Blue Grotto Capital LLC Sells 1,622,526 Shares of Mitek Systems, Inc. (NASDAQ:MITK)

Blue Grotto Capital LLC lowered its position in Mitek Systems, Inc. (NASDAQ:MITK - Free Report) by 78.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 447,474 shares of the software maker's stock after selling 1,622,526 shares during the period. Mitek Systems comprises about 0.9% of Blue Grotto Capital LLC's portfolio, making the stock its 25th largest position. Blue Grotto Capital LLC owned about 0.99% of Mitek Systems worth $4,980,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Impax Asset Management Group plc purchased a new stake in shares of Mitek Systems during the fourth quarter valued at approximately $5,565,000. Invenomic Capital Management LP purchased a new stake in shares of Mitek Systems during the 3rd quarter valued at $4,068,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Mitek Systems during the 4th quarter worth $1,259,000. Tocqueville Asset Management L.P. raised its stake in shares of Mitek Systems by 45.4% during the 4th quarter. Tocqueville Asset Management L.P. now owns 256,300 shares of the software maker's stock worth $2,853,000 after purchasing an additional 80,000 shares during the period. Finally, Capstone Investment Advisors LLC bought a new position in Mitek Systems during the third quarter valued at about $680,000. 83.64% of the stock is owned by institutional investors.

Mitek Systems Price Performance

Shares of NASDAQ:MITK traded down $0.37 on Friday, hitting $8.50. The company's stock had a trading volume of 398,362 shares, compared to its average volume of 600,142. Mitek Systems, Inc. has a 1 year low of $7.35 and a 1 year high of $16.24. The company has a debt-to-equity ratio of 0.73, a current ratio of 4.59 and a quick ratio of 4.59. The company has a market capitalization of $384.57 million, a PE ratio of 94.44 and a beta of 1.08. The company has a 50-day simple moving average of $9.61 and a 200 day simple moving average of $9.47.

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Mitek Systems (NASDAQ:MITK - Get Free Report) last announced its quarterly earnings data on Monday, February 10th. The software maker reported $0.06 earnings per share for the quarter, missing analysts' consensus estimates of $0.13 by ($0.07). Mitek Systems had a net margin of 2.59% and a return on equity of 16.53%. Sell-side analysts forecast that Mitek Systems, Inc. will post 0.59 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

MITK has been the topic of several research reports. HC Wainwright reissued a "buy" rating and issued a $13.00 price target on shares of Mitek Systems in a research report on Tuesday, February 11th. Maxim Group raised their price target on Mitek Systems from $13.00 to $14.00 and gave the stock a "buy" rating in a report on Tuesday, February 11th. Finally, StockNews.com cut Mitek Systems from a "strong-buy" rating to a "buy" rating in a report on Tuesday, February 11th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $12.88.

Insider Activity at Mitek Systems

In other Mitek Systems news, CEO Edward H. West acquired 55,000 shares of the stock in a transaction that occurred on Thursday, February 20th. The shares were acquired at an average cost of $9.21 per share, with a total value of $506,550.00. Following the transaction, the chief executive officer now owns 55,000 shares of the company's stock, valued at $506,550. The trade was a ∞ increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 2.10% of the stock is owned by company insiders.

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.