Squarepoint Ops LLC Has $2.78 Million Position in Mitek Systems, Inc. $MITK

Key Points

• Squarepoint Ops LLC nearly doubled its Mitek Systems position in the second quarter, increasing holdings by 97% to 137,963 shares valued at approximately $2.78 million. Institutional investors collectively own 83.64% of MITK.
• Mitek Systems exceeded quarterly expectations, reporting earnings of $0.34 per share versus the $0.28 consensus estimate and revenue of $54.04 million versus forecasts of $50.82 million.
• Analyst sentiment is broadly positive: MITK has an average rating of “Buy” and a consensus price target of $19.33, while some research firms upgraded the stock to “Strong Buy.”

Squarepoint Ops LLC raised its holdings in shares of Mitek Systems, Inc. (NASDAQ:MITK - Free Report) by 97.0% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 137,963 shares of the software maker's stock after purchasing an additional 67,930 shares during the quarter. Squarepoint Ops LLC owned 0.31% of Mitek Systems worth $2,777,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in Mitek Systems by 5.6% during the 3rd quarter. Vanguard Group Inc. now owns 3,717,031 shares of the software maker's stock valued at $36,315,000 after purchasing an additional 198,068 shares during the last quarter. Invesco Ltd. grew its position in Mitek Systems by 0.5% during the fourth quarter. Invesco Ltd. now owns 1,919,576 shares of the software maker's stock valued at $20,252,000 after buying an additional 10,105 shares during the period. Wellington Management Group LLP grew its position in shares of Mitek Systems by 47.0% during the 2nd quarter. Wellington Management Group LLP now owns 1,780,147 shares of the software maker's stock valued at $35,834,000 after acquiring an additional 569,379 shares during the period. Dimensional Fund Advisors LP increased its position in Mitek Systems by 1.8% in the first quarter. Dimensional Fund Advisors LP now owns 1,685,657 shares of the software maker's stock worth $22,756,000 after buying an additional 29,997 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in Mitek Systems by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 1,262,658 shares of the software maker's stock worth $13,323,000 after buying an additional 9,921 shares during the last quarter. Institutional investors and hedge funds own 83.64% of the company's stock.

Mitek Systems Price Performance

MITK stock opened at $17.22 on Monday. The firm has a 50 day moving average of $18.19 and a 200-day moving average of $16.33. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 0.19. Mitek Systems, Inc. has a 12 month low of $8.53 and a 12 month high of $21.05. The firm has a market capitalization of $776.97 million, a P/E ratio of 36.64 and a beta of 0.99.

Mitek Systems (NASDAQ:MITK - Get Free Report) last announced its earnings results on Thursday, August 6th. The software maker reported $0.34 earnings per share for the quarter, topping analysts' consensus estimates of $0.28 by $0.06. The business had revenue of $54.04 million for the quarter, compared to analyst estimates of $50.82 million. Mitek Systems had a return on equity of 19.16% and a net margin of 11.39%. As a group, sell-side analysts predict that Mitek Systems, Inc. will post 0.91 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

MITK has been the subject of several research reports. Maxim Group set a $26.00 price target on Mitek Systems in a research note on Friday, August 7th. Weiss Ratings reiterated a "hold (c+)" rating on shares of Mitek Systems in a research report on Friday, August 7th. Wall Street Zen upgraded shares of Mitek Systems from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 8th. Finally, Zacks Research raised shares of Mitek Systems from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 18th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, Mitek Systems has an average rating of "Buy" and a consensus price target of $19.33.

Mitek Systems Profile

Mitek Systems, Inc NASDAQ: MITK develops digital identity verification and mobile capture software for financial institutions, fintech companies and other businesses. Its technology helps organizations verify identities, authenticate users and automate the submission and processing of documents and checks through digital channels.

The company's offerings include mobile check deposit and check-processing solutions, as well as identity verification products that use document recognition, facial biometrics and liveness detection.

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