Analysts Expect Mitek Systems, Inc. (MITK) Will Announce Quarterly Sales of $17.26 Million

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Analysts expect that Mitek Systems, Inc. (NASDAQ:MITK) will announce sales of $17.26 million for the current quarter, Zacks Investment Research reports. Two analysts have provided estimates for Mitek Systems’ earnings. The highest sales estimate is $17.27 million and the lowest is $17.25 million. Mitek Systems posted sales of $12.14 million in the same quarter last year, which would indicate a positive year over year growth rate of 42.2%. The business is expected to announce its next quarterly earnings report on Thursday, January 24th.

On average, analysts expect that Mitek Systems will report full year sales of $84.55 million for the current financial year, with estimates ranging from $84.51 million to $84.60 million. For the next financial year, analysts anticipate that the firm will post sales of $106.35 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that follow Mitek Systems.

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

MITK has been the topic of a number of research reports. BidaskClub upgraded shares of Mitek Systems from a “buy” rating to a “strong-buy” rating in a report on Tuesday, January 1st. National Securities set a $18.00 target price on shares of Mitek Systems and gave the stock a “buy” rating in a report on Wednesday, October 24th. Zacks Investment Research upgraded shares of Mitek Systems from a “hold” rating to a “buy” rating and set a $7.25 target price on the stock in a report on Wednesday, October 10th. Finally, ValuEngine upgraded shares of Mitek Systems from a “buy” rating to a “strong-buy” rating in a report on Wednesday, January 2nd. Four research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $13.67.

In other news, CEO James B. Debello sold 50,000 shares of Mitek Systems 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 transaction, the chief executive officer now directly owns 710,695 shares of the company’s stock, valued at $6,723,174.70. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO James B. Debello sold 29,550 shares of Mitek Systems stock in a transaction that occurred on Thursday, January 3rd. The stock was sold at an average price of $11.12, for a total transaction of $328,596.00. Following the completion of the transaction, the chief executive officer now directly owns 591,911 shares in the company, valued at $6,582,050.32. The disclosure for this sale can be found here. Insiders sold a total of 155,854 shares of company stock worth $1,519,474 over the last quarter. Insiders own 7.50% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the company. Mount Yale Investment Advisors LLC purchased a new position in shares of Mitek Systems in the second quarter worth approximately $122,000. MML Investors Services LLC purchased a new position in shares of Mitek Systems in the third quarter worth approximately $100,000. Virtu Financial LLC purchased a new position in shares of Mitek Systems in the third quarter worth approximately $104,000. First Republic Investment Management Inc. increased its position in shares of Mitek Systems by 94.1% in the third quarter. First Republic Investment Management Inc. now owns 41,249 shares of the software maker’s stock worth $291,000 after acquiring an additional 20,000 shares in the last quarter. Finally, First Trust Advisors LP increased its position in shares of Mitek Systems by 85.0% in the second quarter. First Trust Advisors LP now owns 59,223 shares of the software maker’s stock worth $527,000 after acquiring an additional 27,202 shares in the last quarter. 45.76% of the stock is currently owned by institutional investors and hedge funds.

Shares of MITK stock traded up $0.02 during midday trading on Wednesday, reaching $10.89. 189,478 shares of the company were exchanged, compared to its average volume of 434,688. Mitek Systems has a 12 month low of $6.32 and a 12 month high of $11.43. The company has a market capitalization of $418.33 million, a price-to-earnings ratio of 83.77, a price-to-earnings-growth ratio of 3.81 and a beta of -0.47.

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.

See Also: Net Income

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