Invenomic Capital Management LP Purchases New Position in Mitek Systems, Inc. (NASDAQ:MITK)

Invenomic Capital Management LP bought a new stake in shares of Mitek Systems, Inc. (NASDAQ:MITK) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 469,177 shares of the software maker’s stock, valued at approximately $4,068,000. Invenomic Capital Management LP owned 1.02% of Mitek Systems as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in MITK. Janus Henderson Group PLC lifted its holdings in Mitek Systems by 4.0% in the third quarter. Janus Henderson Group PLC now owns 73,752 shares of the software maker’s stock worth $640,000 after buying an additional 2,806 shares during the period. Capstone Investment Advisors LLC purchased a new position in shares of Mitek Systems in the 3rd quarter valued at approximately $680,000. BNP Paribas Financial Markets boosted its position in shares of Mitek Systems by 357.0% during the third quarter. BNP Paribas Financial Markets now owns 82,578 shares of the software maker’s stock valued at $716,000 after purchasing an additional 64,509 shares in the last quarter. Quantbot Technologies LP purchased a new stake in Mitek Systems in the third quarter worth $340,000. Finally, Charles Schwab Investment Management Inc. raised its holdings in Mitek Systems by 1.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 130,781 shares of the software maker’s stock worth $1,134,000 after purchasing an additional 2,460 shares in the last quarter. Institutional investors own 83.64% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on MITK shares. Maxim Group dropped their target price on shares of Mitek Systems from $23.00 to $13.00 and set a “buy” rating on the stock in a report on Monday, August 12th. HC Wainwright cut their price objective on shares of Mitek Systems from $19.00 to $11.00 and set a “buy” rating on the stock in a report on Monday, August 12th. Jefferies Financial Group lowered shares of Mitek Systems from a “buy” rating to a “hold” rating and lowered their target price for the company from $17.00 to $9.50 in a report on Wednesday, September 4th. Craig Hallum dropped their price target on Mitek Systems from $19.00 to $15.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Finally, StockNews.com lowered Mitek Systems from a “buy” rating to a “hold” rating in a research report on Thursday, November 28th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $12.13.

Mitek Systems Price Performance

Shares of NASDAQ MITK opened at $9.23 on Wednesday. The company has a 50 day moving average of $8.92 and a 200 day moving average of $10.17. The company has a debt-to-equity ratio of 0.68, a quick ratio of 4.46 and a current ratio of 4.46. Mitek Systems, Inc. has a twelve month low of $7.35 and a twelve month high of $16.24.

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.