Wolverine Asset Management LLC Has $96,000 Holdings in Mitek Systems, Inc. (NASDAQ:MITK)

Key Points

• Wolverine Asset Management LLC has significantly reduced its holdings in Mitek Systems by 98.9%, now owning only 11,618 shares valued at $96,000.
• Other institutional investors have increased their stakes in Mitek Systems, with Invesco Ltd. boosting its holdings by 534.4% during the 4th quarter, now owning shares worth approximately $19.2 million.
• Mitek Systems has been recently rated as a "buy" by Wall Street analysts, down from a "strong-buy," indicating a cautious outlook despite positive growth prospects.

Wolverine Asset Management LLC trimmed its position in shares of Mitek Systems, Inc. (NASDAQ:MITK - Free Report) by 98.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 11,618 shares of the software maker's stock after selling 1,043,482 shares during the quarter. Wolverine Asset Management LLC's holdings in Mitek Systems were worth $96,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in MITK. Invesco Ltd. lifted its holdings in shares of Mitek Systems by 534.4% during the 4th quarter. Invesco Ltd. now owns 1,722,099 shares of the software maker's stock valued at $19,167,000 after buying an additional 1,450,652 shares during the last quarter. Marshall Wace LLP lifted its holdings in shares of Mitek Systems by 2,115.7% during the 4th quarter. Marshall Wace LLP now owns 859,123 shares of the software maker's stock valued at $9,562,000 after buying an additional 820,349 shares during the last quarter. Impax Asset Management Group plc lifted its holdings in shares of Mitek Systems by 70.0% during the 1st quarter. Impax Asset Management Group plc now owns 850,000 shares of the software maker's stock valued at $7,012,000 after buying an additional 350,000 shares during the last quarter. Pacer Advisors Inc. acquired a new stake in shares of Mitek Systems during the 1st quarter valued at about $2,694,000. Finally, Jefferies Financial Group Inc. acquired a new stake in shares of Mitek Systems during the 4th quarter valued at about $3,500,000. 83.64% of the stock is currently owned by institutional investors and hedge funds.

Mitek Systems Stock Performance

Shares of MITK stock opened at $9.73 on Tuesday. The stock's 50 day simple moving average is $9.66 and its 200 day simple moving average is $9.25. Mitek Systems, Inc. has a twelve month low of $6.93 and a twelve month high of $11.78. The company has a market capitalization of $444.17 million, a price-to-earnings ratio of 29.48 and a beta of 1.13.

Insider Buying and Selling at Mitek Systems

In related news, insider Michael E. Diamond sold 70,352 shares of the firm's stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $9.77, for a total value of $687,339.04. Following the transaction, the insider directly owned 233,340 shares of the company's stock, valued at approximately $2,279,731.80. This trade represents a 23.17% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.10% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen lowered Mitek Systems from a "strong-buy" rating to a "buy" rating in a report on Saturday.

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.

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