Fifth Third Wealth Advisors LLC Makes New $506,000 Investment in Mitek Systems, Inc. (NASDAQ:MITK)

Fifth Third Wealth Advisors LLC purchased a new position in shares of Mitek Systems, Inc. (NASDAQ:MITK - Free Report) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 58,356 shares of the software maker's stock, valued at approximately $506,000. Fifth Third Wealth Advisors LLC owned approximately 0.13% of Mitek Systems as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of MITK. Innealta Capital LLC purchased a new stake in Mitek Systems during the second quarter worth about $32,000. nVerses Capital LLC boosted its stake in shares of Mitek Systems by 25.5% during the 3rd quarter. nVerses Capital LLC now owns 6,400 shares of the software maker's stock valued at $55,000 after purchasing an additional 1,300 shares in the last quarter. Squarepoint Ops LLC bought a new position in Mitek Systems in the 2nd quarter valued at approximately $138,000. SG Americas Securities LLC bought a new position in Mitek Systems in the third quarter worth approximately $148,000. Finally, Creative Planning purchased a new stake in Mitek Systems during the 3rd quarter valued at approximately $152,000. Institutional investors own 83.64% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. HC Wainwright decreased their price target on Mitek Systems from $19.00 to $11.00 and set a "buy" rating for the company in a research note on Monday, August 12th. StockNews.com downgraded shares of Mitek Systems from a "buy" rating to a "hold" rating in a research report on Tuesday. Craig Hallum cut their price target on shares of Mitek Systems from $19.00 to $15.00 and set a "buy" rating for the company in a report on Friday, August 9th. Jefferies Financial Group cut shares of Mitek Systems from a "buy" rating to a "hold" rating and lowered their target price for the stock from $17.00 to $9.50 in a research note on Wednesday, September 4th. Finally, Maxim Group cut their price target 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. Two investment 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 an average price target of $12.13.

Mitek Systems Stock Performance

MITK stock traded up $0.32 during mid-day trading on Thursday, reaching $9.10. 561,796 shares of the stock traded hands, compared to its average volume of 545,746. The firm has a market capitalization of $420.42 million, a PE ratio of -58.53 and a beta of 1.07. The business has a 50-day moving average of $8.80 and a two-hundred day moving average of $10.44. Mitek Systems, Inc. has a 52 week low of $7.35 and a 52 week high of $16.24. The company has a quick ratio of 4.46, a current ratio of 4.46 and a debt-to-equity ratio of 0.68.

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.