Equities Analysts Issue Forecasts for Mitek Systems, Inc.’s Q3 2024 Earnings (NASDAQ:MITK)

Mitek Systems, Inc. (NASDAQ:MITK) – William Blair increased their Q3 2024 earnings estimates for shares of Mitek Systems in a note issued to investors on Tuesday, April 16th. William Blair analyst J. Roberge now forecasts that the software maker will earn $0.26 per share for the quarter, up from their prior forecast of $0.22. The consensus estimate for Mitek Systems’ current full-year earnings is $0.82 per share. William Blair also issued estimates for Mitek Systems’ Q4 2024 earnings at $0.26 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 business had revenue of $37.66 million for the quarter.

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

Mitek Systems Price Performance

Shares of NASDAQ MITK opened at $11.98 on Friday. 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 cap of $560.56 million, a price-to-earnings ratio of -171.14 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. The firm’s 50-day simple moving average is $12.69 and its 200 day simple moving average is $11.95.

Institutional Investors Weigh In On Mitek Systems

Several institutional investors and hedge funds have recently added to or reduced their stakes in MITK. Citigroup Inc. increased its stake in Mitek Systems by 2.9% in the 1st quarter. Citigroup Inc. now owns 255,825 shares of the software maker’s stock valued at $3,752,000 after buying an additional 7,162 shares during the last quarter. Bank of Montreal Can increased its stake in Mitek Systems by 1.7% in the 1st quarter. Bank of Montreal Can now owns 412,568 shares of the software maker’s stock valued at $6,255,000 after buying an additional 7,058 shares during the last quarter. MetLife Investment Management LLC increased its stake in shares of Mitek Systems by 54.5% during the 1st quarter. MetLife Investment Management LLC now owns 23,402 shares of the software maker’s stock worth $343,000 after purchasing an additional 8,255 shares during the last quarter. Federated Hermes Inc. increased its stake in shares of Mitek Systems by 41.5% during the 1st quarter. Federated Hermes Inc. now owns 180,972 shares of the software maker’s stock worth $2,655,000 after purchasing an additional 53,033 shares during the last quarter. Finally, Toronado Partners LLC increased its stake in shares of Mitek Systems by 6.7% during the 1st quarter. Toronado Partners LLC now owns 2,606,759 shares of the software maker’s stock worth $38,241,000 after purchasing an additional 164,284 shares during the last quarter. Hedge funds and other 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.