Mitek Systems (NASDAQ:MITK) Issues Earnings Results

Mitek Systems (NASDAQ:MITK) announced its quarterly earnings data on Monday. The software maker reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.16, Briefing.com reports. The business had revenue of $43.22 million during the quarter, compared to analyst estimates of $41.30 million. Mitek Systems had a positive return on equity of 12.32% and a negative net margin of 4.05%. Mitek Systems’s revenue was up 14.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.15 earnings per share. Mitek Systems updated its FY 2025 guidance to EPS.

Mitek Systems Trading Up 8.1 %

MITK stock traded up $0.71 during midday trading on Monday, hitting $9.49. The company had a trading volume of 2,054,507 shares, compared to its average volume of 542,619. The company has a current ratio of 4.46, a quick ratio of 4.46 and a debt-to-equity ratio of 0.68. Mitek Systems has a 52 week low of $7.35 and a 52 week high of $16.24. The stock has a market cap of $438.48 million, a price-to-earnings ratio of -63.27 and a beta of 1.12. The stock’s 50 day moving average price is $9.04 and its 200 day moving average price is $9.91.

Insider Activity at Mitek Systems

In other news, insider Michael E. Diamond sold 4,544 shares of the business’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $9.09, for a total transaction of $41,304.96. Following the transaction, the insider now directly owns 166,632 shares of the company’s stock, valued at approximately $1,514,684.88. The trade was a 2.65 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Christopher H. Briggs sold 3,320 shares of the firm’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $9.08, for a total transaction of $30,145.60. Following the completion of the sale, the senior vice president now directly owns 65,353 shares of the company’s stock, valued at approximately $593,405.24. This represents a 4.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 16,699 shares of company stock worth $152,140 in the last three months. 2.10% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research analysts recently weighed in on MITK shares. Jefferies Financial Group cut shares of Mitek Systems from a “buy” rating to a “hold” rating and lowered their target price for the company from $17.00 to $9.50 in a report on Wednesday, September 4th. StockNews.com raised Mitek Systems from a “hold” rating to a “buy” rating in a report on Friday, December 6th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Mitek Systems currently has a consensus rating of “Moderate Buy” and a consensus price target of $12.13.

About Mitek Systems

Mitek Systems, Inc provides mobile image capture and digital identity verification solutions worldwide. Its product portfolio includes Mobile Deposit that enables individuals and businesses to remotely deposit checks using their camera-equipped smartphone or tablet; Mobile Verify, an identity verification solution that is integrated into mobile apps, mobile websites, and desktop applications; and Mobile Fill, which includes automatic image capture, minimizes the numbers of clicks, and expedites form fill completion.