Mitek Systems, Inc. (MITK) Expected to Announce Earnings of $0.10 Per Share

Equities analysts predict that Mitek Systems, Inc. (NASDAQ:MITK) will post earnings of $0.10 per share for the current fiscal quarter, Zacks Investment Research reports. Three analysts have issued estimates for Mitek Systems’ earnings. The highest EPS estimate is $0.11 and the lowest is $0.10. Mitek Systems posted earnings per share of $0.06 in the same quarter last year, which would suggest a positive year-over-year growth rate of 66.7%. The company is expected to report its next quarterly earnings report on Thursday, July 25th.

On average, analysts expect that Mitek Systems will report full-year earnings of $0.39 per share for the current year, with EPS estimates ranging from $0.38 to $0.40. For the next year, analysts anticipate that the firm will report earnings of $0.51 per share, with EPS estimates ranging from $0.48 to $0.54. Zacks’ EPS calculations are an average based on a survey of research firms that follow Mitek Systems.

Mitek Systems (NASDAQ:MITK) last announced its quarterly earnings data on Wednesday, May 1st. The software maker reported $0.07 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.06 by $0.01. The company had revenue of $19.98 million during the quarter, compared to the consensus estimate of $19.20 million. Mitek Systems had a positive return on equity of 4.47% and a negative net margin of 11.79%. The firm’s revenue was up 39.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.06 EPS.

MITK has been the subject of a number of recent research reports. BidaskClub upgraded Mitek Systems from a “hold” rating to a “buy” rating in a research note on Wednesday, March 27th. National Securities reiterated a “buy” rating and set a $20.00 price objective on shares of Mitek Systems in a research note on Thursday, May 2nd. ValuEngine downgraded Mitek Systems from a “strong-buy” rating to a “buy” rating in a research note on Monday, February 25th. Finally, Benchmark reiterated a “buy” rating and set a $14.00 price objective (down from $15.00) on shares of Mitek Systems in a research note on Thursday, May 2nd. One analyst has rated the stock with a sell rating and four have given a buy rating to the company. Mitek Systems currently has a consensus rating of “Buy” and an average target price of $15.00.

Shares of NASDAQ:MITK traded up $0.03 during mid-day trading on Wednesday, reaching $10.85. 240,232 shares of the company traded hands, compared to its average volume of 423,808. The company has a market cap of $417.18 million, a PE ratio of 83.46, a price-to-earnings-growth ratio of 4.63 and a beta of -0.40. Mitek Systems has a 52 week low of $6.32 and a 52 week high of $13.07.

In other Mitek Systems news, insider Jason Gray sold 7,145 shares of the company’s stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $11.60, for a total value of $82,882.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Michael E. Diamond sold 38,587 shares of the company’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $11.00, for a total value of $424,457.00. Following the completion of the transaction, the insider now owns 221,477 shares of the company’s stock, valued at $2,436,247. The disclosure for this sale can be found here. Insiders sold a total of 57,109 shares of company stock valued at $634,420 over the last 90 days. 8.20% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently bought and sold shares of MITK. Sargent Investment Group LLC bought a new position in Mitek Systems in the 4th quarter worth approximately $6,106,000. Potrero Capital Research LLC bought a new position in shares of Mitek Systems during the 4th quarter valued at approximately $4,526,000. Hudson Bay Capital Management LP bought a new position in shares of Mitek Systems during the 4th quarter valued at approximately $3,497,000. Thomson Horstmann & Bryant Inc. boosted its position in shares of Mitek Systems by 22.1% during the 4th quarter. Thomson Horstmann & Bryant Inc. now owns 1,292,505 shares of the software maker’s stock valued at $13,971,000 after acquiring an additional 233,991 shares during the last quarter. Finally, Quad Capital Management Advisors LLC bought a new position in shares of Mitek Systems during the 4th quarter valued at approximately $2,424,000. Institutional investors and hedge funds own 50.86% of the company’s stock.

About Mitek Systems

Mitek Systems, Inc develops, markets, and sells mobile image capture and identity verification software solutions in the United States, Europe, Latin America, and internationally. The company's solutions are embedded in native mobile apps and mobile optimized Websites to enhance mobile user experiences, fraud detection and reduction, and compliant transactions.

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