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

HC Wainwright reiterated their buy rating on shares of Mitek Systems (NASDAQ:MITK) in a research note released on Tuesday morning, Benzinga reports. The firm currently has a $19.00 price objective 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 Mitek Systems from a buy rating to a hold rating in a research note on Thursday, March 21st.

Mitek Systems Stock Up 1.7 %

NASDAQ MITK opened at $12.18 on Tuesday. The company has a debt-to-equity ratio of 0.66, a current ratio of 3.69 and a quick ratio of 3.69. Mitek Systems has a 1 year low of $8.77 and a 1 year high of $16.24. The business’s 50-day moving average is $12.68 and its 200 day moving average is $11.96.

Mitek Systems (NASDAQ:MITK) last posted its earnings results on Tuesday, March 19th. The software maker reported $0.10 earnings per share (EPS) for the quarter. The company had revenue of $37.66 million for the quarter. Mitek Systems had a return on equity of 17.83% and a net margin of 4.25%. As a group, sell-side analysts anticipate that Mitek Systems will post 0.82 EPS for the current fiscal year.

Institutional Trading of Mitek Systems

Institutional investors and hedge funds have recently bought and sold shares of the stock. Tower Research Capital LLC TRC lifted its holdings in 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 buying an additional 1,475 shares during the period. Point72 Middle East FZE purchased a new stake in Mitek Systems in the fourth quarter worth about $40,000. Quarry LP lifted its holdings in Mitek Systems by 536.0% in the first quarter. Quarry LP now owns 4,738 shares of the software maker’s stock worth $45,000 after buying an additional 3,993 shares during the period. Royal Bank of Canada lifted its holdings in Mitek Systems by 66.4% in the third quarter. Royal Bank of Canada now owns 4,954 shares of the software maker’s stock worth $46,000 after buying an additional 1,977 shares during the period. Finally, Covestor Ltd lifted its holdings in Mitek Systems by 32.3% in the third quarter. Covestor Ltd now owns 6,107 shares of the software maker’s stock worth $65,000 after buying an additional 1,492 shares during the period. 83.64% of the stock is currently owned by hedge funds and other 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.