Mitek Systems (NASDAQ:MITK) Price Target Raised to $13.00

Mitek Systems (NASDAQ:MITK) had its price target hoisted by HC Wainwright from $11.00 to $13.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a buy rating on the software maker’s stock. HC Wainwright also issued estimates for Mitek Systems’ Q1 2025 earnings at $0.08 EPS, Q2 2025 earnings at $0.20 EPS and Q3 2025 earnings at $0.20 EPS.

A number of other equities analysts have also recently weighed in on the company. Jefferies Financial Group cut Mitek Systems from a “buy” rating to a “hold” rating and cut their price target for the stock from $17.00 to $9.50 in a report on Wednesday, September 4th. StockNews.com upgraded shares of Mitek Systems from a “hold” rating to a “buy” rating in a report on Friday, December 6th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $12.63.

Mitek Systems Price Performance

Mitek Systems stock opened at $11.10 on Tuesday. The firm has a market capitalization of $478.31 million, a PE ratio of -74.00 and a beta of 1.12. Mitek Systems has a 52 week low of $7.35 and a 52 week high of $16.24. The firm’s 50-day simple moving average is $9.18 and its 200 day simple moving average is $9.92. The company has a quick ratio of 4.46, a current ratio of 4.46 and a debt-to-equity ratio of 0.68.

Mitek Systems (NASDAQ:MITK) last announced its quarterly earnings results on Monday, December 16th. The software maker reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.16. Mitek Systems had a negative net margin of 4.05% and a positive return on equity of 12.32%. The company had revenue of $43.22 million for the quarter, compared to the consensus estimate of $41.30 million. During the same quarter in the prior year, the firm earned $0.15 earnings per share. The company’s revenue for the quarter was up 14.8% compared to the same quarter last year. On average, equities research analysts predict that Mitek Systems will post 0.56 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, SVP Christopher H. Briggs sold 3,320 shares of Mitek Systems stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $9.08, for a total value of $30,145.60. Following the transaction, the senior vice president now directly owns 65,353 shares of the company’s stock, valued at $593,405.24. The trade was a 4.83 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Jason Gray sold 6,222 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $9.07, for a total transaction of $56,433.54. Following the sale, the insider now owns 164,342 shares of the company’s stock, valued at approximately $1,490,581.94. This represents a 3.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 16,699 shares of company stock valued at $152,140. Insiders own 2.10% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. nVerses Capital LLC grew its stake in shares of Mitek Systems by 25.5% in the third quarter. nVerses Capital LLC now owns 6,400 shares of the software maker’s stock valued at $55,000 after buying an additional 1,300 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Mitek Systems by 12.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 17,937 shares of the software maker’s stock worth $201,000 after acquiring an additional 1,923 shares during the period. Charles Schwab Investment Management Inc. grew its position in Mitek Systems by 1.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 130,781 shares of the software maker’s stock valued at $1,134,000 after acquiring an additional 2,460 shares in the last quarter. Janus Henderson Group PLC raised its stake in shares of Mitek Systems by 4.0% during the third quarter. Janus Henderson Group PLC now owns 73,752 shares of the software maker’s stock valued at $640,000 after purchasing an additional 2,806 shares during the period. Finally, Innealta Capital LLC acquired a new position in shares of Mitek Systems during the second quarter worth $32,000. 83.64% of the stock is owned by hedge funds and other 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.