Redmond Asset Management LLC Invests $579,000 in Mitek Systems, Inc. (NASDAQ:MITK)

Redmond Asset Management LLC acquired a new position in shares of Mitek Systems, Inc. (NASDAQ:MITK) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 58,235 shares of the software maker’s stock, valued at approximately $579,000. Redmond Asset Management LLC owned approximately 0.15% of Mitek Systems as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the company. Wedbush Securities Inc. increased its position in shares of Mitek Systems by 20.0% during the second quarter. Wedbush Securities Inc. now owns 12,000 shares of the software maker’s stock worth $119,000 after acquiring an additional 2,000 shares in the last quarter. Aperio Group LLC bought a new stake in shares of Mitek Systems during the second quarter worth $27,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of Mitek Systems during the second quarter worth $29,000. Commonwealth Equity Services LLC increased its position in shares of Mitek Systems by 22.0% during the second quarter. Commonwealth Equity Services LLC now owns 20,380 shares of the software maker’s stock worth $202,000 after acquiring an additional 3,675 shares in the last quarter. Finally, Gamco Investors INC. ET AL increased its position in shares of Mitek Systems by 31.7% during the first quarter. Gamco Investors INC. ET AL now owns 15,800 shares of the software maker’s stock worth $193,000 after acquiring an additional 3,800 shares in the last quarter. 59.28% of the stock is owned by institutional investors.

Several equities research analysts have recently issued reports on MITK shares. National Securities reissued a “buy” rating and set a $20.00 price objective on shares of Mitek Systems in a research report on Thursday, May 2nd. Roth Capital set a $14.00 price objective on shares of Mitek Systems and gave the stock a “buy” rating in a research report on Friday, July 19th. Zacks Investment Research downgraded shares of Mitek Systems from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 31st. Benchmark reissued a “buy” rating and set a $14.00 price objective (down previously from $15.00) on shares of Mitek Systems in a research report on Thursday, May 2nd. Finally, BidaskClub raised shares of Mitek Systems from a “sell” rating to a “hold” rating in a research report on Thursday, July 18th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Mitek Systems currently has an average rating of “Buy” and an average price target of $14.75.

Mitek Systems stock traded up $0.05 during mid-day trading on Thursday, reaching $9.56. The company’s stock had a trading volume of 1,993 shares, compared to its average volume of 455,799. The stock has a market cap of $382.51 million, a P/E ratio of 73.77, a price-to-earnings-growth ratio of 4.11 and a beta of -0.25. Mitek Systems, Inc. has a 12 month low of $6.32 and a 12 month high of $13.07. The firm’s 50 day simple moving average is $10.13.

Mitek Systems (NASDAQ:MITK) last released its earnings results on Thursday, July 25th. The software maker reported $0.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.02. The business had revenue of $21.91 million during the quarter, compared to the consensus estimate of $21.74 million. Mitek Systems had a negative net margin of 7.61% and a positive return on equity of 6.33%. The firm’s revenue for the quarter was up 36.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.06 earnings per share. As a group, analysts predict that Mitek Systems, Inc. will post 0.16 EPS for the current year.

In related news, insider Stephen Ritter sold 15,000 shares of the firm’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $9.93, for a total value of $148,950.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Jeffrey C. Davison sold 13,077 shares of the firm’s stock in a transaction on Monday, June 24th. The shares were sold at an average price of $9.55, for a total transaction of $124,885.35. The disclosure for this sale can be found here. 8.20% of the stock is currently owned by company insiders.

Mitek Systems Profile

Mitek Systems, Inc develops, markets, and sells mobile image capture and identity verification software solutions in the United States, Europe, Latin America, and internationally. The company's solutions are embedded in native mobile apps and mobile optimized Websites to enhance mobile user experiences, fraud detection and reduction, and compliant transactions.

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Institutional Ownership by Quarter for Mitek Systems (NASDAQ:MITK)

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