Cannell Capital LLC Invests $2.16 Million in Mitek Systems, Inc. (NASDAQ:MITK)

Cannell Capital LLC purchased a new position in shares of Mitek Systems, Inc. (NASDAQ:MITK - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 194,464 shares of the software maker's stock, valued at approximately $2,164,000. Cannell Capital LLC owned 0.43% of Mitek Systems at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of MITK. Avior Wealth Management LLC grew its stake in shares of Mitek Systems by 24.7% during the 4th quarter. Avior Wealth Management LLC now owns 8,595 shares of the software maker's stock worth $96,000 after purchasing an additional 1,700 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Mitek Systems by 1.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 130,781 shares of the software maker's stock worth $1,134,000 after buying an additional 2,460 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in Mitek Systems by 4.0% during 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 in the last quarter. Kingsview Wealth Management LLC grew its position in Mitek Systems by 16.1% during the fourth quarter. Kingsview Wealth Management LLC now owns 20,646 shares of the software maker's stock worth $230,000 after buying an additional 2,865 shares during the period. Finally, SG Americas Securities LLC increased its holdings in Mitek Systems by 24.8% in the fourth quarter. SG Americas Securities LLC now owns 21,325 shares of the software maker's stock valued at $237,000 after buying an additional 4,237 shares in the last quarter. 83.64% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MITK has been the topic of a number of research reports. Maxim Group upped 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. HC Wainwright reiterated a "buy" rating and set a $13.00 target price on shares of Mitek Systems in a research report on Tuesday, February 11th. Finally, StockNews.com cut Mitek Systems from a "strong-buy" rating to a "buy" rating in a research 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. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $12.88.

Mitek Systems Price Performance

MITK stock traded up $0.24 on Friday, reaching $7.81. The company had a trading volume of 388,592 shares, compared to its average volume of 601,087. The company's fifty day moving average is $9.03 and its 200 day moving average is $9.41. The company has a market cap of $353.36 million, a P/E ratio of 86.78 and a beta of 1.15. The company has a debt-to-equity ratio of 0.73, a quick ratio of 4.59 and a current ratio of 4.59. Mitek Systems, Inc. has a 1 year low of $6.93 and a 1 year high of $16.24.

Mitek Systems (NASDAQ:MITK - Get Free Report) last issued its quarterly earnings data 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 net margin of 2.59% and a return on equity of 16.53%. On average, research analysts forecast that Mitek Systems, Inc. will post 0.59 earnings per share for the current year.

Insider Transactions at Mitek Systems

In other news, CEO Edward H. West bought 55,000 shares of the business's 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. This represents a ∞ increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 2.10% of the company's stock.

About Mitek Systems

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.