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

Fifth Third Wealth Advisors LLC acquired a new position in shares of Mitek Systems, Inc. (NASDAQ:MITK) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 58,356 shares of the software maker’s stock, valued at approximately $506,000.

A number of other hedge funds have also recently added to or reduced their stakes in MITK. Swiss National Bank boosted its stake in shares of Mitek Systems by 5.4% in the 1st quarter. Swiss National Bank now owns 90,000 shares of the software maker’s stock valued at $1,269,000 after purchasing an additional 4,600 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Mitek Systems by 4.1% in the 1st quarter. Vanguard Group Inc. now owns 3,517,664 shares of the software maker’s stock valued at $49,599,000 after purchasing an additional 138,438 shares during the last quarter. BOKF NA boosted its stake in shares of Mitek Systems by 106.4% in the 1st quarter. BOKF NA now owns 27,203 shares of the software maker’s stock valued at $391,000 after purchasing an additional 14,022 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake 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 purchasing an additional 1,759 shares during the last quarter. Finally, Aristides Capital LLC boosted its stake in shares of Mitek Systems by 104.8% in the 1st quarter. Aristides Capital LLC now owns 47,324 shares of the software maker’s stock valued at $667,000 after purchasing an additional 24,216 shares during the last quarter. Institutional investors own 83.64% of the company’s stock.

Mitek Systems Stock Performance

Shares of MITK stock opened at $8.78 on Thursday. 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 company has a market capitalization of $405.67 million, a P/E ratio of -58.53 and a beta of 1.07. The company’s 50 day moving average price is $8.80 and its two-hundred day moving average price is $10.44. Mitek Systems, Inc. has a 52 week low of $7.35 and a 52 week high of $16.24.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Jefferies Financial Group lowered shares of Mitek Systems from a “buy” rating to a “hold” rating and reduced their target price for the company from $17.00 to $9.50 in a research note on Wednesday, September 4th. HC Wainwright reduced their price objective on shares of Mitek Systems from $19.00 to $11.00 and set a “buy” rating on the stock 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 research note on Tuesday. Maxim Group reduced their price objective on shares of Mitek Systems from $23.00 to $13.00 and set a “buy” rating on the stock in a research note on Monday, August 12th. Finally, Craig Hallum reduced their price objective on shares of Mitek Systems from $19.00 to $15.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price 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.