Wall Street brokerages expect that Mitek Systems, Inc. (NASDAQ:MITK) will announce $20.10 million in sales for the current fiscal quarter, Zacks Investment Research reports. Three analysts have issued estimates for Mitek Systems’ earnings, with the highest sales estimate coming in at $20.12 million and the lowest estimate coming in at $20.09 million. Mitek Systems posted sales of $12.90 million in the same quarter last year, which suggests a positive year over year growth rate of 55.8%. The firm is scheduled to announce its next earnings report on Tuesday, November 6th.
On average, analysts expect that Mitek Systems will report full year sales of $62.64 million for the current financial year. For the next fiscal year, analysts expect that the firm will report sales of $83.65 million, with estimates ranging from $82.12 million to $85.30 million. Zacks’ sales averages are an average based on a survey of analysts that that provide coverage for Mitek Systems.
Mitek Systems (NASDAQ:MITK) last posted its quarterly earnings results on Thursday, July 26th. The software maker reported $0.06 EPS for the quarter, topping the consensus estimate of $0.03 by $0.03. The business had revenue of $16.10 million during the quarter, compared to analysts’ expectations of $15.33 million. Mitek Systems had a net margin of 5.75% and a return on equity of 4.74%. The firm’s quarterly revenue was up 36.4% compared to the same quarter last year. During the same period last year, the company posted $0.08 earnings per share.
A number of analysts have issued reports on MITK shares. ValuEngine upgraded shares of Mitek Systems from a “hold” rating to a “buy” rating in a research note on Sunday, June 17th. BidaskClub upgraded shares of Mitek Systems from a “hold” rating to a “buy” rating in a research note on Saturday, June 23rd. National Securities reiterated a “buy” rating and issued a $17.50 target price on shares of Mitek Systems in a research note on Sunday, July 29th. TheStreet cut shares of Mitek Systems from a “b” rating to a “c+” rating in a research note on Friday, July 27th. Finally, Benchmark cut shares of Mitek Systems from a “buy” rating to a “hold” rating and set a $8.00 target price for the company. in a research note on Tuesday, August 28th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Mitek Systems has a consensus rating of “Hold” and an average price target of $11.08.
In other Mitek Systems news, Director James C. Hale III bought 20,000 shares of Mitek Systems stock in a transaction on Friday, August 31st. The stock was purchased at an average cost of $7.17 per share, for a total transaction of $143,400.00. Following the completion of the purchase, the director now directly owns 111,135 shares of the company’s stock, valued at $796,837.95. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO James B. Debello sold 50,000 shares of Mitek Systems stock in a transaction that occurred on Wednesday, August 22nd. The shares were sold at an average price of $8.54, for a total transaction of $427,000.00. The disclosure for this sale can be found here. 7.50% of the stock is owned by insiders.
Several large investors have recently added to or reduced their stakes in MITK. Wells Fargo & Company MN raised its position in shares of Mitek Systems by 8.0% in the first quarter. Wells Fargo & Company MN now owns 1,299,895 shares of the software maker’s stock valued at $9,619,000 after purchasing an additional 95,772 shares during the period. Dimensional Fund Advisors LP bought a new position in shares of Mitek Systems in the first quarter valued at approximately $934,000. Russell Investments Group Ltd. raised its position in shares of Mitek Systems by 35.7% in the first quarter. Russell Investments Group Ltd. now owns 25,741 shares of the software maker’s stock valued at $190,000 after purchasing an additional 6,772 shares during the period. Unterberg Capital LLC raised its position in shares of Mitek Systems by 2.5% in the second quarter. Unterberg Capital LLC now owns 635,000 shares of the software maker’s stock valued at $5,652,000 after purchasing an additional 15,622 shares during the period. Finally, Eqis Capital Management Inc. bought a new position in shares of Mitek Systems in the second quarter valued at approximately $239,000. 45.93% of the stock is currently owned by institutional investors.
NASDAQ MITK traded down $0.02 during trading on Monday, reaching $7.75. The company’s stock had a trading volume of 416,121 shares, compared to its average volume of 300,808. The stock has a market capitalization of $266.47 million, a PE ratio of 36.90, a price-to-earnings-growth ratio of 15.67 and a beta of 0.21. Mitek Systems has a 1-year low of $6.32 and a 1-year high of $10.10.
About Mitek Systems
Mitek Systems, Inc develops, markets, and sells mobile image capture and identity verification software solutions for enterprise customers worldwide. The company's solutions are embedded in native mobile apps and mobile optimized Websites to enhance mobile user experiences and transactions. It offers Mobile Deposit that allows individuals and businesses to remotely deposit checks using their camera-equipped smartphone or tablet; Mobile Verify, an identity verification solution that can be integrated into mobile apps, mobile Websites, and desktop applications; Mobile Fill to pre-fill forms with personal data by simply snapping a picture of the consumer's driver license, credit card, or other document; Mobile Docs, a mobile document scanning solution; and MiSnap Multi-Check Capture, a software development kit that banks embed in their business banking app that facilitates capture of various checks in one deposit session.
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