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

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

On average, analysts expect that Mitek Systems will report full-year earnings of $0.40 per share for the current year, with EPS estimates ranging from $0.39 to $0.40. For the next financial year, analysts expect that the business will post earnings of $0.50 per share, with EPS estimates ranging from $0.48 to $0.54. Zacks Investment Research’s EPS averages are an average based on a survey of sell-side research firms that that provide coverage for Mitek Systems.

Mitek Systems (NASDAQ:MITK) last posted its quarterly earnings results on Wednesday, May 1st. The software maker reported $0.07 EPS for the quarter, topping analysts’ consensus estimates of $0.06 by $0.01. The business had revenue of $19.98 million during the quarter, compared to analysts’ expectations of $19.20 million. Mitek Systems had a negative net margin of 11.79% and a positive return on equity of 4.43%. The business’s quarterly revenue was up 39.9% on a year-over-year basis. During the same period last year, the company posted $0.06 earnings per share.

A number of research firms have commented on MITK. BidaskClub upgraded shares of Zai Lab from a “buy” rating to a “strong-buy” rating in a report on Friday, June 28th. National Securities restated a “neutral” rating and issued a $11.00 price target on shares of Horizon Technology Finance in a report on Thursday, May 2nd. Zacks Investment Research upgraded shares of HB Fuller from a “sell” rating to a “hold” rating in a report on Wednesday, July 3rd. Finally, Benchmark restated a “buy” rating and issued a $120.00 price target (up from $110.00) on shares of SPS Commerce in a report on Thursday, May 2nd. One investment analyst has rated the stock with a sell rating, three have assigned a buy rating and one has given a strong buy rating to the company. Mitek Systems presently has a consensus rating of “Buy” and an average price target of $15.00.

In other news, insider Jason Gray sold 7,145 shares of Mitek Systems stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $11.60, for a total transaction of $82,882.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Michael E. Diamond sold 38,587 shares of Mitek Systems stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $11.00, for a total transaction of $424,457.00. Following 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 58,809 shares of company stock valued at $632,224 over the last 90 days. Corporate insiders own 8.20% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. Rhumbline Advisers increased its position in Mitek Systems by 48.3% in the 4th quarter. Rhumbline Advisers now owns 42,419 shares of the software maker’s stock valued at $459,000 after acquiring an additional 13,814 shares during the period. Bank of New York Mellon Corp increased its position in Mitek Systems by 13.5% in the 4th quarter. Bank of New York Mellon Corp now owns 118,735 shares of the software maker’s stock valued at $1,284,000 after acquiring an additional 14,097 shares during the period. Commonwealth Equity Services LLC increased its position in Mitek Systems by 22.5% in the 4th quarter. Commonwealth Equity Services LLC now owns 25,305 shares of the software maker’s stock valued at $273,000 after acquiring an additional 4,650 shares during the period. Dimensional Fund Advisors LP increased its position in Mitek Systems by 35.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 465,110 shares of the software maker’s stock valued at $5,028,000 after acquiring an additional 122,944 shares during the period. Finally, Hudson Bay Capital Management LP acquired a new stake in Mitek Systems in the 4th quarter valued at approximately $3,497,000. Hedge funds and other institutional investors own 57.51% of the company’s stock.

NASDAQ:MITK opened at $10.03 on Tuesday. The firm has a market capitalization of $388.51 million, a PE ratio of 111.44, a price-to-earnings-growth ratio of 4.56 and a beta of -0.22. The business has a fifty day moving average of $9.78. Mitek Systems has a 12 month low of $6.32 and a 12 month high of $13.07.

Mitek Systems Company Profile

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.

See Also: Systematic Risk

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