Analysts Expect Mitek Systems, Inc. (MITK) Will Post Quarterly Sales of $13.49 Million

Wall Street brokerages expect Mitek Systems, Inc. (NASDAQ:MITK) to announce sales of $13.49 million for the current quarter, Zacks reports. Three analysts have issued estimates for Mitek Systems’ earnings, with the lowest sales estimate coming in at $13.42 million and the highest estimate coming in at $13.54 million. Mitek Systems posted sales of $11.42 million during the same quarter last year, which suggests a positive year over year growth rate of 18.1%. The business is expected to report its next earnings report on Thursday, April 26th.

On average, analysts expect that Mitek Systems will report full-year sales of $13.49 million for the current financial year, with estimates ranging from $57.70 million to $58.18 million. For the next year, analysts expect that the company will post sales of $70.52 million per share, with estimates ranging from $69.19 million to $72.18 million. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that follow Mitek Systems.

Mitek Systems (NASDAQ:MITK) last released its quarterly earnings results on Thursday, January 25th. The software maker reported $0.03 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.02 by $0.01. Mitek Systems had a return on equity of 9.45% and a net margin of 18.57%. The business had revenue of $12.14 million during the quarter, compared to analyst estimates of $11.57 million. During the same quarter in the previous year, the company posted $0.03 earnings per share. Mitek Systems’s revenue for the quarter was up 31.0% on a year-over-year basis.

MITK has been the topic of several research analyst reports. Zacks Investment Research upgraded Mitek Systems from a “sell” rating to a “hold” rating in a research report on Friday, December 15th. BidaskClub upgraded Mitek Systems from a “strong sell” rating to a “sell” rating in a research report on Friday, December 22nd. Two analysts have rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $11.50.

Mitek Systems (NASDAQ:MITK) opened at $7.95 on Friday. Mitek Systems has a 52-week low of $5.50 and a 52-week high of $10.75. The company has a market capitalization of $249.55, a PE ratio of 34.57, a PEG ratio of 5.96 and a beta of 0.46.

In other news, CEO James B. Debello sold 33,903 shares of the business’s stock in a transaction dated Friday, November 17th. The stock was sold at an average price of $8.56, for a total value of $290,209.68. Following the transaction, the chief executive officer now directly owns 962,229 shares in the company, valued at $8,236,680.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Michael E. Diamond sold 11,525 shares of the business’s stock in a transaction dated Friday, November 17th. The shares were sold at an average price of $8.56, for a total value of $98,654.00. Following the completion of the transaction, the insider now owns 184,941 shares in the company, valued at $1,583,094.96. The disclosure for this sale can be found here. Insiders sold 156,443 shares of company stock worth $1,361,155 over the last 90 days. Company insiders own 8.52% of the company’s stock.

Several institutional investors have recently made changes to their positions in MITK. Wells Fargo & Company MN lifted its position in shares of Mitek Systems by 99.3% in the fourth quarter. Wells Fargo & Company MN now owns 1,204,123 shares of the software maker’s stock worth $10,777,000 after buying an additional 599,961 shares in the last quarter. Independent Advisor Alliance purchased a new stake in shares of Mitek Systems in the third quarter worth about $4,185,000. Archon Capital Management LLC lifted its position in shares of Mitek Systems by 46.4% in the fourth quarter. Archon Capital Management LLC now owns 820,736 shares of the software maker’s stock worth $7,346,000 after buying an additional 260,041 shares in the last quarter. Wedge Capital Management L L P NC purchased a new stake in shares of Mitek Systems in the third quarter worth about $1,681,000. Finally, Hillsdale Investment Management Inc. purchased a new stake in shares of Mitek Systems in the third quarter worth about $1,120,000. Institutional investors and hedge funds own 43.75% of the company’s stock.

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About Mitek Systems

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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