Mitek Systems (NASDAQ:MITK) Stock, Quote.Headers.trade-ideas

Mitek Systems

Mitek Systems Inc is engaged in the development, sale, and service of proprietary software solutions related to mobile imaging. The firm is a software development company with expertise in artificial intelligence, and machine learning. It is serving more than 7,800 financial services organizations and leading marketplace and financial technology brands across the globe. Mitek's Mobile Deposit solution is used by consumers for mobile check deposits. The company's Mobile Verify verifies a user's identity online enabling organizations to build safer digital communities, whereas CheckReader enables financial institutions to automatically extract data from a check image received across any deposit channel - branch, ATM, RDC, and mobile.

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Mitek Systems Inc

September 5, 2024
Fellow Stockholders,
Over the past 12 months, we have engaged privately and publicly with Mitek's management and Board of Directors (the "Board") multiple times regarding the Company's faulty strategy, poor corporate governance, substandard investor relations and lack of capital allocation discipline. During our conversations, we have tried to guide the Board in the direction of what normal and successful governance and management should look like. We have also provided qualified director candidates and are aware that other stockholders have done the same.
However, the Company has not acted to address the capital allocation, governance and operational issues we have repeatedly highlighted to the Board. In short, the entire Board has failed and needs to be replaced. We voted our shares AGAINST the incumbent directors ahead of the 2024 Annual Meeting. We encourage all stockholders to also vote AGAINST all six directors to hold them accountable for their mismanagement of the Company. In light of what we expect to be a very poor showing at the Annual Meeting, we urge all directors to begin preparing their resignations.
The Board should bear responsibility for the significant destruction of stockholder value, poor M&amp;A and failed tenure of former CEO Max Carnecchia. We strongly doubt that recently appointed interim CEO Scott Carter is the right person to fix the Company given that he has no observable track record of value creation, especially considering his previous role as Executive Chair of the Board during 2023, and very little skin in the game. The remainder of the Board is equally uninvested – and director Donna Wells even sold 16,839 shares as recently as June 7th – reinforcing our belief that the incumbent directors are not acting in stockholders' best interests.
<figure class="table"> 
<table>
<tbody>
<tr>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">1-Year TSR</td>
<td colspan="1" rowspan="1">3-Year TSR</td>
<td colspan="1" rowspan="1">5-Year TSR</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Mitek Systems</td>
<td colspan="1" rowspan="1">-24.89%</td>
<td colspan="1" rowspan="1">-62.98%</td>
<td colspan="1" rowspan="1">-14.15%</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Nasdaq Composite Index</td>
<td colspan="1" rowspan="1">22.71%</td>
<td colspan="1" rowspan="1">13.97%</td>
<td colspan="1" rowspan="1">123.50%</td>
</tr>
<tr>
<td colspan="1" rowspan="1">S&amp;P 500 Index</td>
<td colspan="1" rowspan="1">24.00%</td>
<td colspan="1" rowspan="1">27.44%</td>
<td colspan="1" rowspan="1">103.57%</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Russell 2000 Index</td>
<td colspan="1" rowspan="1">13.32%</td>
<td colspan="1" rowspan="1">-2.40%</td>
<td colspan="1" rowspan="1">54.39%</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Russell 3000 Index</td>
<td colspan="1" rowspan="1">22.78%</td>
<td colspan="1" rowspan="1">21.95%</td>
<td colspan="1" rowspan="1">97.28%</td>
</tr>
<tr>
<td colspan="4" rowspan="1">Source: Bloomberg. Total stockholder returns ("TSR") as of 9/4/2024.</td>
</tr>
</tbody>
</table>
</figure>
We have no confidence in this Board and believe its members have done nothing to earn investors' trust or patience. We strongly encourage all Mitek stockholders to strongly rebuke the Board's behavior by voting AGAINST the re-election of all incumbent directors at next week's Annual Meeting.
Sincerely,
<figure class="table"> 
<table>
<tbody>
<tr>
<td colspan="1" rowspan="1">Nicholas O'Sullivan</td>
<td colspan="1" rowspan="1">Bradley Radoff</td>
<td colspan="1" rowspan="1">Josh Schechter</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Hammana Partners LP</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
</tr>
</tbody>
</table>
</figure>

Management

Mitek Systems Stockholders, Hammana Partners, Issued Letter Encouring Others To Vote Against Re-Election Of All Six Board Directors

WIIM

Mitek Systems shares are trading lower after Jefferies downgraded the stock from Buy to Hold and lowered its price target from $17 to $9.5.

4 analysts have expressed a variety of opinions on Mitek Systems (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MITK#NASDAQ">MITK</a>) over the past quarter, offering a diverse set of opinions from bullish to bearish.
The following table encapsulates their recent ratings, offering a glimpse into the evolving sentiments over the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
Analysts' evaluations of 12-month price targets offer additional insights, showcasing an average target of $12.12, with a high estimate of $15.00 and a low estimate of $9.50. Highlighting a 37.85% decrease, the current average has fallen from the previous average price target of $19.50. 
<img src="https://www.benzinga.com/files/images/story/2024/1725465635_0.png" alt="price target chart" />
<h2>Investigating Analyst Ratings: An Elaborate Study</h2>
An in-depth analysis of recent analyst actions unveils how financial experts perceive Mitek Systems. The following summary outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Surinder Thind</td>
<td>Jefferies</td>
<td>Lowers</td>
<td>Hold</td>
<td>$9.50</td>
<td>$17.00</td>
</tr>
<tr>
<td>Scott Buck</td>
<td>HC Wainwright &amp; Co.</td>
<td>Lowers</td>
<td>Buy</td>
<td>$11.00</td>
<td>$19.00</td>
</tr>
<tr>
<td>Allen Klee</td>
<td>Maxim Group</td>
<td>Lowers</td>
<td>Buy</td>
<td>$13.00</td>
<td>$23.00</td>
</tr>
<tr>
<td>Chad Bennett</td>
<td>Craig-Hallum</td>
<td>Lowers</td>
<td>Buy</td>
<td>$15.00</td>
<td>$19.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Responding to changing market dynamics and company performance, analysts update their recommendations. Whether they 'Maintain', 'Raise', or 'Lower' their stance, it signifies their response to recent developments related to Mitek Systems. This offers insight into analysts' perspectives on the current state of the company.</li>
<li>Rating: Offering insights into predictions, analysts assign qualitative values, from 'Outperform' to 'Underperform'. These ratings convey expectations for the relative performance of Mitek Systems compared to the broader market.</li>
<li>Price Targets: Analysts predict movements in price targets, offering estimates for Mitek Systems's future value. Examining the current and prior targets offers insights into analysts' evolving expectations.</li>
</ul>
Understanding these analyst evaluations alongside key financial indicators can offer valuable insights into Mitek Systems's market standing. Stay informed and make well-considered decisions with our Ratings Table.
<a href="https://www.benzinga.com/quote/MITK/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Mitek Systems analyst ratings.</a>
If you are interested in following small-cap stock news and performance <a href="https://www.benzinga.com/news/small-cap">you can start by tracking it here</a>.
<h2>All You Need to Know About Mitek Systems</h2>
Mitek Systems Inc is engaged in the development, sale, and service of proprietary software solutions related to mobile imaging. The firm is a software development company with expertise in artificial intelligence, and machine learning. It is serving more than 7,800 financial services organizations and leading marketplace and financial technology brands across the globe. Mitek's Mobile Deposit solution is used by consumers for mobile check deposits. The company's Mobile Verify verifies a user's identity online enabling organizations to build safer digital communities, whereas CheckReader enables financial institutions to automatically extract data from a check image received across any deposit channel - branch, ATM, RDC, and mobile.
<h3>Financial Milestones: Mitek Systems's Journey</h3>
Market Capitalization Perspectives: The company's market capitalization falls below industry averages, signaling a relatively smaller size compared to peers. This positioning may be influenced by factors such as perceived growth potential or operational scale.
Revenue Growth: Mitek Systems's remarkable performance in 3 months is evident. As of 30 June, 2024, the company achieved an impressive revenue growth rate of 4.43%. This signifies a substantial increase in the company's top-line earnings. In comparison to its industry peers, the company trails behind with a growth rate lower than the average among peers in the Information Technology sector.
Net Margin: Mitek Systems's net margin surpasses industry standards, highlighting the company's exceptional financial performance. With an impressive 0.48% net margin, the company effectively manages costs and achieves strong profitability.
Return on Equity (ROE): Mitek Systems's financial strength is reflected in its exceptional ROE, which exceeds industry averages. With a remarkable ROE of 0.1%, the company showcases efficient use of equity capital and strong financial health.
Return on Assets (ROA): Mitek Systems's ROA excels beyond industry benchmarks, reaching 0.05%. This signifies efficient management of assets and strong financial health.
Debt Management: With a high debt-to-equity ratio of 0.69, Mitek Systems faces challenges in effectively managing its debt levels, indicating potential financial strain.
<h2>The Significance of Analyst Ratings Explained</h2>
Benzinga tracks 150 analyst firms and reports on their stock expectations. Analysts typically arrive at their conclusions by predicting how much money a company will make in the future, usually the upcoming five years, and how risky or predictable that company's revenue streams are.
Analysts attend company conference calls and meetings, research company financial statements, and communicate with insiders to publish their ratings on stocks. Analysts typically rate each stock once per quarter or whenever the company has a major update.
Beyond their standard evaluations, some analysts contribute predictions for metrics like growth estimates, earnings, and revenue, furnishing investors with additional guidance. Users of analyst ratings should be mindful that this specialized advice is shaped by human perspectives and may be subject to variability.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Where Mitek Systems Stands With Analysts

Jefferies analyst Surinder Thind downgrades Mitek Systems (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MITK#NASDAQ">MITK</a>) from Buy to Hold and lowers the price target from $17 to $9.5.

Downgrades

Jefferies Downgrades Mitek Systems to Hold, Lowers Price Target to $9.5

HC Wainwright &amp; Co. analyst Scott Buck maintains Mitek Systems (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MITK#NASDAQ">MITK</a>) with a Buy and lowers the price target from $19 to $11.

HC Wainwright & Co. Maintains Buy on Mitek Systems, Lowers Price Target to $11

Maxim Group analyst Allen Klee maintains Mitek Systems (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MITK#NASDAQ">MITK</a>) with a Buy and lowers the price target from $23 to $13.

Maxim Group Maintains Buy on Mitek Systems, Lowers Price Target to $13

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our <a href="https://www.benzinga.com/analyst-stock-ratings">analyst ratings page.</a>
<ul>
<li>BTIG raised the price target for The Trade Desk, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TTD#NASDAQ">TTD</a>) from $110 to $114. BTIG analyst Clark Lampen maintained a Buy rating. Trade Desk shares gained 10.2% to trade at $97.23 on Friday. <a href="https://www.benzinga.com/quote/TTD/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Deutsche Bank boosted the price target for Zillow Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/Z#NASDAQ">Z</a>) from $55 to $60. Deutsche Bank analyst Lloyd Walmsley maintained the stock with a Buy rating. Zillow shares rose 2.4% to trade at $50.59 on Friday. <a href="https://www.benzinga.com/quote/Z/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Stephens &amp; Co cut Martin Marietta Materials, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MLM#NYSE">MLM</a>) price target from $650 to $610. Stephens &amp; Co. analyst Trey Grooms maintained an Overweight rating. Martin Marietta Materials shares fell 1.2% to trade at $532.54 on Friday. <a href="https://www.benzinga.com/quote/MLM/analyst-ratings">See how other analysts view this stock.</a></li>
<li>B. Riley Securities boosted the price target for YETI Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YETI#NYSE">YETI</a>) from $38 to $45. B. Riley Securities analyst Anna Glaessgen maintained a Neutral rating. YETI shares fell 4.3% to trade at $41.28 on Friday. <a href="https://www.benzinga.com/quote/YRTI/analyst-ratings">See how other analysts view this stock.</a></li>
<li>DA Davidson raised Diebold Nixdorf, Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DBD#NYSE">DBD</a>) price target from $55 to $65. DA Davidson analyst Matthew Summerville maintained a Buy rating. Diebold shares rose 5.7% to trade at $37.99 on Friday. <a href="https://www.benzinga.com/quote/DBD/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Evercore ISI Group boosted Doximity, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DOCS#NYSE">DOCS</a>) price target from $29 to $34. Evercore ISI Group analyst Elizabeth Anderson maintained an In-Line rating. Doximity shares gained 36% to trade at $34.90 on Friday. <a href="https://www.benzinga.com/quote/DOCS/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Craig-Hallum cut the price target for Mitek Systems, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MITK#NASDAQ">MITK</a>) from $19 to $15. Craig-Hallum analyst Chad Bennett maintained a Buy rating. Mitek shares dipped 25.3% to trade at $8.43 on Friday. <a href="https://www.benzinga.com/quote/MITK/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Wells Fargo cut Five9, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FIVN#NASDAQ">FIVN</a>) price target from $80 to $65. Wells Fargo analyst Michael Turrin maintained an Overweight rating. Five9 shares fell 27% to trade at $31.03 on Friday. <a href="https://www.benzinga.com/quote/FIVN/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>BMO Capital boosted CF Industries Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CF#NYSE">CF</a>) price target from $95 to $100. BMO Capital analyst Joel Jackson maintained an Outperform rating. CF Industries shares rose 0.1% to trade at $79.61 on Friday. <a href="https://www.benzinga.com/quote/CF/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Raymond James cut Alta Equipment Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALTG#NYSE">ALTG</a>) price target from $14 to $10. Raymond James analyst Bryan Fast downgraded the stock from Outperform to Market Perform. Alta Equipment shares fell 2% to trade at $6.28 on Friday. <a href="https://www.benzinga.com/quote/ALTG/analyst-ratings">See how other analysts view this stock.</a></li>
</ul>
Considering buying Zillow stock? Here&#8217;s what analysts think:
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="569" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/09135523/image-67-1024x569.png" alt="" class="wp-image-487519" style="width:477px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/09135523/image-67-1024x569.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/09135523/image-67-300x167.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/09135523/image-67-768x427.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/09135523/image-67.png 1233w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Read More: 
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<li>Jim Cramer: <a href="https://www.benzinga.com/markets/24/08/40285451/jim-cramer-this-energy-stock-is-a-buy-stay-away-from-dexcom">This Energy Stock Is A Buy, Stay Away From DexCom</a></li>
</ul>

Craig-Hallum analyst Chad Bennett maintains Mitek Systems (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MITK#NASDAQ">MITK</a>) with a Buy and lowers the price target from $19 to $15.

Craig-Hallum Maintains Buy on Mitek Systems, Lowers Price Target to $15

Mitek Systems shares are trading lower after the company reported worse-than-expected Q3 financial results and issued weak guidance.

Guidance

Mitek Sees FY24 Revenue $169M-$173M Vs $182M Estimate

Mitek Systems shares are trading lower after the company reported worse-than-expected Q3 financial results.

Mitek Systems (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MITK#NASDAQ">MITK</a>) reported quarterly earnings of $0.25 per share which missed the analyst consensus estimate of $0.26 by 3.85 percent. The company reported quarterly sales of $44.976 million which missed the analyst consensus estimate of $47.986 million by 6.27 percent. This is a 4.43 percent increase over sales of $43.070 million the same period last year.

Earnings Misses

Mitek Systems Q3 2024 Adj. EPS $0.25 Misses $0.26 Estimate, Sales $44.976M Miss $47.986M Estimate

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Nuveen California Dividend Advantage Municipal Fund 2

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Shares of stocks in the broader tech sector are trading lower amid a sell off due to US economy concerns.

<h3>Gainers</h3>
<ul>
<li>Actelis Networks (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASNS#NASDAQ">ASNS</a>) stock rose 139.1% to $2.75 during Tuesday's pre-market session. The market value of their outstanding shares is at $9.2 million. </li>
<li>MicroAlgo (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MLGO#NASDAQ">MLGO</a>) shares increased by 30.98% to $4.65. The company's market cap stands at $35.4 million. </li>
<li>Schmid Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SHMD#NASDAQ">SHMD</a>) stock moved upwards by 25.67% to $5.09. The company's market cap stands at $218.7 million. </li>
<li>Ostin Technology Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OST#NASDAQ">OST</a>) stock increased by 18.25% to $0.49. The company's market cap stands at $7.1 million. </li>
<li>Comtech Telecom (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CMTL#NASDAQ">CMTL</a>) shares rose 17.97% to $2.56. The market value of their outstanding shares is at $72.8 million. As per the news, the Q3 earnings report came out today. </li>
<li>Next Technology Holding (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NXTT#NASDAQ">NXTT</a>) stock rose 12.27% to $5.03. The market value of their outstanding shares is at $35.0 million. </li>
</ul>
<h3>Losers</h3>
<ul>
<li>Quantum (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QMCO#NASDAQ">QMCO</a>) stock declined by 37.4% to $0.49 during Tuesday's pre-market session. The market value of their outstanding shares is at $46.7 million. As per the news, the Q4 earnings report came out yesterday. </li>
<li>Soluna Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SLNH#NASDAQ">SLNH</a>) stock decreased by 8.3% to $4.09. The company's market cap stands at $16.0 million. </li>
<li>Sequans Communications (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SQNS#NYSE">SQNS</a>) shares fell 6.74% to $0.48. The company's market cap stands at $30.0 million. </li>
<li>T Stamp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IDAI#NASDAQ">IDAI</a>) stock decreased by 5.34% to $0.48. The company's market cap stands at $5.1 million. </li>
<li>Mitek Systems (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MITK#NASDAQ">MITK</a>) shares declined by 5.03% to $10.39. The company's market cap stands at $486.1 million. </li>
<li>Veritone (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VERI#NASDAQ">VERI</a>) shares fell 4.92% to $2.42. The market value of their outstanding shares is at $91.3 million. 
See Also: <a href="http://www.benzinga.com/money/tech-stocks/" title="www.benzinga.com/money/tech-stocks/">www.benzinga.com/money/tech-stocks/</a></li>
</ul>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

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MLGO

Next Technology Holding Inc. - Ordinary Shares

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QMCO

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SLNH

SQNS

VERI

12 Information Technology Stocks Moving In Tuesday's Pre-Market Session

Providing a diverse range of perspectives from bullish to bearish, 4 analysts have published ratings on Mitek Systems (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MITK#NASDAQ">MITK</a>) in the last three months.
In the table below, you'll find a summary of their recent ratings, revealing the shifting sentiments over the past 30 days and comparing them to the previous months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">4</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
The 12-month price targets, analyzed by analysts, offer insights with an average target of $19.0, a high estimate of $19.00, and a low estimate of $19.00. Witnessing a positive shift, the current average has risen by 11.76% from the previous average price target of $17.00.
<img src="https://www.benzinga.com/files/images/story/2024/1715709702_0.png" alt="price target chart" />
<h2>Breaking Down Analyst Ratings: A Detailed Examination</h2>
A clear picture of Mitek Systems's perception among financial experts is painted with a thorough analysis of recent analyst actions. The summary below outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Scott Buck</td>
<td>HC Wainwright &amp; Co.</td>
<td>Maintains</td>
<td>Buy</td>
<td>$19.00</td>
<td>-</td>
</tr>
<tr>
<td>Chad Bennett</td>
<td>Craig-Hallum</td>
<td>Raises</td>
<td>Buy</td>
<td>$19.00</td>
<td>$17.00</td>
</tr>
<tr>
<td>Scott Buck</td>
<td>HC Wainwright &amp; Co.</td>
<td>Maintains</td>
<td>Buy</td>
<td>$19.00</td>
<td>-</td>
</tr>
<tr>
<td>Scott Buck</td>
<td>HC Wainwright &amp; Co.</td>
<td>Maintains</td>
<td>Buy</td>
<td>$19.00</td>
<td>-</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Responding to changing market dynamics and company performance, analysts update their recommendations. Whether they 'Maintain', 'Raise', or 'Lower' their stance, it signifies their response to recent developments related to Mitek Systems. This offers insight into analysts' perspectives on the current state of the company.</li>
<li>Rating: Providing a comprehensive analysis, analysts offer qualitative assessments, ranging from 'Outperform' to 'Underperform'. These ratings reflect expectations for the relative performance of Mitek Systems compared to the broader market.</li>
<li>Price Targets: Analysts explore the dynamics of price targets, providing estimates for the future value of Mitek Systems's stock. This examination reveals shifts in analysts' expectations over time.</li>
</ul>
Navigating through these analyst evaluations alongside other financial indicators can contribute to a holistic understanding of Mitek Systems's market standing. Stay informed and make data-driven decisions with our Ratings Table.
<a href="https://www.benzinga.com/quote/MITK/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Mitek Systems analyst ratings.</a>
If you are interested in following small-cap stock news and performance <a href="https://www.benzinga.com/news/small-cap">you can start by tracking it here</a>.
<h2>Delving into Mitek Systems's Background</h2>
Mitek Systems Inc is engaged in the development, sale, and service of proprietary software solutions related to mobile imaging. The firm is a software development company with expertise in artificial intelligence, and machine learning. It is serving more than 7,800 financial services organizations and leading marketplace and financial technology brands across the globe. Mitek's Mobile Deposit solution is used by consumers for mobile check deposits. The company's Mobile Verify verifies a user's identity online enabling organizations to build safer digital communities, whereas CheckReader enables financial institutions to automatically extract data from a check image received across any deposit channel - branch, ATM, RDC, and mobile.
<h3>Mitek Systems: A Financial Overview</h3>
Market Capitalization Analysis: Above industry benchmarks, the company's market capitalization emphasizes a noteworthy size, indicative of a strong market presence.
Revenue Challenges: Mitek Systems's revenue growth over 3 months faced difficulties. As of 31 December, 2023, the company experienced a decline of approximately -19.22%. This indicates a decrease in top-line earnings. As compared to its peers, the revenue growth lags behind its industry peers. The company achieved a growth rate lower than the average among peers in Information Technology sector.
Net Margin: Mitek Systems's net margin is impressive, surpassing industry averages. With a net margin of -15.69%, the company demonstrates strong profitability and effective cost management.
Return on Equity (ROE): Mitek Systems's ROE stands out, surpassing industry averages. With an impressive ROE of -2.77%, the company demonstrates effective use of equity capital and strong financial performance.
Return on Assets (ROA): Mitek Systems's ROA lags behind industry averages, suggesting challenges in maximizing returns from its assets. With an ROA of -1.43%, the company may face hurdles in achieving optimal financial performance.
Debt Management: Mitek Systems's debt-to-equity ratio surpasses industry norms, standing at 0.66. This suggests the company carries a substantial amount of debt, posing potential financial challenges.
<h2>The Basics of Analyst Ratings</h2>
Analysts work in banking and financial systems and typically specialize in reporting for stocks or defined sectors. Analysts may attend company conference calls and meetings, research company financial statements, and communicate with insiders to publish "analyst ratings" for stocks. Analysts typically rate each stock once per quarter.
Some analysts will also offer forecasts for metrics like growth estimates, earnings, and revenue to provide further guidance on stocks. Investors who use analyst ratings should note that this specialized advice comes from humans and may be subject to error.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Analyst Ratings For Mitek Systems

HC Wainwright &amp; Co. analyst Scott Buck reiterates Mitek Systems (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MITK#NASDAQ">MITK</a>) with a Buy and maintains $19 price target.

Reiteration

HC Wainwright & Co. Reiterates Buy on Mitek Systems, Maintains $19 Price Target

N-iX To Leverage Mitek System's Technology To Offer Clients Fraud Prevention Services

Fiscal 2024 Full Year&nbsp;Guidance
Mitek is reiterating its previously provided&nbsp;guidance&nbsp;for its fiscal year ending September 30, 2024, as follows:
<ul>
<li>Mitek expects full-year revenue to be between&nbsp;$180.0 million&nbsp;and&nbsp;$185.0 million, a&nbsp;6%&nbsp;growth rate at the midpoint of the range. In fiscal 2023, Mitek signed a large multi-year mobile deposit reorder with one customer that locked in favorable pricing over a four-year period. Due to the unique terms of this contract, Mitek recognized additional license revenue relating to future years of approximately&nbsp;$7.0 million&nbsp;in fiscal 2023. If the Company backs out the future year revenue of&nbsp;$7 million&nbsp;from its fiscal 2023 revenue and attributes the&nbsp;$2.7 million&nbsp;that would have been attributable to fiscal 2024 to the midpoint of the fiscal 2024 revenue&nbsp;guidance, it would represent growth of approximately&nbsp;12.0%&nbsp;at the midpoint.</li>
<li>Mitek expects its non-GAAP operating margin for fiscal 2024 to be between&nbsp;30.0%&nbsp;and&nbsp;31.0%.</li>
</ul>

Mitek Reiterated FY24 Revenue of $180M-$185M Vs $181.52M Est

Mitek Systems, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MITK#NASDAQ">MITK</a>, &amp;nbsp, <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;amp, , %20url=http%3A%2F%2Fwww.miteksystems.com&amp;amp, , %20esheet=53984362&amp;amp, , %20newsitemid=20240513681445&amp;amp, , %20lan=en-US&amp;amp, , %20anchor=www.miteksystems.com&amp;amp, , %20index=1&amp;amp, , %20md5=f28e5e9d605aee1a247af8b983177ed9">www.miteksystems.com</a>, &amp;quot, Mitek&amp;quot, or the &amp;quot, Company&amp;quot, )))), a global leader in digital identity and digital fraud prevention, today announced that its Board of Directors has authorized a two year share repurchase program for up to&nbsp;$50 million&nbsp;of its common stock.

Buybacks

Mitek Announces $50M Share Repurchase Program

Mitek (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MITK#NASDAQ">MITK</a>, &amp;nbsp, <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;amp, , %20url=http%3A%2F%2Fwww.miteksystems.com&amp;amp, , %20esheet=53984360&amp;amp, , %20newsitemid=20240513727760&amp;amp, , %20lan=en-US&amp;amp, , %20anchor=www.miteksystems.com&amp;amp, , %20index=1&amp;amp, , %20md5=4394c504ffee7e534b775ee2e797c082">www.miteksystems.com</a>, &amp;quot, Mitek&amp;quot, or the &amp;quot, Company&amp;quot, )))), a global leader in digital identity and digital fraud prevention, today announced that the Company&#39;s Board of Directors has appointed Scott Carter as Interim CEO, effective June 1, 2024. The Company will terminate the employment of Mitek&#39;s current CEO, Max Carnecchia, on May 31, 2024. At the request of the Board, Mr. Carnecchia will remain a member of the Board of Directors and be available to assist with the CEO transition process. The Board has engaged the services of a leading global executive search firm and has commenced the search for a new CEO.

Mitek Tapped Chair Scott Carter as Interim CEO, Effective June 1, 2024, Succeeding Max Carnecchia While the Board Searched for a Permanent Replacement

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Analysts' Top Technology Picks: Mitek Systems (MITK), Five9 (FIVN)

In a report released today, Michael Grondahl from Northland Securities maintained a Buy rating on Mitek Systems (MITK – Research Report), with a pr...

Northland Securities Reaffirms Their Buy Rating on Mitek Systems (MITK)

Mitek Systems, Inc. (MITK) Q3 2024 Earnings Call Transcript

Maxim Group analyst Allen Klee has maintained their bullish stance on MITK stock, giving a Buy rating yesterday. Allen Klee's rating is based on th...

Mitek Systems: Long-Term Growth Trends Counterbalance Short-Term Setbacks

Analyst Scott Buck from H.C. Wainwright reiterated a Buy rating on Mitek Systems (MITK – Research Report) and decreased the price target to $11.00 ...

Mitek Systems: Buy Rating Affirmed Amidst Strategic Repositioning and Solid Capital Buffer

Mitek: At Least The Convertibles Might Stay Unexercised

In a report released today, Surinder Thind from Jefferies downgraded Mitek Systems (MITK – Research Report) to a Hold, with a price target of $9.50...

Mitek Systems Hold Rating and Revised Financial Forecasts Amidst Strategic Uncertainty

Craig-Hallum analyst George Sutton maintained a Buy rating on Mitek Systems (MITK – Research Report) today. The company's shares closed yesterday a...

Craig-Hallum Keeps Their Buy Rating on Mitek Systems (MITK)

Mitek downgraded at Jefferies on near-term uncertainty

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Press Releases

N-iX enhances partnership with Mitek Systems to offer strengthened fraud prevention services

Viewpointe and Mitek announce partnership to strengthen check fraud detection

ID R&D Granted Patent for Voice-Based Device Unlocking

Mitek Named to 2024 AIFinTech100 List

Mitek Wins 2024 Artificial Intelligence Breakthrough Award

Mitek to Report Fiscal 2024 Third Quarter Financial Results on August 8, 2024

Mitek Reports Fiscal 2024 Third Quarter Financial Results

Mitek's Check Fraud DefenderTM Clinches Top Honor with Datos Insights' Impact Awards for Pioneering Innovation in Transaction Fraud Monitoring and Decisioning

Alogent and Mitek Announce Partnership to Tackle Ballooning Check Fraud Epidemic

Concerned Stockholder Group Votes Against the Re-Election of Mitek Systems' Board of Directors

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