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H.C. Wainwright Thinks Mitek Systems’ Stock is Going to Recover

H.C. Wainwright analyst Scott Buck reiterated a Buy rating on Mitek Systems (MITKResearch Report) today and set a price target of $19.00. The company’s shares closed last Thursday at $9.02, close to its 52-week low of $8.32.

According to TipRanks.com, Buck is currently ranked with 0 stars on a 0-5 stars ranking scale, with an average return of -6.5% and a 34.6% success rate. Buck covers the Technology sector, focusing on stocks such as Enthusiast Gaming Holdings, Lightpath Technologies, and Intellicheck Mobilisia.

Mitek Systems has an analyst consensus of Moderate Buy, with a price target consensus of $17.00.

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Based on Mitek Systems’ latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $34.71 million and net profit of $1.91 million. In comparison, last year the company earned revenue of $28.77 million and had a net profit of $1.02 million.

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Mitek Systems, Inc. engages in the innovation of mobile capture and digital identity verification solutions. Its products include Mobile Deposit, Mobile Verify, Mobile Fill, Mobile Docs, A2iA CheckReader, A2iA XE, A2iA DocumentReader, A2iA TextReader, and ICAR ID_CLOUD. The company was founded on December 16, 1983 and is headquartered in San Diego, CA.

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