Brokerages Expect Mitek Systems, Inc. (MITK) Will Announce Quarterly Sales of $20.10 Million

Brokerages predict that Mitek Systems, Inc. (NASDAQ:MITK) will announce $20.10 million in sales for the current quarter, according to Zacks. Three analysts have issued estimates for Mitek Systems’ earnings, with the highest sales estimate coming in at $20.12 million and the lowest estimate coming in at $20.09 million. Mitek Systems reported sales of $12.90 million in the same quarter last year, which indicates a positive year-over-year growth rate of 55.8%. The business is expected to announce its next quarterly earnings results on Tuesday, November 6th.

According to Zacks, analysts expect that Mitek Systems will report full year sales of $62.64 million for the current fiscal year. For the next fiscal year, analysts expect that the company will post sales of $83.65 million, with estimates ranging from $82.12 million to $85.30 million. Zacks’ sales averages are an average based on a survey of sell-side research analysts that cover Mitek Systems.

Mitek Systems (NASDAQ:MITK) last released its earnings results on Thursday, July 26th. The software maker reported $0.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.03. Mitek Systems had a return on equity of 4.74% and a net margin of 5.75%. The company had revenue of $16.10 million during the quarter, compared to analyst estimates of $15.33 million. During the same quarter in the previous year, the company posted $0.08 EPS. Mitek Systems’s revenue for the quarter was up 36.4% on a year-over-year basis.

A number of research firms have recently weighed in on MITK. BidaskClub lowered Mitek Systems from a “buy” rating to a “hold” rating in a research note on Thursday, August 30th. ValuEngine raised Mitek Systems from a “hold” rating to a “buy” rating in a research note on Sunday, June 17th. National Securities set a $18.00 target price on Mitek Systems and gave the company a “buy” rating in a research note on Tuesday, August 28th. Benchmark lowered Mitek Systems from a “buy” rating to a “hold” rating and set a $8.00 target price for the company. in a research note on Tuesday, August 28th. Finally, TheStreet lowered Mitek Systems from a “b” rating to a “c+” rating in a research note on Friday, July 27th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company. Mitek Systems presently has a consensus rating of “Hold” and a consensus price target of $13.00.

In related news, CEO James B. Debello sold 50,000 shares of the business’s stock in a transaction dated Wednesday, August 22nd. The stock was sold at an average price of $8.54, for a total transaction of $427,000.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director James C. Hale III purchased 20,000 shares of Mitek Systems stock in a transaction that occurred on Friday, August 31st. The shares were acquired at an average price of $7.17 per share, for a total transaction of $143,400.00. Following the acquisition, the director now owns 111,135 shares in the company, valued at $796,837.95. The disclosure for this purchase can be found here. 7.50% of the stock is owned by insiders.

A number of large investors have recently made changes to their positions in the stock. Russell Investments Group Ltd. grew its holdings in shares of Mitek Systems by 35.7% during the 1st quarter. Russell Investments Group Ltd. now owns 25,741 shares of the software maker’s stock worth $190,000 after acquiring an additional 6,772 shares during the period. Schwab Charles Investment Management Inc. grew its holdings in shares of Mitek Systems by 15.1% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 71,065 shares of the software maker’s stock worth $633,000 after acquiring an additional 9,300 shares during the period. Mount Yale Investment Advisors LLC purchased a new position in shares of Mitek Systems during the 2nd quarter worth approximately $122,000. Unterberg Capital LLC grew its holdings in shares of Mitek Systems by 2.5% during the 2nd quarter. Unterberg Capital LLC now owns 635,000 shares of the software maker’s stock worth $5,652,000 after acquiring an additional 15,622 shares during the period. Finally, Mackay Shields LLC purchased a new position in shares of Mitek Systems during the 2nd quarter worth approximately $208,000. Institutional investors own 45.93% of the company’s stock.

NASDAQ MITK opened at $6.58 on Monday. Mitek Systems has a 1-year low of $6.50 and a 1-year high of $10.10. The stock has a market capitalization of $266.47 million, a PE ratio of 31.33, a P/E/G ratio of 15.67 and a beta of 0.21.

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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