Mitek Systems, Inc. $MITK Stock Position Raised by Skylands Capital LLC

Key Points

• Skylands Capital raised its stake in Mitek Systems by 34.3% in Q4 to 302,616 shares (about $3.19M), and institutional investors now own roughly 83.64% of the stock.
• Mitek beat the last quarter's estimates, reporting $0.26 EPS vs. $0.20 expected and revenue of $44.24M vs. $42.44M, with a net margin of 8.67% and ROE of 16.86%.
• Wall Street consensus is a "Hold" with a $16 target, though opinions vary—Jefferies upgraded to a Buy and lifted its price target to $15 while Northland set a $17 target and Zacks downgraded to Hold.

Skylands Capital LLC boosted its position in shares of Mitek Systems, Inc. (NASDAQ:MITK - Free Report) by 34.3% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 302,616 shares of the software maker's stock after purchasing an additional 77,320 shares during the period. Skylands Capital LLC owned 0.67% of Mitek Systems worth $3,193,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in MITK. Harbor Capital Advisors Inc. boosted its position in Mitek Systems by 13.6% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 12,100 shares of the software maker's stock worth $118,000 after acquiring an additional 1,449 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd increased its holdings in shares of Mitek Systems by 1.9% in the 3rd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 121,514 shares of the software maker's stock valued at $1,187,000 after purchasing an additional 2,225 shares during the period. CWM LLC lifted its position in shares of Mitek Systems by 17.6% in the third quarter. CWM LLC now owns 26,682 shares of the software maker's stock worth $261,000 after purchasing an additional 3,986 shares in the last quarter. First Trust Advisors LP lifted its position in shares of Mitek Systems by 2.4% in the third quarter. First Trust Advisors LP now owns 173,076 shares of the software maker's stock worth $1,691,000 after purchasing an additional 3,995 shares in the last quarter. Finally, New York State Teachers Retirement System acquired a new stake in shares of Mitek Systems during the third quarter worth approximately $39,000. 83.64% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have weighed in on MITK shares. Northland Securities set a $17.00 price objective on shares of Mitek Systems in a research note on Wednesday, April 15th. Weiss Ratings restated a "hold (c)" rating on shares of Mitek Systems in a report on Friday, March 27th. Zacks Research downgraded shares of Mitek Systems from a "strong-buy" rating to a "hold" rating in a research note on Thursday, April 16th. Wall Street Zen upgraded Mitek Systems from a "buy" rating to a "strong-buy" rating in a report on Saturday, February 7th. Finally, Jefferies Financial Group raised Mitek Systems from a "hold" rating to a "buy" rating and lifted their price objective for the company from $11.00 to $15.00 in a research report on Friday, February 13th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $16.00.

Mitek Systems Stock Performance

Shares of MITK opened at $14.08 on Tuesday. The firm has a market cap of $638.05 million, a PE ratio of 40.23 and a beta of 1.03. Mitek Systems, Inc. has a twelve month low of $8.07 and a twelve month high of $15.80. The firm's 50 day moving average price is $14.15 and its 200 day moving average price is $11.38.

Mitek Systems (NASDAQ:MITK - Get Free Report) last announced its quarterly earnings results on Thursday, February 5th. The software maker reported $0.26 EPS for the quarter, topping the consensus estimate of $0.20 by $0.06. Mitek Systems had a net margin of 8.67% and a return on equity of 16.86%. The company had revenue of $44.24 million for the quarter, compared to analyst estimates of $42.44 million. On average, sell-side analysts anticipate that Mitek Systems, Inc. will post 0.88 earnings per share for the current fiscal year.

Mitek Systems Company Profile

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.

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