Portolan Capital Management LLC Sells 375,979 Shares of Mitek Systems, Inc. (NASDAQ:MITK)

Portolan Capital Management LLC reduced its stake in shares of Mitek Systems, Inc. (NASDAQ:MITK) by 50.6% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 366,749 shares of the software maker’s stock after selling 375,979 shares during the quarter. Portolan Capital Management LLC’s holdings in Mitek Systems were worth $3,180,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in MITK. Vanguard Group Inc. raised its holdings in Mitek Systems by 4.1% during the 1st quarter. Vanguard Group Inc. now owns 3,517,664 shares of the software maker’s stock valued at $49,599,000 after buying an additional 138,438 shares during the period. Dimensional Fund Advisors LP increased its position in Mitek Systems by 8.4% during the second quarter. Dimensional Fund Advisors LP now owns 1,657,465 shares of the software maker’s stock valued at $18,531,000 after acquiring an additional 128,282 shares during the last quarter. Thompson Siegel & Walmsley LLC increased its position in Mitek Systems by 259.9% during the second quarter. Thompson Siegel & Walmsley LLC now owns 766,322 shares of the software maker’s stock valued at $8,567,000 after acquiring an additional 553,379 shares during the last quarter. LSV Asset Management increased its position in Mitek Systems by 0.4% during the second quarter. LSV Asset Management now owns 738,799 shares of the software maker’s stock valued at $8,260,000 after acquiring an additional 2,900 shares during the last quarter. Finally, Invenomic Capital Management LP bought a new position in Mitek Systems during the third quarter valued at $4,068,000. 83.64% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have issued reports on MITK. Maxim Group decreased their price objective on shares of Mitek Systems from $23.00 to $13.00 and set a “buy” rating for the company in a research note on Monday, August 12th. Craig Hallum decreased their price objective on shares of Mitek Systems from $19.00 to $15.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Jefferies Financial Group downgraded shares of Mitek Systems from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $17.00 to $9.50 in a research note on Wednesday, September 4th. HC Wainwright decreased their price objective 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. Finally, StockNews.com downgraded shares of Mitek Systems from a “buy” rating to a “hold” rating in a research note on Thursday, November 28th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, Mitek Systems currently has a consensus rating of “Moderate Buy” and a consensus target price of $12.13.

Mitek Systems Stock Performance

Shares of NASDAQ:MITK opened at $9.17 on Thursday. The firm has a market cap of $423.65 million, a PE ratio of -61.13 and a beta of 1.12. The firm’s 50 day simple moving average is $8.96 and its 200-day simple moving average is $10.14. 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.

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.