Renaissance Technologies LLC Sells 197,800 Shares of Mitek Systems, Inc. (NASDAQ:MITK)

Renaissance Technologies LLC lessened its position in Mitek Systems, Inc. (NASDAQ:MITK) by 46.5% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 227,300 shares of the software maker’s stock after selling 197,800 shares during the quarter. Renaissance Technologies LLC owned 0.49% of Mitek Systems worth $2,541,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Tyro Capital Management LLC purchased a new stake in Mitek Systems in the 4th quarter worth about $9,240,000. LSV Asset Management raised its holdings in shares of Mitek Systems by 852.1% in the first quarter. LSV Asset Management now owns 735,899 shares of the software maker’s stock worth $10,376,000 after buying an additional 658,603 shares during the period. Thompson Siegel & Walmsley LLC lifted its stake in shares of Mitek Systems by 259.9% during the 2nd quarter. Thompson Siegel & Walmsley LLC now owns 766,322 shares of the software maker’s stock worth $8,567,000 after acquiring an additional 553,379 shares during the last quarter. Foundry Partners LLC bought a new stake in shares of Mitek Systems during the 2nd quarter worth approximately $3,275,000. Finally, Kopp LeRoy C purchased a new position in Mitek Systems during the 1st quarter valued at $3,340,000. 83.64% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have weighed in on the company. StockNews.com upgraded Mitek Systems from a “hold” rating to a “buy” rating in a research report on Friday, July 12th. Maxim Group decreased their price objective on shares of Mitek Systems from $23.00 to $13.00 and set a “buy” rating for the company in a report on Monday, August 12th. HC Wainwright lowered their price objective on shares of Mitek Systems from $19.00 to $11.00 and set a “buy” rating for the company in a research report on Monday, August 12th. Jefferies Financial Group lowered shares of Mitek Systems from a “buy” rating to a “hold” rating and reduced their target price for the stock from $17.00 to $9.50 in a research report on Wednesday, September 4th. Finally, Craig Hallum lowered their price target on Mitek Systems from $19.00 to $15.00 and set a “buy” rating for the company in a report on Friday, August 9th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $12.13.

Mitek Systems Stock Performance

MITK stock opened at $8.48 on Wednesday. Mitek Systems, Inc. has a 1-year low of $7.35 and a 1-year high of $16.24. The business has a 50-day moving average price of $9.70 and a 200 day moving average price of $11.56. The company has a market capitalization of $396.79 million, a P/E ratio of -53.00 and a beta of 1.07. The company has a debt-to-equity ratio of 0.68, a current ratio of 4.46 and a quick ratio of 4.46.

Mitek Systems (NASDAQ:MITK) last announced its quarterly earnings results on Thursday, August 8th. The software maker reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.01). The business had revenue of $45.00 million during the quarter, compared to analysts’ expectations of $47.99 million. Mitek Systems had a positive return on equity of 12.32% and a negative net margin of 4.05%. Mitek Systems’s revenue for the quarter was up 4.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.16 EPS. As a group, equities research analysts forecast that Mitek Systems, Inc. will post 0.56 EPS for the current fiscal year.

Mitek Systems 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.