Mitek Systems (NASDAQ:MITK) Research Coverage Started at StockNews.com

StockNews.com assumed coverage on shares of Mitek Systems (NASDAQ:MITK – Get Rating) in a research note published on Thursday morning. The brokerage issued a buy rating on the software maker’s stock.

Mitek Systems Stock Down 1.3 %

MITK opened at $8.96 on Thursday. Mitek Systems has a one year low of $8.32 and a one year high of $15.31. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.56 and a current ratio of 2.56. The stock’s fifty day moving average is $9.66 and its 200-day moving average is $10.06. The company has a market capitalization of $400.33 million, a PE ratio of 64.00 and a beta of 0.79.

Institutional Investors Weigh In On Mitek Systems

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Blue Grotto Capital LLC raised its position in shares of Mitek Systems by 7.8% during the fourth quarter. Blue Grotto Capital LLC now owns 4,076,219 shares of the software maker’s stock worth $39,499,000 after purchasing an additional 295,360 shares during the period. Toronado Partners LLC raised its position in shares of Mitek Systems by 10.7% during the second quarter. Toronado Partners LLC now owns 2,885,842 shares of the software maker’s stock worth $26,665,000 after purchasing an additional 279,083 shares during the period. Vanguard Group Inc. raised its position in shares of Mitek Systems by 7.0% during the third quarter. Vanguard Group Inc. now owns 2,537,572 shares of the software maker’s stock worth $23,244,000 after purchasing an additional 166,454 shares during the period. Independent Advisor Alliance raised its position in shares of Mitek Systems by 0.9% during the third quarter. Independent Advisor Alliance now owns 1,769,714 shares of the software maker’s stock worth $16,211,000 after purchasing an additional 16,195 shares during the period. Finally, State Street Corp raised its position in shares of Mitek Systems by 2.1% during the second quarter. State Street Corp now owns 976,922 shares of the software maker’s stock worth $9,027,000 after purchasing an additional 19,994 shares during the period. 69.96% of the stock is owned by institutional investors and hedge funds.

About Mitek Systems

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Mitek Systems, Inc engages in the innovation of mobile capture and digital identity verification solutions. Its products include Mobile Deposit, Mobile Verify, Mobile Fill, Mobile Docs, A2iA CheckReader, A2iA XE, A2iA DocumentReader, A2iA TextReader, and ICAR ID_CLOUD. The company was founded in 1986 and is headquartered in San Diego, CA.