Mitek Systems, Inc. (MITK) Expected to Post Earnings of $0.02 Per Share

Brokerages expect Mitek Systems, Inc. (NASDAQ:MITK) to report $0.02 earnings per share (EPS) for the current quarter, according to Zacks. Three analysts have provided estimates for Mitek Systems’ earnings. The lowest EPS estimate is $0.01 and the highest is $0.02. Mitek Systems posted earnings of $0.03 per share during the same quarter last year, which suggests a negative year-over-year growth rate of 33.3%. The business is expected to issue its next earnings report on Thursday, February 1st.

According to Zacks, analysts expect that Mitek Systems will report full-year earnings of $0.31 per share for the current fiscal year, with EPS estimates ranging from $0.30 to $0.31. For the next fiscal year, analysts expect that the firm will post earnings of $0.39 per share, with EPS estimates ranging from $0.36 to $0.42. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of research analysts that follow Mitek Systems.

Mitek Systems (NASDAQ:MITK) last posted its quarterly earnings results on Tuesday, November 7th. The software maker reported $0.11 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.09 by $0.02. Mitek Systems had a return on equity of 12.72% and a net margin of 31.05%. The business had revenue of $12.90 million during the quarter, compared to the consensus estimate of $12.35 million. During the same period in the prior year, the company posted $0.07 EPS. The firm’s revenue for the quarter was up 33.4% compared to the same quarter last year.

Several research firms have weighed in on MITK. BidaskClub downgraded Mitek Systems from a “buy” rating to a “hold” rating in a research note on Friday, August 4th. Roth Capital set a $12.00 price target on Mitek Systems and gave the stock a “buy” rating in a research note on Friday, July 28th. Zacks Investment Research downgraded Mitek Systems from a “hold” rating to a “sell” rating in a research note on Tuesday, November 7th. Northland Securities restated a “buy” rating and issued a $11.00 price target on shares of Mitek Systems in a research note on Tuesday, July 25th. Finally, Benchmark Co. increased their target price on Mitek Systems from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Monday, July 24th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $10.67.

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Mitek Systems (NASDAQ MITK) traded up $0.17 during mid-day trading on Monday, reaching $8.77. The company’s stock had a trading volume of 381,883 shares, compared to its average volume of 373,041. Mitek Systems has a 1-year low of $5.26 and a 1-year high of $10.75. The company has a market cap of $296.40, a P/E ratio of 59.67, a price-to-earnings-growth ratio of 4.47 and a beta of 0.69.

In other news, Director Bruce Edward Hansen sold 50,000 shares of the stock in a transaction that occurred on Friday, November 10th. The stock was sold at an average price of $9.16, for a total transaction of $458,000.00. Following the completion of the transaction, the director now directly owns 61,600 shares in the company, valued at approximately $564,256. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jason Gray sold 12,211 shares of the firm’s stock in a transaction on Friday, November 10th. The stock was sold at an average price of $9.13, for a total value of $111,486.43. Following the completion of the sale, the insider now owns 75,000 shares of the company’s stock, valued at $684,750. The disclosure for this sale can be found here. Insiders have sold a total of 77,860 shares of company stock valued at $704,068 over the last quarter. Corporate insiders own 8.52% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the stock. Prudential Financial Inc. bought a new stake in Mitek Systems in the third quarter worth $101,000. Chevy Chase Trust Holdings Inc. bought a new stake in Mitek Systems in the third quarter worth $102,000. Burt Wealth Advisors bought a new stake in Mitek Systems in the second quarter worth $105,000. LLBH Private Wealth Management LLC bought a new stake in Mitek Systems in the second quarter worth $109,000. Finally, JPMorgan Chase & Co. bought a new stake in Mitek Systems in the third quarter worth $129,000. Institutional investors own 42.40% of the company’s stock.

About Mitek Systems

Mitek Systems, Inc develops, markets and sells mobile capture and identity verification software solutions for enterprise customers. The Company’s technology allows users to remotely deposit checks, open accounts, get insurance quotes, pay bills, as well as verify their identity by taking pictures of various documents with their camera-equipped smartphones and tablets instead of using the device keyboard.

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