JPMorgan Chase & Co. Boosts Stock Holdings in Mitek Systems, Inc. (NASDAQ:MITK)

JPMorgan Chase & Co. raised its holdings in shares of Mitek Systems, Inc. (NASDAQ:MITK) by 15.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 262,956 shares of the software maker’s stock after buying an additional 35,301 shares during the period. JPMorgan Chase & Co. owned about 0.61% of Mitek Systems worth $2,280,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Barclays PLC boosted its holdings in shares of Mitek Systems by 335.6% during the third quarter. Barclays PLC now owns 78,209 shares of the software maker’s stock worth $679,000 after purchasing an additional 60,256 shares during the period. State Street Corp boosted its holdings in shares of Mitek Systems by 3.8% during the third quarter. State Street Corp now owns 1,306,351 shares of the software maker’s stock worth $11,326,000 after purchasing an additional 47,418 shares during the period. Invenomic Capital Management LP purchased a new stake in shares of Mitek Systems during the third quarter worth about $4,068,000. Janus Henderson Group PLC boosted its holdings in shares of Mitek Systems by 4.0% during the third quarter. Janus Henderson Group PLC now owns 73,752 shares of the software maker’s stock worth $640,000 after purchasing an additional 2,806 shares during the period. Finally, Capstone Investment Advisors LLC purchased a new stake in shares of Mitek Systems during the third quarter worth about $680,000. 83.64% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on MITK shares. StockNews.com upgraded shares of Mitek Systems from a “hold” rating to a “strong-buy” rating in a report on Wednesday, December 25th. HC Wainwright raised their price objective on shares of Mitek Systems from $11.00 to $13.00 and gave the stock a “buy” rating in a report on Tuesday, December 17th. One research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $12.63.

Mitek Systems Stock Performance

Shares of MITK opened at $10.01 on Wednesday. The company has a debt-to-equity ratio of 0.67, a current ratio of 4.39 and a quick ratio of 4.39. Mitek Systems, Inc. has a one year low of $7.35 and a one year high of $16.24. The company has a 50-day simple moving average of $10.00 and a two-hundred day simple moving average of $9.77. The firm has a market capitalization of $431.33 million, a PE ratio of 166.83 and a beta of 1.06.

Mitek Systems (NASDAQ:MITK) last issued its quarterly earnings data on Monday, December 16th. The software maker reported $0.33 EPS for the quarter, topping the consensus estimate of $0.17 by $0.16. Mitek Systems had a net margin of 1.90% and a return on equity of 16.64%. The business had revenue of $43.22 million during the quarter, compared to analyst estimates of $41.30 million. During the same period last year, the business posted $0.15 earnings per share. Mitek Systems’s quarterly revenue was up 14.8% compared to the same quarter last year. On average, analysts anticipate that Mitek Systems, Inc. will post 0.63 EPS for the current fiscal year.

Insider Buying and Selling at Mitek Systems

In related news, insider Michael E. Diamond sold 4,544 shares of the firm’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $9.09, for a total transaction of $41,304.96. Following the completion of the sale, the insider now owns 166,632 shares of the company’s stock, valued at $1,514,684.88. This trade represents a 2.65 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jason Gray sold 6,222 shares of the firm’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $9.07, for a total transaction of $56,433.54. Following the sale, the insider now directly owns 164,342 shares of the company’s stock, valued at $1,490,581.94. This trade represents a 3.65 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 16,699 shares of company stock valued at $152,140. Corporate insiders own 2.10% of the company’s stock.

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.