Zacks: Brokerages Anticipate Mitek Systems, Inc. (MITK) Will Post Earnings of $0.04 Per Share

Brokerages expect Mitek Systems, Inc. (NASDAQ:MITK) to announce $0.04 earnings per share (EPS) for the current fiscal quarter, according to Zacks. Three analysts have provided estimates for Mitek Systems’ earnings. Mitek Systems reported earnings per share of $0.08 in the same quarter last year, which would suggest a negative year-over-year growth rate of 50%. The company is expected to issue its next earnings report on Thursday, July 26th.

On average, analysts expect that Mitek Systems will report full-year earnings of $0.26 per share for the current year. For the next fiscal year, analysts anticipate that the business will report earnings of $0.41 per share, with EPS estimates ranging from $0.40 to $0.42. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of sell-side analysts that follow Mitek Systems.

Mitek Systems (NASDAQ:MITK) last posted its quarterly earnings data on Tuesday, May 1st. The software maker reported $0.06 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.02. The firm had revenue of $14.28 million during the quarter, compared to analyst estimates of $13.41 million. Mitek Systems had a net margin of 12.89% and a return on equity of 6.68%. The company’s revenue was up 25.0% on a year-over-year basis. During the same quarter last year, the business posted $0.08 EPS.

A number of equities research analysts have issued reports on MITK shares. ValuEngine raised shares of Mitek Systems from a “hold” rating to a “buy” rating in a research note on Wednesday, May 2nd. National Securities started coverage on shares of Mitek Systems in a research note on Friday, March 9th. They set a “buy” rating and a $14.00 target price for the company. BidaskClub raised shares of Mitek Systems from a “sell” rating to a “hold” rating in a research note on Thursday, May 3rd. Finally, Zacks Investment Research raised shares of Mitek Systems from a “sell” rating to a “hold” rating in a research note on Thursday, March 29th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Mitek Systems presently has a consensus rating of “Buy” and an average price target of $12.00.

Shares of NASDAQ:MITK traded up $0.25 during trading on Thursday, reaching $9.15. 356,300 shares of the company traded hands, compared to its average volume of 302,528. The firm has a market capitalization of $306.77 million, a P/E ratio of 43.57, a price-to-earnings-growth ratio of 21.88 and a beta of 0.42. Mitek Systems has a 1-year low of $7.00 and a 1-year high of $10.75.

In other news, insider Jason Gray sold 7,452 shares of the firm’s stock in a transaction on Friday, April 27th. The shares were sold at an average price of $7.90, for a total transaction of $58,870.80. Following the transaction, the insider now owns 83,536 shares in the company, valued at approximately $659,934.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Stephen Ritter sold 8,977 shares of the firm’s stock in a transaction on Friday, June 8th. The shares were sold at an average price of $8.83, for a total transaction of $79,266.91. Following the transaction, the insider now owns 206,984 shares in the company, valued at approximately $1,827,668.72. The disclosure for this sale can be found here. Insiders have sold a total of 108,840 shares of company stock valued at $930,023 in the last three months. Company insiders own 7.50% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in MITK. Strs Ohio raised its holdings in shares of Mitek Systems by 82.6% during the 4th quarter. Strs Ohio now owns 80,000 shares of the software maker’s stock valued at $716,000 after purchasing an additional 36,200 shares in the last quarter. SG Americas Securities LLC bought a new position in shares of Mitek Systems during the 4th quarter valued at $161,000. Wedge Capital Management L L P NC raised its holdings in shares of Mitek Systems by 19.5% during the 4th quarter. Wedge Capital Management L L P NC now owns 211,400 shares of the software maker’s stock valued at $1,892,000 after purchasing an additional 34,500 shares in the last quarter. Prescott Group Capital Management L.L.C. raised its holdings in shares of Mitek Systems by 74.1% during the 4th quarter. Prescott Group Capital Management L.L.C. now owns 187,900 shares of the software maker’s stock valued at $1,682,000 after purchasing an additional 80,000 shares in the last quarter. Finally, Wells Fargo & Company MN raised its holdings in shares of Mitek Systems by 99.3% during the 4th quarter. Wells Fargo & Company MN now owns 1,204,123 shares of the software maker’s stock valued at $10,777,000 after purchasing an additional 599,961 shares in the last quarter. Institutional investors and hedge funds own 45.93% of the company’s stock.

About Mitek Systems

Mitek Systems, Inc develops, markets, and sells mobile image capture and identity verification software solutions for enterprise customers worldwide. The company's solutions are embedded in native mobile apps and mobile optimized Websites to enhance mobile user experiences and transactions. It offers Mobile Deposit that allows individuals and businesses to remotely deposit checks using their camera-equipped smartphone or tablet; Mobile Verify, an identity verification solution that can be integrated into mobile apps, mobile Websites, and desktop applications; Mobile Fill to pre-fill forms with personal data by simply snapping a picture of the consumer's driver license, credit card, or other document; Mobile Docs, a mobile document scanning solution; and MiSnap Multi-Check Capture, a software development kit that banks embed in their business banking app that facilitates capture of various checks in one deposit session.

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