Mitek Systems, Inc. (MITK) Expected to Announce Quarterly Sales of $21.67 Million

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Equities research analysts expect that Mitek Systems, Inc. (NASDAQ:MITK) will report sales of $21.67 million for the current quarter, Zacks reports. Three analysts have made estimates for Mitek Systems’ earnings. The highest sales estimate is $21.75 million and the lowest is $21.60 million. Mitek Systems posted sales of $16.11 million in the same quarter last year, which suggests a positive year over year growth rate of 34.5%. The firm is expected to report its next earnings report on Thursday, July 25th.

According to Zacks, analysts expect that Mitek Systems will report full year sales of $85.13 million for the current fiscal year, with estimates ranging from $85.00 million to $85.35 million. For the next fiscal year, analysts forecast that the business will post sales of $106.31 million, with estimates ranging from $104.70 million to $107.91 million. Zacks’ sales averages are an average based on a survey of sell-side research firms that follow Mitek Systems.

Mitek Systems (NASDAQ:MITK) last announced its earnings results on Wednesday, May 1st. The software maker reported $0.07 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.06 by $0.01. Mitek Systems had a negative net margin of 11.79% and a positive return on equity of 4.47%. The business had revenue of $19.98 million for the quarter, compared to the consensus estimate of $19.20 million. During the same quarter in the prior year, the firm posted $0.06 earnings per share. The business’s revenue for the quarter was up 39.9% on a year-over-year basis.

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

Shares of MITK traded down $0.02 during midday trading on Friday, hitting $10.63. The stock had a trading volume of 424,513 shares, compared to its average volume of 426,075. Mitek Systems has a 1 year low of $6.32 and a 1 year high of $13.07. The company has a market cap of $411.75 million, a P/E ratio of 81.77, a P/E/G ratio of 4.63 and a beta of -0.40.

In related news, insider Michael E. Diamond sold 38,587 shares of the firm’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $11.00, for a total value of $424,457.00. Following the transaction, the insider now 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 this link. Also, insider Stephen Ritter sold 11,377 shares of the firm’s stock in a transaction dated Tuesday, February 12th. The stock was sold at an average price of $11.17, for a total transaction of $127,081.09. Following the completion of the transaction, the insider now directly owns 199,199 shares in the company, valued at approximately $2,225,052.83. The disclosure for this sale can be found here. Insiders sold a total of 57,109 shares of company stock worth $634,420 in the last ninety days. 8.20% of the stock is currently owned by insiders.

A number of hedge funds have recently bought and sold shares of MITK. Meeder Asset Management Inc. purchased a new position in Mitek Systems in the 4th quarter worth about $34,000. BNP Paribas Arbitrage SA increased its stake in Mitek Systems by 30,452.2% in the 1st quarter. BNP Paribas Arbitrage SA now owns 7,027 shares of the software maker’s stock worth $86,000 after buying an additional 7,004 shares during the period. Quantamental Technologies LLC purchased a new position in Mitek Systems in the 1st quarter worth about $87,000. Harvest Management LLC purchased a new position in Mitek Systems in the 4th quarter worth about $108,000. Finally, Metropolitan Life Insurance Co. NY purchased a new position in Mitek Systems in the 4th quarter worth about $119,000. 50.86% of the stock is currently owned by institutional investors.

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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