Independent Advisor Alliance Sells 190,045 Shares of Mitek Systems, Inc. (NASDAQ:MITK)

Independent Advisor Alliance lessened its stake in shares of Mitek Systems, Inc. (NASDAQ:MITK) by 10.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,701,813 shares of the software maker’s stock after selling 190,045 shares during the quarter. Independent Advisor Alliance owned approximately 3.68% of Mitek Systems worth $14,755,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in MITK. Charles Schwab Investment Management Inc. boosted its holdings in Mitek Systems by 1.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 130,781 shares of the software maker’s stock worth $1,134,000 after acquiring an additional 2,460 shares in the last quarter. Foundry Partners LLC boosted its stake in Mitek Systems by 18.5% in the 3rd quarter. Foundry Partners LLC now owns 347,195 shares of the software maker’s stock worth $3,010,000 after purchasing an additional 54,235 shares in the last quarter. Intech Investment Management LLC purchased a new stake in Mitek Systems during the 3rd quarter worth approximately $117,000. Avior Wealth Management LLC acquired a new position in Mitek Systems during the 3rd quarter valued at approximately $60,000. Finally, Fifth Third Wealth Advisors LLC purchased a new position in shares of Mitek Systems in the third quarter worth $506,000. 83.64% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

MITK has been the topic of a number of research reports. Jefferies Financial Group lowered Mitek Systems from a “buy” rating to a “hold” rating and cut their price objective for the company from $17.00 to $9.50 in a report on Wednesday, September 4th. Maxim Group lowered their target price on Mitek Systems from $23.00 to $13.00 and set a “buy” rating on the stock in a research note on Monday, August 12th. Craig Hallum lowered their price target on shares of Mitek Systems from $19.00 to $15.00 and set a “buy” rating on the stock in a report on Friday, August 9th. HC Wainwright lowered their target price 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. Finally, StockNews.com lowered Mitek Systems from a “buy” rating to a “hold” rating in a research note on Tuesday, November 19th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $12.13.

Mitek Systems Trading Up 2.6 %

NASDAQ:MITK opened at $9.34 on Monday. The stock’s 50 day moving average price is $8.83 and its 200 day moving average price is $10.36. Mitek Systems, Inc. has a 52-week low of $7.35 and a 52-week 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 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.