Mitek Systems, Inc. $MITK Shares Sold by Russell Investments Group Ltd.

Key Points

• Russell Investments Group Ltd. decreased its holdings in Mitek Systems by 9.1%, now owning 345,361 shares valued at approximately $2.85 million.
• Mitek Systems stock is currently priced at $10.55, with a 52-week range from $6.93 to $11.78, and a market capitalization of $481.61 million.
• Wall Street analysts recently downgraded Mitek Systems from a "strong-buy" to a "buy" rating, maintaining a consensus price target of $12.17.

Russell Investments Group Ltd. lessened its holdings in Mitek Systems, Inc. (NASDAQ:MITK - Free Report) by 9.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 345,361 shares of the software maker's stock after selling 34,512 shares during the period. Russell Investments Group Ltd. owned approximately 0.76% of Mitek Systems worth $2,849,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also modified their holdings of MITK. GAMMA Investing LLC lifted its stake in shares of Mitek Systems by 1,882.5% in the 1st 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 during the last quarter. Quarry LP acquired a new position in shares of Mitek Systems in the 4th quarter valued at $31,000. Canada Pension Plan Investment Board acquired a new position in shares of Mitek Systems in the 4th quarter valued at $39,000. Pandora Wealth Inc. acquired a new position in Mitek Systems during the 1st quarter worth about $41,000. Finally, Ancora Advisors LLC acquired a new position in Mitek Systems during the 4th quarter worth about $67,000. Institutional investors and hedge funds own 83.64% of the company's stock.

Insider Buying and Selling at Mitek Systems

In other Mitek Systems news, insider Michael E. Diamond sold 70,352 shares of Mitek Systems 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 transaction, the insider directly owned 233,340 shares in the company, valued at approximately $2,279,731.80. This trade represents a 23.17% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 2.10% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen lowered Mitek Systems from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 9th. Two research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, Mitek Systems has a consensus rating of "Moderate Buy" and a consensus price target of $12.17.

Mitek Systems Stock Down 0.2%

NASDAQ MITK traded down $0.02 during trading hours on Friday, hitting $10.15. 102,332 shares of the company were exchanged, compared to its average volume of 464,441. Mitek Systems, Inc. has a 52-week low of $6.93 and a 52-week high of $11.78. The firm has a market cap of $463.35 million, a price-to-earnings ratio of 30.76 and a beta of 1.13. The company has a 50 day moving average of $9.73 and a two-hundred day moving average of $9.25.

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.