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

Key Points

• Tudor Investment Corp boosted its stake in Mitek by 1,026.3% in Q3 and now owns 230,848 shares (~0.51%, $2.26M), while institutional investors collectively hold about 83.64% of the stock.
• Analyst sentiment has turned positive—Jefferies upgraded to a Buy and raised its target to $15, Zacks moved to Strong-Buy, and the MarketBeat consensus rating is a Buy with an average target of $15.
• Mitek recently beat quarterly estimates (EPS $0.26 vs. $0.20 and revenue $44.24M vs. $42.44M), yet shares opened at $13.10 (down 4.4%); market cap is about $594M with a PE of ~37.4.

Tudor Investment Corp ET AL boosted its holdings in Mitek Systems, Inc. (NASDAQ:MITK - Free Report) by 1,026.3% in the third quarter, according to its most recent Form 13F filing with the SEC. 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 0.51% of Mitek Systems worth $2,255,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Inspire Investing LLC purchased a new position in shares of Mitek Systems during the 3rd quarter valued at approximately $1,005,000. Principal Financial Group Inc. increased its stake in shares of Mitek Systems by 124.5% in the third quarter. Principal Financial Group Inc. now owns 68,944 shares of the software maker's stock worth $674,000 after buying an additional 38,237 shares during the last quarter. Topline Capital Management LLC raised its holdings in Mitek Systems by 99.6% in the third quarter. Topline Capital Management LLC now owns 1,055,608 shares of the software maker's stock valued at $10,313,000 after acquiring an additional 526,842 shares in the last quarter. Skylands Capital LLC boosted its stake in 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 acquiring an additional 131,421 shares during the last quarter. Finally, Teton Advisors LLC bought a new position in Mitek Systems during the 3rd quarter valued at $918,000. 83.64% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

MITK has been the topic of a number of recent analyst reports. Jefferies Financial Group upgraded shares of Mitek Systems from a "hold" rating to a "buy" rating and upped their target price for the company from $11.00 to $15.00 in a research note on Friday, February 13th. Zacks Research upgraded Mitek Systems from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, March 18th. Weiss Ratings restated a "hold (c)" rating on shares of Mitek Systems in a research note on Monday, December 29th. Finally, Wall Street Zen raised Mitek Systems from a "buy" rating to a "strong-buy" rating in a report on Saturday, February 7th. One equities 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 stock. According to data from MarketBeat.com, Mitek Systems currently has a consensus rating of "Buy" and an average target price of $15.00.

Mitek Systems Stock Down 4.4%

Shares of NASDAQ:MITK opened at $13.10 on Friday. Mitek Systems, Inc. has a fifty-two week low of $6.93 and a fifty-two week high of $15.61. The firm has a 50-day simple moving average of $12.74 and a 200 day simple moving average of $10.74. The company has a market cap of $593.64 million, a PE ratio of 37.43 and a beta of 0.99.

Mitek Systems (NASDAQ:MITK - Get Free Report) last issued its earnings results on Thursday, February 5th. The software maker reported $0.26 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.20 by $0.06. Mitek Systems had a net margin of 8.67% and a return on equity of 16.86%. The firm had revenue of $44.24 million for the quarter, compared to analysts' expectations of $42.44 million. As a group, research analysts forecast that Mitek Systems, Inc. will post 0.59 EPS 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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