Zacks: Brokerages Expect Mitek Systems, Inc. (MITK) to Announce $0.04 Earnings Per Share

Brokerages expect that Mitek Systems, Inc. (NASDAQ:MITK) will post $0.04 earnings per share for the current quarter, according to Zacks Investment Research. Two analysts have provided estimates for Mitek Systems’ earnings, with the lowest EPS estimate coming in at $0.03 and the highest estimate coming in at $0.06. Mitek Systems reported earnings of $0.03 per share during the same quarter last year, which would indicate a positive year over year growth rate of 33.3%. The firm is scheduled to report its next earnings results on Thursday, January 24th.

According to Zacks, analysts expect that Mitek Systems will report full-year earnings of $0.40 per share for the current financial year, with EPS estimates ranging from $0.40 to $0.41. For the next fiscal year, analysts forecast that the business will post earnings of $0.54 per share. Zacks Investment Research’s EPS averages are a mean average based on a survey of analysts that cover Mitek Systems.

Mitek Systems (NASDAQ:MITK) last issued its quarterly earnings data on Thursday, November 1st. The software maker reported $0.14 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.09 by $0.05. The firm had revenue of $21.00 million for the quarter, compared to analyst estimates of $20.09 million. Mitek Systems had a positive return on equity of 5.49% and a negative net margin of 18.58%. The business’s quarterly revenue was up 62.8% compared to the same quarter last year. During the same period last year, the company earned $0.11 EPS.

A number of equities research analysts have recently weighed in on the company. BidaskClub lowered Mitek Systems from a “strong-buy” rating to a “buy” rating in a research report on Saturday. ValuEngine upgraded Mitek Systems from a “hold” rating to a “buy” rating in a research report on Thursday, October 18th. Benchmark upgraded Mitek Systems from a “hold” rating to a “buy” rating and set a $12.00 price objective on the stock in a research report on Tuesday, November 27th. National Securities set a $18.00 price objective on Mitek Systems and gave the stock a “buy” rating in a research report on Friday, November 2nd. Finally, Zacks Investment Research cut Mitek Systems from a “buy” rating to a “hold” rating in a research note on Saturday, November 3rd. Four investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $13.67.

Shares of MITK stock traded up $0.02 during trading hours on Monday, reaching $10.89. The company’s stock had a trading volume of 189,478 shares, compared to its average volume of 434,688. The firm has a market cap of $418.33 million, a P/E ratio of 83.77, a P/E/G ratio of 3.81 and a beta of -0.47. Mitek Systems has a one year low of $6.32 and a one year high of $11.43.

In other news, CEO James B. Debello sold 29,550 shares of the firm’s stock in a transaction that occurred on Thursday, January 3rd. The stock was sold at an average price of $11.12, for a total value of $328,596.00. Following the completion of the transaction, the chief executive officer now owns 591,911 shares in the company, valued at approximately $6,582,050.32. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO James B. Debello sold 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 21st. The shares were sold at an average price of $9.46, for a total value of $473,000.00. Following the completion of the transaction, the chief executive officer now owns 710,695 shares of the company’s stock, valued at approximately $6,723,174.70. The disclosure for this sale can be found here. In the last 90 days, insiders sold 155,854 shares of company stock valued at $1,519,474. 7.50% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in MITK. Credit Suisse AG lifted its stake in shares of Mitek Systems by 429.8% in the 3rd quarter. Credit Suisse AG now owns 1,175,675 shares of the software maker’s stock valued at $8,288,000 after purchasing an additional 953,764 shares during the period. Prescott Group Capital Management L.L.C. raised its stake in Mitek Systems by 184.4% during the third quarter. Prescott Group Capital Management L.L.C. now owns 536,995 shares of the software maker’s stock valued at $3,786,000 after buying an additional 348,186 shares during the last quarter. BlackRock Inc. raised its stake in Mitek Systems by 12.9% during the second quarter. BlackRock Inc. now owns 2,190,650 shares of the software maker’s stock valued at $19,497,000 after buying an additional 250,585 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Mitek Systems by 171.1% during the third quarter. Dimensional Fund Advisors LP now owns 342,166 shares of the software maker’s stock valued at $2,412,000 after buying an additional 215,957 shares during the last quarter. Finally, Intrinsic Edge Capital Management LLC purchased a new position in Mitek Systems during the second quarter valued at $1,691,000. Institutional investors own 45.76% of the company’s stock.

About Mitek Systems

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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