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

Wall Street analysts expect Mitek Systems, Inc. (NASDAQ:MITK) to report $11.55 million in sales for the current quarter, Zacks Investment Research reports. Three analysts have made estimates for Mitek Systems’ earnings, with the lowest sales estimate coming in at $11.50 million and the highest estimate coming in at $11.65 million. Mitek Systems posted sales of $9.27 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 24.6%. The company is scheduled to announce its next quarterly earnings report on Thursday, February 1st.

According to Zacks, 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 anticipate that the company will post sales of $70.09 million per share, with estimates ranging from $69.00 million to $72.06 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that cover Mitek Systems.

Mitek Systems (NASDAQ:MITK) last posted its earnings results on Tuesday, November 7th. The software maker reported $0.11 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.09 by $0.02. The company had revenue of $12.90 million during the quarter, compared to analyst estimates of $12.35 million. Mitek Systems had a net margin of 31.05% and a return on equity of 11.49%. Mitek Systems’s revenue for the quarter was up 33.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.07 earnings per share.

A number of analysts have recently weighed in on the stock. Zacks Investment Research upgraded shares of Mitek Systems from a “sell” rating to a “hold” rating in a report on Friday, December 15th. BidaskClub lowered shares of Mitek Systems from a “sell” rating to a “strong sell” rating in a report on Friday, December 29th. Two analysts have rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $10.80.

In related news, CEO James B. Debello sold 50,000 shares of the stock in a transaction dated Tuesday, December 12th. The shares were sold at an average price of $8.50, for a total value of $425,000.00. Following the completion of the transaction, the chief executive officer now directly owns 893,887 shares of the company’s stock, valued at $7,598,039.50. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO James B. Debello sold 28,361 shares of the stock in a transaction dated Tuesday, January 2nd. The stock was sold at an average price of $8.91, for a total transaction of $252,696.51. Following the completion of the transaction, the chief executive officer now directly owns 844,726 shares of the company’s stock, valued at $7,526,508.66. The disclosure for this sale can be found here. Over the last three months, insiders sold 234,303 shares of company stock valued at $2,065,223. 8.52% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Thrivent Financial For Lutherans bought a new position in shares of Mitek Systems during the second quarter valued at approximately $271,000. Engineers Gate Manager LP bought a new position in shares of Mitek Systems during the third quarter valued at approximately $296,000. OxFORD Asset Management LLP increased its stake in shares of Mitek Systems by 18.9% during the third quarter. OxFORD Asset Management LLP now owns 285,070 shares of the software maker’s stock valued at $2,720,000 after purchasing an additional 45,342 shares in the last quarter. Essex Investment Management Co. LLC increased its stake in shares of Mitek Systems by 17.0% during the third quarter. Essex Investment Management Co. LLC now owns 364,736 shares of the software maker’s stock valued at $3,465,000 after purchasing an additional 52,937 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its stake in shares of Mitek Systems by 16.6% during the second quarter. Russell Investments Group Ltd. now owns 83,741 shares of the software maker’s stock valued at $703,000 after purchasing an additional 11,943 shares in the last quarter. 43.53% of the stock is owned by institutional investors and hedge funds.

Mitek Systems (NASDAQ MITK) remained flat at $$9.00 during trading on Friday. The stock had a trading volume of 394,500 shares, compared to its average volume of 272,542. The company has a market capitalization of $312.98, a PE ratio of 23.68, a price-to-earnings-growth ratio of 4.50 and a beta of 0.66. Mitek Systems has a 12-month low of $5.50 and a 12-month high of $10.75.

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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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