Newtyn Management LLC Sells 300,000 Shares of Mitek Systems, Inc. (NASDAQ:MITK)

Newtyn Management LLC cut its position in shares of Mitek Systems, Inc. (NASDAQ:MITK - Free Report) by 29.4% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 721,554 shares of the software maker's stock after selling 300,000 shares during the quarter. Mitek Systems comprises 1.4% of Newtyn Management LLC's investment portfolio, making the stock its 21st biggest holding. Newtyn Management LLC owned approximately 1.60% of Mitek Systems worth $8,031,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Quarry LP bought a new stake in shares of Mitek Systems during the fourth quarter valued at approximately $31,000. Canada Pension Plan Investment Board bought a new stake in shares of Mitek Systems during the fourth quarter valued at approximately $39,000. Ancora Advisors LLC bought a new stake in shares of Mitek Systems during the fourth quarter valued at approximately $67,000. Avior Wealth Management LLC boosted its position in shares of Mitek Systems by 24.7% during the fourth quarter. Avior Wealth Management LLC now owns 8,595 shares of the software maker's stock valued at $96,000 after purchasing an additional 1,700 shares in the last quarter. Finally, KLP Kapitalforvaltning AS bought a new stake in shares of Mitek Systems during the fourth quarter valued at approximately $105,000. 83.64% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on MITK shares. HC Wainwright restated a "buy" rating and set a $13.00 price target on shares of Mitek Systems in a research report on Tuesday, February 11th. StockNews.com upgraded Mitek Systems from a "buy" rating to a "strong-buy" rating in a research note on Monday, May 12th. Finally, Maxim Group lifted their price objective on Mitek Systems from $13.00 to $14.00 and gave the company a "buy" rating in a research note on Tuesday, February 11th. One 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. According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $12.88.

Insiders Place Their Bets

In other Mitek Systems news, CEO Edward H. West bought 55,000 shares of Mitek Systems stock in a transaction on Thursday, February 20th. The stock was acquired at an average price of $9.21 per share, with a total value of $506,550.00. Following the acquisition, the chief executive officer now owns 55,000 shares in the company, valued at approximately $506,550. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.10% of the company's stock.

Mitek Systems Stock Up 1.2%

NASDAQ:MITK traded up $0.12 during trading hours on Friday, reaching $9.77. 427,566 shares of the company traded hands, compared to its average volume of 563,435. The business's 50-day moving average price is $8.44 and its two-hundred day moving average price is $9.36. The stock has a market capitalization of $442.03 million, a P/E ratio of 108.56 and a beta of 1.11. Mitek Systems, Inc. has a 1 year low of $6.93 and a 1 year high of $13.72. The company has a current ratio of 4.59, a quick ratio of 4.59 and a debt-to-equity ratio of 0.73.

Mitek Systems (NASDAQ:MITK - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The software maker reported $0.36 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.26 by $0.10. The business had revenue of $51.93 million during the quarter, compared to analysts' expectations of $47.21 million. Mitek Systems had a return on equity of 16.53% and a net margin of 2.59%. The business's revenue was up 10.4% compared to the same quarter last year. Analysts predict that Mitek Systems, Inc. will post 0.59 earnings per share for the current year.

Mitek Systems Company Profile

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.