during the last quarter. Creative Planning raised its holdings in shares of Mitek Systems by 87.6% in the second quarter. Creative Planning now owns 30,133 shares of the software maker's stock worth $298,000 after acquiring an additional 14,070 shares during the last quarter. Rhumbline Advisers raised its holdings in shares of Mitek Systems by 39.2% in the second quarter. Rhumbline Advisers now owns 91,877 shares of the software maker's stock worth $910,000 after acquiring an additional 25,878 shares during the last quarter. American Century Companies Inc. raised its holdings in shares of Mitek Systems by 49.7% in the second quarter. American Century Companies Inc. now owns 69,871 shares of the software maker's stock worth $692,000 after acquiring an additional 23,212 shares during the last quarter. Finally, XTX Topco Ltd acquired a new position in shares of Mitek Systems in the second quarter worth $153,000. 83.64% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

MITK has been the subject of a number of analyst reports. Jefferies Financial Group raised Mitek Systems from a "hold" rating to a "buy" rating and boosted their price target for the stock from $11.00 to $15.00 in a report on Friday, February 13th. Weiss Ratings reissued a "hold (c)" rating on shares of Mitek Systems in a report on Friday, March 27th. Wall Street Zen raised Mitek Systems from a "buy" rating to a "strong-buy" rating in a report on Saturday, February 7th. Northland Securities set a $17.00 price target on Mitek Systems in a report on Wednesday, April 15th. Finally, Zacks Research cut Mitek Systems from a "strong-buy" rating to a "hold" rating in a report on Thursday, April 16th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $16.00.

Mitek Systems Trading Up 2.4%

Mitek Systems stock opened at $14.29 on Friday. The firm has a market capitalization of $647.57 million, a P/E ratio of 40.83 and a beta of 1.03. The stock has a fifty day moving average price of $14.14 and a 200 day moving average price of $11.33. Mitek Systems, Inc. has a 52 week low of $8.07 and a 52 week high of $15.80.

Mitek Systems (NASDAQ:MITK - Get Free Report) last released its earnings results on Thursday, February 5th. The software maker reported $0.26 EPS for the quarter, beating the consensus estimate of $0.20 by $0.06. The firm had revenue of $44.24 million during the quarter, compared to analyst estimates of $42.44 million. Mitek Systems had a return on equity of 16.86% and a net margin of 8.67%. As a group, equities analysts predict that Mitek Systems, Inc. will post 0.88 EPS for the current year.

About Mitek Systems

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.