Analysts Expect Mitek Systems, Inc. (NASDAQ:MITK) Will Announce Earnings of $0.10 Per Share

Brokerages expect Mitek Systems, Inc. (NASDAQ:MITK) to post earnings per share of $0.10 for the current fiscal quarter, Zacks reports. Three analysts have provided estimates for Mitek Systems’ earnings, with the highest EPS estimate coming in at $0.11 and the lowest estimate coming in at $0.10. Mitek Systems reported earnings of $0.06 per share during the same quarter last year, which suggests a positive year over year growth rate of 66.7%. The firm is expected to announce its next earnings results on Thursday, July 25th.

According to Zacks, 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 fiscal year, analysts anticipate that the company will report earnings of $0.51 per share, with EPS estimates ranging from $0.48 to $0.54. Zacks Investment Research’s earnings per share calculations are an average based on a survey of research firms that cover Mitek Systems.

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

A number of equities research analysts have recently weighed in on the company. ValuEngine cut Mitek Systems from a “strong-buy” rating to a “buy” rating in a research note on Monday, February 25th. National Securities reaffirmed a “buy” rating and issued a $20.00 price objective on shares of Mitek Systems in a research note on Thursday, May 2nd. Benchmark reaffirmed a “buy” rating and issued a $14.00 price objective (down from $15.00) on shares of Mitek Systems in a research note on Thursday, May 2nd. Finally, BidaskClub cut Mitek Systems from a “hold” rating to a “sell” rating in a research note on Tuesday, April 16th. One equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $15.00.

In related news, insider Michael E. Diamond sold 38,587 shares of the business’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $11.00, for a total transaction of $424,457.00. Following the completion of the transaction, the insider now directly owns 221,477 shares of the company’s stock, valued at approximately $2,436,247. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jason Gray sold 7,145 shares of the business’s stock in a transaction on Monday, April 29th. The stock was sold at an average price of $11.60, for a total value of $82,882.00. The disclosure for this sale can be found here. Insiders own 8.20% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BNP Paribas Arbitrage SA grew its stake in Mitek Systems by 30,452.2% during the 1st quarter. BNP Paribas Arbitrage SA now owns 7,027 shares of the software maker’s stock worth $86,000 after purchasing an additional 7,004 shares in the last quarter. Quantamental Technologies LLC acquired a new position in Mitek Systems during the 1st quarter worth $87,000. Harvest Management LLC acquired a new position in Mitek Systems during the 4th quarter worth $108,000. Metropolitan Life Insurance Co. NY acquired a new position in Mitek Systems during the 4th quarter worth $119,000. Finally, Wedbush Securities Inc. acquired a new position in Mitek Systems during the 1st quarter worth $122,000. 57.51% of the stock is owned by hedge funds and other institutional investors.

Shares of NASDAQ MITK traded up $0.20 during trading on Friday, reaching $9.63. The stock had a trading volume of 543,936 shares, compared to its average volume of 440,460. Mitek Systems has a fifty-two week low of $6.32 and a fifty-two week high of $13.07. The stock has a market capitalization of $373.02 million, a PE ratio of 74.08, a PEG ratio of 4.38 and a beta of -0.18.

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.

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