Northland Capmk Analysts Increase Earnings Estimates for Mitek Systems, Inc. (NASDAQ:MITK)

Mitek Systems, Inc. (NASDAQ:MITK) – Analysts at Northland Capmk lifted their Q2 2024 earnings estimates for shares of Mitek Systems in a report released on Tuesday, April 16th. Northland Capmk analyst M. Grondahl now forecasts that the software maker will post earnings per share of $0.25 for the quarter, up from their prior forecast of $0.21. The consensus estimate for Mitek Systems’ current full-year earnings is $0.82 per share. Northland Capmk also issued estimates for Mitek Systems’ Q3 2024 earnings at $0.25 EPS.

Other equities research analysts also recently issued research reports about the company. StockNews.com raised Mitek Systems from a “hold” rating to a “buy” rating in a research report on Wednesday. Craig Hallum upped their price target on Mitek Systems from $17.00 to $19.00 and gave the stock a “buy” rating in a report on Tuesday. Finally, HC Wainwright reiterated a “buy” rating and set a $19.00 price objective on shares of Mitek Systems in a research note on Tuesday.

Mitek Systems Stock Performance

Shares of MITK stock opened at $12.18 on Friday. The company’s fifty day simple moving average is $12.68 and its 200-day simple moving average is $11.96. The company has a current ratio of 3.69, a quick ratio of 3.69 and a debt-to-equity ratio of 0.66. Mitek Systems has a 52 week low of $8.77 and a 52 week high of $16.24. The company has a market cap of $569.91 million, a PE ratio of -174.00 and a beta of 1.09.

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

Institutional Investors Weigh In On Mitek Systems

Several hedge funds and other institutional investors have recently modified their holdings of MITK. Impax Asset Management Group plc raised its position in shares of Mitek Systems by 41.1% during the 4th quarter. Impax Asset Management Group plc now owns 720,349 shares of the software maker’s stock valued at $9,393,000 after acquiring an additional 210,000 shares in the last quarter. North Star Investment Management Corp. raised its holdings in shares of Mitek Systems by 4,261.7% during the fourth quarter. North Star Investment Management Corp. now owns 116,675 shares of the software maker’s stock worth $1,521,000 after purchasing an additional 114,000 shares during the period. B. Riley Asset Management LLC raised its holdings in shares of Mitek Systems by 28.9% during the third quarter. B. Riley Asset Management LLC now owns 718,981 shares of the software maker’s stock worth $7,707,000 after purchasing an additional 161,246 shares during the period. Allspring Global Investments Holdings LLC boosted its holdings in shares of Mitek Systems by 77.0% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 429,271 shares of the software maker’s stock valued at $4,602,000 after buying an additional 186,746 shares during the period. Finally, Assenagon Asset Management S.A. grew its position in shares of Mitek Systems by 427.5% during the 3rd quarter. Assenagon Asset Management S.A. now owns 235,033 shares of the software maker’s stock valued at $2,520,000 after buying an additional 190,481 shares during the last quarter. Institutional investors own 83.64% of the company’s stock.

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.