HC Wainwright Brokers Cut Earnings Estimates for Mitek Systems, Inc. (NASDAQ:MITK)

Mitek Systems, Inc. (NASDAQ:MITK) – Investment analysts at HC Wainwright decreased their Q3 2024 earnings estimates for Mitek Systems in a report issued on Tuesday, April 16th. HC Wainwright analyst S. Buck now forecasts that the software maker will post earnings of $0.22 per share for the quarter, down from their previous estimate of $0.24. HC Wainwright has a “Buy” rating and a $19.00 price target on the stock. The consensus estimate for Mitek Systems’ current full-year earnings is $0.82 per share. HC Wainwright also issued estimates for Mitek Systems’ Q4 2024 earnings at $0.22 EPS.

Mitek Systems (NASDAQ:MITK) last announced its quarterly earnings results on Tuesday, March 19th. The software maker reported $0.10 earnings per share for the quarter. Mitek Systems had a net margin of 4.25% and a return on equity of 17.83%. The company had revenue of $37.66 million for the quarter.

Several other brokerages have also recently weighed in on MITK. StockNews.com upgraded shares of Mitek Systems from a “hold” rating to a “buy” rating in a research report on Wednesday. Craig Hallum boosted their price target on shares of Mitek Systems from $17.00 to $19.00 and gave the stock a “buy” rating in a research report on Tuesday.

Mitek Systems Trading Up 1.7 %

Shares of MITK opened at $12.18 on Friday. The company’s fifty day moving average is $12.68 and its 200 day moving average is $11.96. Mitek Systems has a fifty-two week low of $8.77 and a fifty-two week high of $16.24. The stock has a market capitalization of $569.91 million, a PE ratio of -174.00 and a beta of 1.09. The company has a debt-to-equity ratio of 0.66, a quick ratio of 3.69 and a current ratio of 3.69.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Franklin Resources Inc. grew its holdings in shares of Mitek Systems by 4.6% in the fourth quarter. Franklin Resources Inc. now owns 20,882 shares of the software maker’s stock worth $272,000 after purchasing an additional 918 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Mitek Systems by 3.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 29,268 shares of the software maker’s stock worth $383,000 after purchasing an additional 963 shares during the last quarter. Nuveen Asset Management LLC grew its holdings in shares of Mitek Systems by 0.9% in the fourth quarter. Nuveen Asset Management LLC now owns 116,242 shares of the software maker’s stock worth $1,516,000 after purchasing an additional 1,051 shares during the last quarter. Raymond James & Associates grew its holdings in shares of Mitek Systems by 1.8% in the fourth quarter. Raymond James & Associates now owns 73,243 shares of the software maker’s stock worth $955,000 after purchasing an additional 1,274 shares during the last quarter. Finally, Tower Research Capital LLC TRC grew its holdings in shares of Mitek Systems by 88.5% in the third quarter. Tower Research Capital LLC TRC now owns 3,142 shares of the software maker’s stock worth $29,000 after purchasing an additional 1,475 shares during the last quarter. Institutional investors own 83.64% of the company’s stock.

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.