Northland Capmk Reduces Earnings Estimates for Mitek Systems

Mitek Systems, Inc. (NASDAQ:MITK) – Equities research analysts at Northland Capmk lowered their Q1 2025 earnings per share estimates for Mitek Systems in a report released on Tuesday, December 17th. Northland Capmk analyst M. Grondahl now anticipates that the software maker will earn $0.08 per share for the quarter, down from their prior estimate of $0.09. The consensus estimate for Mitek Systems’ current full-year earnings is $0.56 per share. Northland Capmk also issued estimates for Mitek Systems’ FY2025 earnings at $0.64 EPS.

Other analysts have also recently issued research reports about the company. StockNews.com cut Mitek Systems from a “buy” rating to a “hold” rating in a research report on Tuesday. Jefferies Financial Group lowered Mitek Systems from a “buy” rating to a “hold” rating and reduced their target price for the stock from $17.00 to $9.50 in a report on Wednesday, September 4th. Finally, HC Wainwright upped their target price on Mitek Systems from $11.00 to $13.00 and gave the stock a “buy” rating in a research report on Tuesday. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, Mitek Systems has an average rating of “Moderate Buy” and a consensus price target of $12.63.

Mitek Systems Trading Up 3.2 %

Shares of NASDAQ:MITK opened at $11.10 on Friday. The company has a current ratio of 4.46, a quick ratio of 4.46 and a debt-to-equity ratio of 0.68. The stock has a market capitalization of $478.31 million, a PE ratio of -74.00 and a beta of 1.12. Mitek Systems has a 1 year low of $7.35 and a 1 year high of $16.24. The firm has a fifty day moving average price of $9.18 and a 200 day moving average price of $9.92.

Mitek Systems (NASDAQ:MITK) last announced its quarterly earnings results on Monday, December 16th. The software maker reported $0.33 EPS for the quarter, topping the consensus estimate of $0.17 by $0.16. The company had revenue of $43.22 million for the quarter, compared to analyst estimates of $41.30 million. Mitek Systems had a negative net margin of 4.05% and a positive return on equity of 12.32%. Mitek Systems’s quarterly revenue was up 14.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.15 EPS.

Insider Buying and Selling at Mitek Systems

In related news, insider Jason Gray sold 6,222 shares of the business’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $9.07, for a total transaction of $56,433.54. Following the transaction, the insider now owns 164,342 shares of the company’s stock, valued at approximately $1,490,581.94. The trade was a 3.65 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Michael E. Diamond sold 4,544 shares of the company’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $9.09, for a total transaction of $41,304.96. Following the transaction, the insider now owns 166,632 shares of the company’s stock, valued at approximately $1,514,684.88. The trade was a 2.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 16,699 shares of company stock worth $152,140 over the last ninety days. Company insiders own 2.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Bank of New York Mellon Corp lifted its stake in shares of Mitek Systems by 15.2% in the second quarter. Bank of New York Mellon Corp now owns 189,584 shares of the software maker’s stock valued at $2,120,000 after buying an additional 24,970 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd lifted its position in shares of Mitek Systems by 22.1% in the 2nd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 195,315 shares of the software maker’s stock worth $2,184,000 after acquiring an additional 35,290 shares during the period. Innealta Capital LLC acquired a new stake in shares of Mitek Systems during the 2nd quarter worth approximately $32,000. Principal Financial Group Inc. increased its position in shares of Mitek Systems by 13.6% during the second quarter. Principal Financial Group Inc. now owns 44,843 shares of the software maker’s stock valued at $501,000 after purchasing an additional 5,373 shares during the period. Finally, Kings Path Partners LLC bought a new stake in shares of Mitek Systems during the second quarter valued at approximately $833,000. 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.