Redmond Asset Management LLC Makes New Investment in Mitek Systems, Inc. (NASDAQ:MITK)

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Redmond Asset Management LLC acquired a new position in Mitek Systems, Inc. (NASDAQ:MITK) in the 2nd quarter, Holdings Channel reports. The institutional investor acquired 58,235 shares of the software maker’s stock, valued at approximately $579,000.

A number of other institutional investors have also modified their holdings of the business. Wedbush Securities Inc. increased its holdings in Mitek Systems by 20.0% in the 2nd quarter. Wedbush Securities Inc. now owns 12,000 shares of the software maker’s stock valued at $119,000 after buying an additional 2,000 shares during the period. Aperio Group LLC bought a new position in Mitek Systems in the 2nd quarter valued at about $27,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Mitek Systems in the 2nd quarter valued at about $29,000. Commonwealth Equity Services LLC increased its holdings in Mitek Systems by 22.0% in the 2nd quarter. Commonwealth Equity Services LLC now owns 20,380 shares of the software maker’s stock valued at $202,000 after buying an additional 3,675 shares during the period. Finally, Gamco Investors INC. ET AL grew its holdings in shares of Mitek Systems by 31.7% during the 1st quarter. Gamco Investors INC. ET AL now owns 15,800 shares of the software maker’s stock valued at $193,000 after purchasing an additional 3,800 shares during the last quarter. Institutional investors and hedge funds own 59.28% of the company’s stock.

Shares of Mitek Systems stock traded up $0.05 during midday trading on Thursday, hitting $9.56. 1,993 shares of the company traded hands, compared to its average volume of 455,799. The stock has a market capitalization of $382.51 million, a PE ratio of 73.77, a price-to-earnings-growth ratio of 4.11 and a beta of -0.25. The business has a fifty day simple moving average of $10.13. Mitek Systems, Inc. has a 12 month low of $6.32 and a 12 month high of $13.07.

Mitek Systems (NASDAQ:MITK) last announced its quarterly earnings results on Thursday, July 25th. The software maker reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.02. Mitek Systems had a negative net margin of 7.61% and a positive return on equity of 6.33%. The company had revenue of $21.91 million for the quarter, compared to analyst estimates of $21.74 million. During the same period in the previous year, the firm posted $0.06 EPS. The firm’s revenue was up 36.0% on a year-over-year basis. As a group, equities research analysts anticipate that Mitek Systems, Inc. will post 0.16 EPS for the current year.

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

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

Mitek Systems Company 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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