Mitek Systems (NASDAQ:MITK) Issues Quarterly Earnings Results

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

Mitek Systems Stock Performance

Mitek Systems stock opened at $10.93 on Wednesday. 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 1 year low of $7.35 and a 1 year high of $16.24. The company has a market cap of $505.01 million, a PE ratio of -72.87 and a beta of 1.12. The company’s 50-day moving average is $9.04 and its two-hundred day moving average 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 shares were sold at an average price of $9.09, for a total value of $41,304.96. Following the completion of the transaction, the insider now directly owns 166,632 shares in the company, valued at approximately $1,514,684.88. The trade was a 2.65 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jason Gray sold 6,222 shares of Mitek Systems stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $9.07, for a total value of $56,433.54. Following the completion of the transaction, the insider now owns 164,342 shares in the company, valued at approximately $1,490,581.94. This represents a 3.65 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 16,699 shares of company stock worth $152,140 in the last quarter. Corporate insiders own 2.10% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on MITK shares. Jefferies Financial Group cut shares of Mitek Systems from a “buy” rating to a “hold” rating and reduced their target price for the stock from $17.00 to $9.50 in a report on Wednesday, September 4th. StockNews.com downgraded Mitek Systems from a “buy” rating to a “hold” rating in a report on Tuesday. Finally, HC Wainwright lifted their price objective on Mitek Systems from $11.00 to $13.00 and gave the company a “buy” rating in a research report on Tuesday. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $12.63.

Mitek Systems Company Profile

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.