Mitek Systems, Inc. (MITK) Expected to Post Quarterly Sales of $11.55 Million

Equities research analysts predict that Mitek Systems, Inc. (NASDAQ:MITK) will report sales of $11.55 million for the current quarter, according to Zacks. Three analysts have made estimates for Mitek Systems’ earnings, with the highest sales estimate coming in at $11.65 million and the lowest estimate coming in at $11.50 million. Mitek Systems reported sales of $9.27 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 24.6%. The firm is expected to announce its next earnings report on Thursday, February 1st.

On average, analysts expect that Mitek Systems will report full year sales of $11.55 million for the current year, with estimates ranging from $58.00 million to $58.09 million. For the next financial year, analysts expect that the business will post sales of $69.47 million per share, with estimates ranging from $69.00 million to $70.22 million. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that cover Mitek Systems.

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

A number of analysts have recently weighed in on the company. Zacks Investment Research cut Mitek Systems from a “hold” rating to a “sell” rating in a research report on Friday, November 24th. BidaskClub raised Mitek Systems from a “hold” rating to a “buy” rating in a research report on Friday, August 25th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $10.67.

Shares of Mitek Systems (NASDAQ:MITK) opened at $8.90 on Friday. The stock has a market capitalization of $306.05, a price-to-earnings ratio of 60.00, a price-to-earnings-growth ratio of 4.50 and a beta of 0.69. Mitek Systems has a 52-week low of $5.45 and a 52-week high of $10.75.

In other Mitek Systems news, Director Bruce Edward Hansen sold 50,000 shares of Mitek Systems stock in a transaction dated 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 owns 61,600 shares in the company, valued at approximately $564,256. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Stephen Ritter sold 10,000 shares of Mitek Systems stock in a transaction dated Wednesday, November 22nd. The shares were sold at an average price of $9.57, for a total value of $95,700.00. Following the transaction, the insider now owns 227,937 shares of the company’s stock, valued at approximately $2,181,357.09. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 155,942 shares of company stock valued at $1,387,527. 8.52% of the stock is currently owned by insiders.

A number of hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings in Mitek Systems by 5.0% in the 2nd quarter. Vanguard Group Inc. now owns 1,374,109 shares of the software maker’s stock worth $11,543,000 after buying an additional 65,065 shares during the last quarter. Archon Capital Management LLC lifted its holdings in Mitek Systems by 70.4% in the second quarter. Archon Capital Management LLC now owns 858,922 shares of the software maker’s stock valued at $7,215,000 after acquiring an additional 354,952 shares during the last quarter. State Street Corp lifted its holdings in Mitek Systems by 7.6% in the second quarter. State Street Corp now owns 514,403 shares of the software maker’s stock valued at $4,322,000 after acquiring an additional 36,397 shares during the last quarter. Independent Advisor Alliance acquired a new position in Mitek Systems in the third quarter valued at approximately $4,185,000. Finally, Unterberg Capital LLC raised its position in Mitek Systems by 195.1% in the second quarter. Unterberg Capital LLC now owns 370,000 shares of the software maker’s stock valued at $3,108,000 after purchasing an additional 244,600 shares during the period. Institutional investors own 44.92% of the company’s stock.

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Mitek Systems Company Profile

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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