Mitek Systems’ (MITK) Buy Rating Reaffirmed at HC Wainwright

HC Wainwright reissued their buy rating on shares of Mitek Systems (NASDAQ:MITK) in a research note issued to investors on Tuesday morning, Benzinga reports. The firm currently has a $19.00 target price on the software maker’s stock. HC Wainwright also issued estimates for Mitek Systems’ Q3 2024 earnings at $0.22 EPS and Q4 2024 earnings at $0.22 EPS.

Separately, StockNews.com cut shares of Mitek Systems from a buy rating to a hold rating in a research report on Thursday, March 21st.

Mitek Systems Price Performance

Shares of NASDAQ MITK opened at $12.18 on Tuesday. The firm’s 50-day moving average price is $12.68 and its 200-day moving average price is $11.96. The company has a debt-to-equity ratio of 0.66, a quick ratio of 3.69 and a current ratio of 3.69. Mitek Systems has a 12-month low of $8.77 and a 12-month high of $16.24.

Mitek Systems (NASDAQ:MITK) last announced its earnings results on Tuesday, March 19th. The software maker reported $0.10 earnings per share (EPS) for the quarter. The firm had revenue of $37.66 million for the quarter. Mitek Systems had a net margin of 4.25% and a return on equity of 17.83%. On average, equities research analysts expect that Mitek Systems will post 0.82 EPS for the current year.

Hedge Funds Weigh In On Mitek Systems

Several hedge funds have recently added to or reduced their stakes in MITK. Tower Research Capital LLC TRC grew its holdings in Mitek Systems by 88.5% during the 3rd quarter. Tower Research Capital LLC TRC now owns 3,142 shares of the software maker’s stock valued at $29,000 after purchasing an additional 1,475 shares during the last quarter. Point72 Middle East FZE bought a new position in Mitek Systems during the 4th quarter valued at about $40,000. Quarry LP grew its holdings in Mitek Systems by 536.0% during the 1st quarter. Quarry LP now owns 4,738 shares of the software maker’s stock valued at $45,000 after purchasing an additional 3,993 shares during the last quarter. Royal Bank of Canada grew its stake in Mitek Systems by 66.4% in the 3rd quarter. Royal Bank of Canada now owns 4,954 shares of the software maker’s stock worth $46,000 after acquiring an additional 1,977 shares in the last quarter. Finally, Ensign Peak Advisors Inc bought a new position in Mitek Systems in the 3rd quarter worth about $59,000. 83.64% of the stock is currently owned by institutional investors.

About Mitek Systems

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.