Kovack Advisors Inc. Raises Stock Holdings in Mitek Systems, Inc. (NASDAQ:MITK)

Kovack Advisors Inc. raised its stake in shares of Mitek Systems, Inc. (NASDAQ:MITK) by 62.6% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 69,744 shares of the software maker’s stock after acquiring an additional 26,850 shares during the period. Kovack Advisors Inc. owned approximately 0.15% of Mitek Systems worth $776,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Avior Wealth Management LLC bought a new position in Mitek Systems during the third quarter valued at approximately $60,000. Y Intercept Hong Kong Ltd purchased a new stake in Mitek Systems during the 4th quarter valued at $114,000. Lazari Capital Management Inc. bought a new position in shares of Mitek Systems during the 4th quarter valued at $117,000. Intech Investment Management LLC purchased a new position in shares of Mitek Systems in the 3rd quarter worth $117,000. Finally, Creative Planning purchased a new position in shares of Mitek Systems in the 3rd quarter worth $152,000. Hedge funds and other institutional investors own 83.64% of the company’s stock.

Insider Transactions at Mitek Systems

In related news, insider Michael E. Diamond sold 4,544 shares of Mitek Systems stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $9.09, for a total transaction of $41,304.96. Following the sale, the insider now owns 166,632 shares of the company’s stock, valued at approximately $1,514,684.88. This trade represents a 2.65 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Christopher H. Briggs sold 3,320 shares of the company’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $9.08, for a total value of $30,145.60. Following the completion of the transaction, the senior vice president now owns 65,353 shares of the company’s stock, valued at $593,405.24. The trade was a 4.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 14,086 shares of company stock valued at $127,884 over the last three months. Corporate insiders own 2.10% of the company’s stock.

Mitek Systems Stock Performance

Shares of MITK opened at $9.38 on Friday. The business has a 50-day simple moving average of $10.38 and a two-hundred day simple moving average of $9.46. The company has a quick ratio of 4.59, a current ratio of 4.59 and a debt-to-equity ratio of 0.73. Mitek Systems, Inc. has a 52 week low of $7.35 and a 52 week high of $16.24. The stock has a market cap of $424.39 million, a price-to-earnings ratio of 104.22 and a beta of 1.08.

Mitek Systems (NASDAQ:MITK) last released its earnings results on Monday, February 10th. The software maker reported $0.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.07). Mitek Systems had a return on equity of 16.53% and a net margin of 2.59%. On average, analysts expect that Mitek Systems, Inc. will post 0.59 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on MITK shares. StockNews.com downgraded Mitek Systems from a “strong-buy” rating to a “buy” rating in a report on Tuesday, February 11th. HC Wainwright reaffirmed a “buy” rating and set a $13.00 price target on shares of Mitek Systems in a research report on Tuesday, February 11th. Finally, Maxim Group raised their price objective on shares of Mitek Systems from $13.00 to $14.00 and gave the stock a “buy” rating in a report on Tuesday, February 11th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $12.88.

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.