Mitek Systems, Inc. (NASDAQ:MITK) to Post Q2 2024 Earnings of $0.20 Per Share, William Blair Forecasts

Mitek Systems, Inc. (NASDAQ:MITK - Free Report) - Equities researchers at William Blair cut their Q2 2024 earnings per share (EPS) estimates for Mitek Systems in a report released on Monday, April 1st. William Blair analyst J. Roberge now forecasts that the software maker will post earnings of $0.20 per share for the quarter, down from their prior forecast of $0.22. The consensus estimate for Mitek Systems' current full-year earnings is $0.83 per share.

Mitek Systems (NASDAQ:MITK - Get Free Report) last posted its quarterly earnings data on Tuesday, March 19th. The software maker reported $0.10 earnings per share for the quarter. The firm 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%.

Other equities research analysts also recently issued reports about the stock. StockNews.com downgraded shares of Mitek Systems from a "buy" rating to a "hold" rating in a research report on Thursday, March 21st. Craig Hallum started coverage on Mitek Systems in a report on Thursday, December 14th. They issued a "buy" rating and a $17.00 price objective for the company. Finally, HC Wainwright reiterated a "buy" rating and set a $19.00 target price on shares of Mitek Systems in a research report on Wednesday, March 20th.

Mitek Systems Stock Performance

Mitek Systems stock traded down $0.12 during midday trading on Wednesday, hitting $13.89. The company's stock had a trading volume of 347,462 shares, compared to its average volume of 408,732. The company has a 50-day moving average price of $12.40 and a two-hundred day moving average price of $11.72. Mitek Systems has a 1-year low of $8.77 and a 1-year high of $14.56. The company has a market cap of $649.91 million, a price-to-earnings ratio of 86.82 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.

Institutional Investors Weigh In On Mitek Systems

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Newtyn Management LLC bought a new position in shares of Mitek Systems in the fourth quarter worth about $12,942,000. Tyro Capital Management LLC bought a new position in Mitek Systems in the 4th quarter valued at approximately $9,240,000. Renaissance Technologies LLC increased its holdings in shares of Mitek Systems by 1,460.5% during the second quarter. Renaissance Technologies LLC now owns 518,100 shares of the software maker's stock worth $4,787,000 after buying an additional 484,900 shares in the last quarter. B. Riley Asset Management LLC increased its holdings in shares of Mitek Systems by 160.7% during the second quarter. B. Riley Asset Management LLC now owns 557,735 shares of the software maker's stock worth $6,046,000 after buying an additional 343,838 shares in the last quarter. Finally, Blue Grotto Capital LLC lifted its stake in shares of Mitek Systems by 14.6% in the 1st quarter. Blue Grotto Capital LLC now owns 2,614,842 shares of the software maker's stock valued at $38,359,000 after acquiring an additional 333,966 shares during the last quarter. 83.64% of the stock is currently owned by institutional investors.

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.