Foundry Partners LLC Purchases 54,235 Shares of Mitek Systems, Inc. (NASDAQ:MITK)

Foundry Partners LLC increased its stake in shares of Mitek Systems, Inc. (NASDAQ:MITK) by 18.5% in the third quarter, Holdings Channel.com reports. The fund owned 347,195 shares of the software maker’s stock after purchasing an additional 54,235 shares during the period. Foundry Partners LLC’s holdings in Mitek Systems were worth $3,010,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. nVerses Capital LLC boosted its position in shares of Mitek Systems by 25.5% during the third quarter. nVerses Capital LLC now owns 6,400 shares of the software maker’s stock worth $55,000 after acquiring an additional 1,300 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Mitek Systems by 6.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 31,027 shares of the software maker’s stock valued at $438,000 after buying an additional 1,759 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of Mitek Systems by 12.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 17,937 shares of the software maker’s stock valued at $201,000 after buying an additional 1,923 shares in the last quarter. Innealta Capital LLC bought a new stake in shares of Mitek Systems in the 2nd quarter valued at about $32,000. Finally, LSV Asset Management boosted its stake in Mitek Systems by 0.4% in the 2nd quarter. LSV Asset Management now owns 738,799 shares of the software maker’s stock worth $8,260,000 after purchasing an additional 2,900 shares in the last quarter. Institutional investors own 83.64% of the company’s stock.

Mitek Systems Price Performance

Shares of NASDAQ MITK opened at $9.10 on Friday. Mitek Systems, Inc. has a one year low of $7.35 and a one year high of $16.24. The company has a debt-to-equity ratio of 0.68, a quick ratio of 4.46 and a current ratio of 4.46. The firm has a fifty day moving average of $8.82 and a 200 day moving average of $10.43. The firm has a market cap of $420.42 million, a PE ratio of -60.67 and a beta of 1.07.

Wall Street Analyst Weigh In

A number of analysts recently commented on MITK shares. HC Wainwright lowered their target price on shares of 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 lowered shares of Mitek Systems from a “buy” rating to a “hold” rating in a report on Tuesday. Maxim Group cut their target price on shares of Mitek Systems from $23.00 to $13.00 and set a “buy” rating for the company in a report on Monday, August 12th. Craig Hallum cut their target price 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. Finally, Jefferies Financial Group lowered shares of Mitek Systems from a “buy” rating to a “hold” rating and cut their target price for the company from $17.00 to $9.50 in a report on Wednesday, September 4th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $12.13.

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.