Tudor Investment Corp ET AL Boosts Stock Position in Mitek Systems, Inc. $MITK

Key Points

• Tudor Investment Corp increased its stake in Mitek by 1,026.3% in Q3, adding 210,352 shares to hold 230,848 shares (about 0.50% of the company) valued at $2.255 million.
• Other institutions including Impax, Vanguard, Skylands, Topline and AXA also added positions, leaving institutional investors with a high ownership level of 83.64%.
• Mitek recently beat quarterly estimates (EPS $0.26 vs $0.20; revenue $44.24M vs $42.44M), trades near $13.55 with a ~$614M market cap, and has an average analyst rating of Buy with a $15.00 average price target.

Tudor Investment Corp ET AL boosted its holdings in Mitek Systems, Inc. (NASDAQ:MITK - Free Report) by 1,026.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 230,848 shares of the software maker's stock after purchasing an additional 210,352 shares during the period. Tudor Investment Corp ET AL owned about 0.50% of Mitek Systems worth $2,255,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of MITK. Topline Capital Management LLC purchased a new position in Mitek Systems in the second quarter worth $5,235,000. Impax Asset Management Group plc lifted its position in shares of Mitek Systems by 40.6% during the 3rd quarter. Impax Asset Management Group plc now owns 1,195,000 shares of the software maker's stock valued at $11,675,000 after buying an additional 345,000 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of 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 buying an additional 198,068 shares during the last quarter. Skylands Capital LLC lifted its position in shares of Mitek Systems by 140.0% during the 3rd quarter. Skylands Capital LLC now owns 225,296 shares of the software maker's stock valued at $2,201,000 after buying an additional 131,421 shares during the last quarter. Finally, AXA S.A. purchased a new position in shares of Mitek Systems during the 2nd quarter valued at $1,193,000. Hedge funds and other institutional investors own 83.64% of the company's stock.

Mitek Systems Stock Down 4.2%

Shares of NASDAQ MITK opened at $13.55 on Friday. The firm has a market capitalization of $614.09 million, a P/E ratio of 38.72 and a beta of 1.03. The stock's 50-day simple moving average is $13.44 and its two-hundred day simple moving average is $10.99. Mitek Systems, Inc. has a twelve month low of $7.46 and a twelve month high of $15.61.

Mitek Systems (NASDAQ:MITK - Get Free Report) last announced its earnings results on Thursday, February 5th. The software maker reported $0.26 earnings per share for the quarter, topping analysts' consensus estimates of $0.20 by $0.06. The business had revenue of $44.24 million for 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, research analysts anticipate that Mitek Systems, Inc. will post 0.59 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Mitek Systems in a research report on Friday, March 27th. Zacks Research raised Mitek Systems from a "hold" rating to a "strong-buy" rating in a report on Wednesday, March 18th. Jefferies Financial Group raised Mitek Systems from a "hold" rating to a "buy" rating and increased their price objective for the stock from $11.00 to $15.00 in a report on Friday, February 13th. Finally, Wall Street Zen raised Mitek Systems from a "buy" rating to a "strong-buy" rating in a report on Saturday, February 7th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $15.00.

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.

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