Mitek Systems, Inc. (NASDAQ:MITK) Expected to Announce Earnings of $0.21 Per Share

Wall Street analysts expect Mitek Systems, Inc. (NASDAQ:MITKGet Rating) to post earnings per share of $0.21 for the current quarter, according to Zacks. Three analysts have issued estimates for Mitek Systems’ earnings, with the highest EPS estimate coming in at $0.24 and the lowest estimate coming in at $0.19. Mitek Systems posted earnings of $0.23 per share in the same quarter last year, which suggests a negative year over year growth rate of 8.7%. The firm is expected to announce its next earnings report on Monday, January 1st.

According to Zacks, analysts expect that Mitek Systems will report full-year earnings of $0.85 per share for the current financial year, with EPS estimates ranging from $0.80 to $0.94. For the next financial year, analysts expect that the company will post earnings of $1.04 per share, with EPS estimates ranging from $0.87 to $1.21. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of research analysts that follow Mitek Systems.

Mitek Systems (NASDAQ:MITKGet Rating) last released its earnings results on Thursday, April 28th. The software maker reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.04. Mitek Systems had a return on equity of 17.09% and a net margin of 7.76%. The firm had revenue of $34.70 million for the quarter, compared to the consensus estimate of $33.02 million. During the same period in the prior year, the firm earned $0.11 EPS. The firm’s revenue was up 20.6% on a year-over-year basis.

Several equities analysts recently issued reports on MITK shares. TheStreet downgraded Mitek Systems from a “b-” rating to a “c+” rating in a research report on Tuesday, May 3rd. Northland Securities cut their price target on Mitek Systems from $24.00 to $20.00 in a research report on Wednesday, April 20th. HC Wainwright cut their price target on Mitek Systems from $27.00 to $22.00 in a research report on Friday, April 29th. StockNews.com downgraded Mitek Systems from a “strong-buy” rating to a “buy” rating in a research report on Monday, April 18th. Finally, Maxim Group reissued a “buy” rating and set a $28.00 target price on shares of Mitek Systems in a research note on Friday, April 29th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, Mitek Systems presently has a consensus rating of “Buy” and a consensus price target of $22.25.

In other Mitek Systems news, insider Jason Gray sold 3,589 shares of the stock in a transaction dated Tuesday, March 22nd. The shares were sold at an average price of $14.20, for a total value of $50,963.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Scipio Maximus Carnecchia sold 9,957 shares of the stock in a transaction dated Tuesday, March 22nd. The shares were sold at an average price of $14.20, for a total transaction of $141,389.40. The disclosure for this sale can be found here. Insiders sold a total of 16,958 shares of company stock worth $240,815 over the last ninety days. 5.40% of the stock is currently owned by corporate insiders.

Hedge funds have recently added to or reduced their stakes in the business. Avalon Investment & Advisory increased its holdings in shares of Mitek Systems by 13.7% during the 1st quarter. Avalon Investment & Advisory now owns 410,985 shares of the software maker’s stock worth $6,029,000 after buying an additional 49,505 shares during the last quarter. State Street Corp lifted its position in shares of Mitek Systems by 1.5% during the 1st quarter. State Street Corp now owns 956,928 shares of the software maker’s stock worth $14,038,000 after purchasing an additional 14,139 shares during the last quarter. Engineers Gate Manager LP purchased a new stake in Mitek Systems in the first quarter valued at $175,000. Tatro Capital LLC lifted its position in Mitek Systems by 59.3% in the first quarter. Tatro Capital LLC now owns 20,405 shares of the software maker’s stock valued at $299,000 after acquiring an additional 7,594 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Mitek Systems by 1.5% in the first quarter. Charles Schwab Investment Management Inc. now owns 113,399 shares of the software maker’s stock valued at $1,664,000 after purchasing an additional 1,729 shares during the period. Institutional investors own 66.93% of the company’s stock.

Shares of NASDAQ MITK traded up $0.06 during mid-day trading on Tuesday, hitting $9.39. The stock had a trading volume of 280,248 shares, compared to its average volume of 373,866. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.39 and a current ratio of 2.39. The company has a 50 day moving average of $13.02 and a two-hundred day moving average of $15.27. Mitek Systems has a twelve month low of $9.03 and a twelve month high of $23.29. The firm has a market cap of $416.42 million, a PE ratio of 40.83 and a beta of 0.61.

About Mitek Systems (Get Rating)

Mitek Systems, Inc develops, markets, and sells mobile image capture and digital identity verification solutions in the United States, Europe, Latin America, and internationally. The company's solutions are embedded in native mobile apps and web browsers to facilitate digital consumer experiences.

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