StockNews.com Begins Coverage on Mitek Systems (NASDAQ:MITK)

Analysts at StockNews.com initiated coverage on shares of Mitek Systems (NASDAQ:MITK – Get Rating) in a research report issued on Sunday. The firm set a “hold” rating on the software maker’s stock.

Mitek Systems Trading Down 1.4 %

Shares of MITK opened at $9.73 on Friday. Mitek Systems has a twelve month low of $8.32 and a twelve month high of $11.95. The stock’s 50 day moving average is $9.21 and its two-hundred day moving average is $9.80. The firm has a market capitalization of $434.74 million, a PE ratio of 69.50 and a beta of 0.79.

Institutional Investors Weigh In On Mitek Systems

A number of institutional investors have recently added to or reduced their stakes in the business. Blue Grotto Capital LLC boosted its stake in shares of Mitek Systems by 18.7% during the 3rd quarter. Blue Grotto Capital LLC now owns 3,780,859 shares of the software maker’s stock worth $34,633,000 after acquiring an additional 596,199 shares in the last quarter. Renaissance Technologies LLC boosted its stake in shares of Mitek Systems by 1,460.5% during the 2nd quarter. Renaissance Technologies LLC now owns 518,100 shares of the software maker’s stock worth $4,787,000 after acquiring an additional 484,900 shares in the last quarter. Impax Asset Management Group plc purchased a new stake in shares of Mitek Systems during the 1st quarter worth approximately $2,873,000. Vanguard Group Inc. boosted its stake in shares of Mitek Systems by 7.0% during the 3rd quarter. Vanguard Group Inc. now owns 2,537,572 shares of the software maker’s stock worth $23,244,000 after acquiring an additional 166,454 shares in the last quarter. Finally, Toronado Partners LLC boosted its stake in shares of Mitek Systems by 6.7% during the 1st quarter. Toronado Partners LLC now owns 2,606,759 shares of the software maker’s stock worth $38,241,000 after acquiring an additional 164,284 shares in the last quarter. Hedge funds and other institutional investors own 69.96% of the company’s stock.

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.