William Blair Research Analysts Decrease Earnings Estimates for Mitek Systems, Inc. (NASDAQ:MITK)

Mitek Systems, Inc. (NASDAQ:MITK - Free Report) - Equities research analysts at William Blair dropped their FY2024 earnings per share estimates for shares of Mitek Systems in a research note issued on Monday, April 1st. William Blair analyst J. Roberge now forecasts that the software maker will post earnings of $0.83 per share for the year, down from their previous forecast of $0.86. The consensus estimate for Mitek Systems' current full-year earnings is $0.84 per share.

A number of other research firms have also issued reports on MITK. StockNews.com lowered Mitek Systems from a "buy" rating to a "hold" rating in a research report on Thursday, March 21st. Craig Hallum initiated coverage on Mitek Systems in a research report on Thursday, December 14th. They set a "buy" rating and a $17.00 price target for the company. Finally, HC Wainwright reiterated a "buy" rating and set a $19.00 price target on shares of Mitek Systems in a research report on Wednesday, March 20th.

Mitek Systems Stock Performance

NASDAQ:MITK traded down $0.38 during midday trading on Tuesday, reaching $14.01. 638,040 shares of the company traded hands, compared to its average volume of 409,704. Mitek Systems has a twelve month low of $8.77 and a twelve month high of $14.56. The firm has a market capitalization of $655.53 million, a price-to-earnings ratio of 87.57 and a beta of 1.09. The company has a debt-to-equity ratio of 0.66, a current ratio of 3.69 and a quick ratio of 3.69. The company has a fifty day moving average price of $12.37 and a 200 day moving average price of $11.70.

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

Institutional Trading of Mitek Systems

Hedge funds and other institutional investors have recently modified their holdings of the company. North Star Investment Management Corp. raised its stake in shares of Mitek Systems by 4,261.7% in the 4th quarter. North Star Investment Management Corp. now owns 116,675 shares of the software maker's stock worth $1,521,000 after buying an additional 114,000 shares in the last quarter. B. Riley Asset Management LLC raised its position 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 raised its position in shares of Mitek Systems by 77.0% during the third quarter. Allspring Global Investments Holdings LLC now owns 429,271 shares of the software maker's stock worth $4,602,000 after purchasing an additional 186,746 shares during the period. Impax Asset Management Group plc raised its position in shares of Mitek Systems by 13.5% during the third quarter. Impax Asset Management Group plc now owns 510,349 shares of the software maker's stock worth $5,471,000 after purchasing an additional 60,794 shares during the period. Finally, Assenagon Asset Management S.A. raised its position in shares of Mitek Systems by 427.5% during the third quarter. Assenagon Asset Management S.A. now owns 235,033 shares of the software maker's stock worth $2,520,000 after purchasing an additional 190,481 shares during the period. 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.