Mitek Systems, Inc. (MITK) Expected to Post Quarterly Sales of $17.91 Million

Equities analysts predict that Mitek Systems, Inc. (NASDAQ:MITK) will post $17.91 million in sales for the current quarter, Zacks reports. Three analysts have issued estimates for Mitek Systems’ earnings, with estimates ranging from $16.17 million to $19.87 million. Mitek Systems posted sales of $12.14 million during the same quarter last year, which suggests a positive year-over-year growth rate of 47.5%. The firm is scheduled to announce its next earnings results on Thursday, November 1st.

On average, analysts expect that Mitek Systems will report full-year sales of $83.65 million for the current year, with estimates ranging from $82.12 million to $85.30 million. For the next year, analysts forecast that the firm will report sales of $100.40 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover Mitek Systems.

Mitek Systems (NASDAQ:MITK) last announced its quarterly earnings results on Thursday, November 1st. The software maker reported $0.14 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.09 by $0.05. Mitek Systems had a negative net margin of 18.58% and a positive return on equity of 5.75%. The firm had revenue of $21.00 million for the quarter, compared to analyst estimates of $20.09 million. During the same period last year, the business earned $0.11 EPS. Mitek Systems’s revenue for the quarter was up 62.8% compared to the same quarter last year.

Several equities research analysts recently commented on MITK shares. National Securities set a $18.00 price target on shares of Mitek Systems and gave the stock a “buy” rating in a research note on Wednesday, October 24th. BidaskClub lowered shares of Mitek Systems from a “buy” rating to a “hold” rating in a research note on Thursday, August 30th. Zacks Investment Research upgraded shares of Mitek Systems from a “hold” rating to a “buy” rating and set a $7.25 price target on the stock in a research note on Wednesday, October 10th. ValuEngine lowered shares of Mitek Systems from a “buy” rating to a “hold” rating in a research note on Saturday, July 28th. Finally, TheStreet lowered shares of Mitek Systems from a “b” rating to a “c+” rating in a research note on Friday, July 27th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $11.08.

NASDAQ:MITK traded down $0.11 during midday trading on Wednesday, hitting $9.51. 27,943 shares of the company were exchanged, compared to its average volume of 552,439. Mitek Systems has a fifty-two week low of $6.32 and a fifty-two week high of $10.10. The firm has a market capitalization of $363.61 million, a P/E ratio of 75.31, a P/E/G ratio of 3.56 and a beta of -0.26.

In other Mitek Systems news, CEO James B. Debello sold 50,000 shares of the firm’s stock in a transaction on Wednesday, August 22nd. The shares were sold at an average price of $8.54, for a total transaction of $427,000.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director James C. Hale III acquired 20,000 shares of the stock in a transaction on Friday, August 31st. The shares were acquired at an average cost of $7.17 per share, for a total transaction of $143,400.00. Following the completion of the transaction, the director now directly owns 111,135 shares in the company, valued at approximately $796,837.95. The disclosure for this purchase can be found here. Company insiders own 7.50% of the company’s stock.

A number of institutional investors have recently modified their holdings of the business. Russell Investments Group Ltd. grew its position in Mitek Systems by 35.7% during the 1st quarter. Russell Investments Group Ltd. now owns 25,741 shares of the software maker’s stock worth $190,000 after purchasing an additional 6,772 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its holdings in shares of Mitek Systems by 15.1% in the second quarter. Schwab Charles Investment Management Inc. now owns 71,065 shares of the software maker’s stock valued at $633,000 after acquiring an additional 9,300 shares in the last quarter. Mount Yale Investment Advisors LLC purchased a new stake in shares of Mitek Systems in the second quarter valued at about $122,000. Unterberg Capital LLC boosted its holdings in shares of Mitek Systems by 2.4% in the third quarter. Unterberg Capital LLC now owns 650,000 shares of the software maker’s stock valued at $4,583,000 after acquiring an additional 15,000 shares in the last quarter. Finally, Mackay Shields LLC purchased a new stake in shares of Mitek Systems in the second quarter valued at about $208,000. 45.93% of the stock is currently owned by institutional investors.

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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