Is Mitek Systems, Inc. (MITK) Worthy of Your Portfolio?

Seeing as Mitek Systems, Inc. (NASDAQ:MITK) has experienced declining sentiment from the aggregate hedge fund industry, logic holds that there is a sect of hedge funds who sold off their positions entirely last quarter. Intriguingly, Millennium Management, one of the top hedge funds in the world, dumped the biggest investment of all the hedgies tracked by Insider Monkey, valued at an estimated $1 million in stock. Peter Muller’s fund, PDT Partners, also said goodbye to its stock, valued at about $0.4 million.

Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as Mitek Systems, Inc. (NASDAQ:MITK) but similarly valued. We will take a look at AxoGen, Inc. (NASDAQ:AXGN), Parker Drilling Company (NYSE:PKD), PICO Holdings Inc (NASDAQ:PICO), and RigNet Inc (NASDAQ:RNET). This group of stocks’ market caps are similar to MITK’s market cap.

As you can see these stocks had an average of 10 investors with bullish positions and the average amount invested in these stocks was $28 million. That figure was $31 million in MITK’s case. AxoGen, Inc. (NASDAQ:AXGN) is the most popular stock in this table. On the other hand RigNet Inc (NASDAQ:RNET) is the least popular one with only seven bullish hedge fund positions. Compared to these stocks Mitek Systems, Inc. (NASDAQ:MITK) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.

Disclosure: None