Pacer Advisors Inc. Makes New Investment in Mitek Systems, Inc. (NASDAQ:MITK)

Pacer Advisors Inc. bought a new stake in Mitek Systems, Inc. (NASDAQ:MITK - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 326,598 shares of the software maker's stock, valued at approximately $2,694,000. Pacer Advisors Inc. owned about 0.72% of Mitek Systems at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Quarry LP acquired a new stake in Mitek Systems during the 4th quarter worth approximately $31,000. GAMMA Investing LLC lifted its holdings in Mitek Systems by 1,882.5% during the 1st quarter. GAMMA Investing LLC now owns 3,053 shares of the software maker's stock worth $25,000 after buying an additional 2,899 shares in the last quarter. Canada Pension Plan Investment Board acquired a new stake in Mitek Systems during the 4th quarter worth approximately $39,000. Ancora Advisors LLC acquired a new stake in Mitek Systems during the 4th quarter worth approximately $67,000. Finally, KLP Kapitalforvaltning AS acquired a new stake in Mitek Systems during the 4th quarter worth approximately $105,000. 83.64% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen upgraded shares of Mitek Systems from a "buy" rating to a "strong-buy" rating in a report on Saturday, June 21st. One investment analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, Mitek Systems presently has an average rating of "Buy" and an average price target of $12.88.

Insider Buying and Selling at Mitek Systems

In other news, insider Michael E. Diamond sold 70,352 shares of Mitek Systems stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $9.77, for a total value of $687,339.04. Following the sale, the insider owned 233,340 shares of the company's stock, valued at $2,279,731.80. The trade was a 23.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.10% of the stock is currently owned by insiders.

Mitek Systems Trading Down 2.4%

Shares of NASDAQ MITK traded down $0.22 during mid-day trading on Friday, reaching $8.80. The company had a trading volume of 611,076 shares, compared to its average volume of 468,967. The firm has a 50 day simple moving average of $9.67 and a two-hundred day simple moving average of $9.30. The stock has a market cap of $398.11 million, a P/E ratio of 31.43 and a beta of 1.15. Mitek Systems, Inc. has a 52-week low of $6.93 and a 52-week high of $12.61.

Mitek Systems (NASDAQ:MITK - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The software maker reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.10. Mitek Systems had a net margin of 7.51% and a return on equity of 18.85%. The company had revenue of $51.93 million for the quarter, compared to the consensus estimate of $47.21 million. Mitek Systems's revenue was up 10.4% compared to the same quarter last year. On average, equities analysts expect that Mitek Systems, Inc. will post 0.59 EPS for the current year.

About Mitek Systems

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.