Brokerages forecast that Mitek Systems, Inc. (NASDAQ:MITK) will post $20.10 million in sales for the current quarter, Zacks reports. Three analysts have made estimates for Mitek Systems’ earnings, with the lowest sales estimate coming in at $20.09 million and the highest estimate coming in at $20.12 million. Mitek Systems posted sales of $12.90 million in the same quarter last year, which suggests a positive year-over-year growth rate of 55.8%. The firm is scheduled 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 financial year. For the next fiscal year, analysts anticipate that the company will report sales of $83.65 million per share, with estimates ranging from $82.12 million to $85.30 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research firms that that provide coverage for Mitek Systems.
Mitek Systems (NASDAQ:MITK) last issued its quarterly earnings data on Thursday, July 26th. The software maker reported $0.06 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.03 by $0.03. The business had revenue of $16.10 million during the quarter, compared to analyst estimates of $15.33 million. Mitek Systems had a net margin of 5.75% and a return on equity of 4.74%. The company’s revenue for the quarter was up 36.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.08 EPS.
Shares of Mitek Systems stock traded down $0.05 during trading on Friday, hitting $7.15. The company’s stock had a trading volume of 10,315 shares, compared to its average volume of 440,766. The firm has a market cap of $272.14 million, a price-to-earnings ratio of 33.93, a PEG ratio of 16.00 and a beta of 0.20. Mitek Systems has a 52 week low of $6.85 and a 52 week high of $10.10.
In other news, Director James C. Hale III acquired 20,000 shares of the business’s stock in a transaction that occurred on Friday, August 31st. The shares were bought at an average cost of $7.17 per share, with a total value of $143,400.00. Following the transaction, the director now owns 111,135 shares of the company’s stock, valued at approximately $796,837.95. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO James B. Debello sold 50,000 shares of the stock in a transaction dated Wednesday, August 22nd. The shares were sold at an average price of $8.54, for a total transaction of $427,000.00. The disclosure for this sale can be found here. Corporate insiders own 7.50% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Wells Fargo & Company MN boosted its holdings in shares of Mitek Systems by 8.0% during the 1st quarter. Wells Fargo & Company MN now owns 1,299,895 shares of the software maker’s stock valued at $9,619,000 after acquiring an additional 95,772 shares during the last quarter. Thomson Horstmann & Bryant Inc. boosted its holdings in shares of Mitek Systems by 35.0% in the first quarter. Thomson Horstmann & Bryant Inc. now owns 883,376 shares of the software maker’s stock worth $6,536,000 after buying an additional 228,823 shares during the last quarter. Dimensional Fund Advisors LP purchased a new position in shares of Mitek Systems in the first quarter worth approximately $934,000. Russell Investments Group Ltd. boosted its holdings in shares of Mitek Systems by 35.7% in the first quarter. Russell Investments Group Ltd. now owns 25,741 shares of the software maker’s stock worth $190,000 after buying an additional 6,772 shares during the last quarter. Finally, Unterberg Capital LLC boosted its holdings in shares of Mitek Systems by 2.5% in the second quarter. Unterberg Capital LLC now owns 635,000 shares of the software maker’s stock worth $5,652,000 after buying an additional 15,622 shares during the last quarter. 45.93% of the stock is currently owned by institutional investors.
Mitek Systems Company Profile
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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