Zacks: Brokerages Anticipate Mitek Systems, Inc. (NASDAQ:MITK) to Announce $0.16 Earnings Per Share

Brokerages forecast that Mitek Systems, Inc. (NASDAQ:MITK) will report earnings per share of $0.16 for the current fiscal quarter, according to Zacks Investment Research. Three analysts have issued estimates for Mitek Systems’ earnings. The highest EPS estimate is $0.17 and the lowest is $0.15. Mitek Systems also posted earnings per share of $0.16 during the same quarter last year. The business is scheduled to issue its next quarterly earnings results on Thursday, July 29th.

According to Zacks, analysts expect that Mitek Systems will report full year earnings of $0.69 per share for the current year, with EPS estimates ranging from $0.67 to $0.72. For the next fiscal year, analysts forecast that the company will report earnings of $0.86 per share. Zacks’ earnings per share calculations are an average based on a survey of analysts that follow Mitek Systems.

Mitek Systems (NASDAQ:MITK) last issued its quarterly earnings data on Thursday, April 29th. The software maker reported $0.16 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.14 by $0.02. Mitek Systems had a return on equity of 16.52% and a net margin of 8.60%. The firm had revenue of $28.77 million during the quarter, compared to the consensus estimate of $26.97 million.

Several research analysts have weighed in on the company. Northland Securities assumed coverage on Mitek Systems in a report on Wednesday. They issued a “buy” rating and a $21.50 price target for the company. Jefferies Financial Group initiated coverage on Mitek Systems in a report on Friday, April 16th. They set a “buy” rating and a $20.00 price objective for the company. Finally, Zacks Investment Research upgraded Mitek Systems from a “hold” rating to a “buy” rating and set a $21.00 price objective for the company in a report on Wednesday, June 16th. Four analysts have rated the stock with a buy rating, Mitek Systems has a consensus rating of “Buy” and a consensus target price of $21.88.

MITK traded up $0.01 during trading on Friday, hitting $19.25. The company’s stock had a trading volume of 13,672 shares, compared to its average volume of 360,428. The business has a 50 day simple moving average of $18.11. The company has a debt-to-equity ratio of 0.91, a quick ratio of 8.43 and a current ratio of 8.43. The stock has a market cap of $828.71 million, a PE ratio of 90.91 and a beta of 0.27. Mitek Systems has a twelve month low of $9.34 and a twelve month high of $19.88.

In other news, CFO Jeffrey C. Davison sold 11,685 shares of the company’s stock in a transaction on Tuesday, June 22nd. The stock was sold at an average price of $18.78, for a total transaction of $219,444.30. Following the completion of the sale, the chief financial officer now directly owns 127,302 shares in the company, valued at approximately $2,390,731.56. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 3.40% of the company’s stock.

A number of institutional investors have recently made changes to their positions in MITK. Lazard Asset Management LLC boosted its position in Mitek Systems by 18.2% in the 1st quarter. Lazard Asset Management LLC now owns 5,053 shares of the software maker’s stock valued at $73,000 after buying an additional 777 shares during the last quarter. Quantbot Technologies LP purchased a new position in Mitek Systems in the 1st quarter valued at about $75,000. Schroder Investment Management Group boosted its position in Mitek Systems by 7.2% in the 1st quarter. Schroder Investment Management Group now owns 10,232 shares of the software maker’s stock valued at $149,000 after buying an additional 688 shares during the last quarter. XTX Topco Ltd purchased a new position in Mitek Systems in the 1st quarter valued at about $155,000. Finally, Envestnet Asset Management Inc. purchased a new position in Mitek Systems in the 1st quarter valued at about $175,000. 65.68% of the stock is owned by hedge funds and other institutional investors.

Mitek Systems Company Profile

Mitek Systems, Inc develops, markets, and sells mobile image capture and digital identity verification solutions in the United States, Europe, Latin America, and internationally. The company's solutions are embedded in native mobile apps and browsers to facilitate online user experiences, fraud detection and reduction, and compliant transactions.

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