Mitek Systems (NASDAQ:MITK) Issues Quarterly Earnings Results

Mitek Systems (NASDAQ:MITK) announced its earnings results on Thursday. The software maker reported $0.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.06, FiscalAI reports. The business had revenue of $54.04 million for the quarter, compared to analyst estimates of $50.82 million. Mitek Systems had a net margin of 8.74% and a return on equity of 16.74%.

Mitek Systems Stock Performance

NASDAQ:MITK traded down $0.32 on Thursday, hitting $16.81. The company’s stock had a trading volume of 520,733 shares, compared to its average volume of 925,523. The company has a current ratio of 2.61, a quick ratio of 2.61 and a debt-to-equity ratio of 0.20. The stock has a fifty day moving average of $17.69 and a two-hundred day moving average of $14.99. The firm has a market capitalization of $759.14 million, a P/E ratio of 48.03 and a beta of 0.98. Mitek Systems has a one year low of $8.53 and a one year high of $21.05.

Insider Activity at Mitek Systems

In other news, COO Garrett Gafke sold 21,108 shares of Mitek Systems stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $14.19, for a total transaction of $299,522.52. Following the completion of the transaction, the chief operating officer directly owned 244,279 shares in the company, valued at approximately $3,466,319.01. The trade was a 7.95% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 2.20% of the company’s stock.

Hedge Funds Weigh In On Mitek Systems

Several large investors have recently modified their holdings of MITK. Tower Research Capital LLC TRC grew its position in shares of Mitek Systems by 320.3% in the second quarter. Tower Research Capital LLC TRC now owns 6,018 shares of the software maker’s stock valued at $60,000 after purchasing an additional 4,586 shares during the last quarter. Russell Investments Group Ltd. raised its position in shares of Mitek Systems by 4,147.9% in the third quarter. Russell Investments Group Ltd. now owns 9,940 shares of the software maker’s stock valued at $97,000 after buying an additional 9,706 shares in the last quarter. Bayesian Capital Management LP bought a new stake in shares of Mitek Systems in the second quarter valued at approximately $136,000. Verition Fund Management LLC bought a new stake in Mitek Systems during the third quarter worth about $141,000. Finally, Virtu Financial LLC bought a new position in Mitek Systems in the 4th quarter valued at about $146,000. 83.64% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on MITK shares. Wall Street Zen downgraded Mitek Systems from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 9th. Northland Securities set a $17.00 target price on Mitek Systems in a research note on Wednesday, April 15th. Zacks Research cut Mitek Systems from a “strong-buy” rating to a “hold” rating in a report on Thursday, April 16th. Finally, Weiss Ratings upgraded shares of Mitek Systems from a “hold (c)” rating to a “hold (c+)” rating in a research report on Monday, May 11th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $16.00.

Mitek Systems Company Profile

Mitek Systems, Inc (NASDAQ: MITK) is a software company specializing in mobile capture and digital identity verification solutions. Headquartered in San Diego, California, Mitek develops and licenses patented technology that enables organizations to securely capture, authenticate and process identity documents, checks and other physical media using smartphones and other digital devices. Its platforms leverage advanced image processing, machine learning and biometrics to streamline customer onboarding and prevent fraud in real time.

The company’s core offerings include mobile check deposit and deposit automation tools for financial institutions, as well as identity verification and authentication services for banks, fintechs, insurers and government agencies.