Mitek Systems, Inc. (NASDAQ:MITK - Get Free Report)'s share price gapped up before the market opened on Tuesday following a stronger than expected earnings report. The stock had previously closed at $9.49, but opened at $11.42. Mitek Systems shares last traded at $11.19, with a volume of 896,989 shares.
The software maker reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.16. The company had revenue of $43.22 million during the quarter, compared to analysts' expectations of $41.30 million. Mitek Systems had a negative net margin of 4.05% and a positive return on equity of 12.32%. The business's quarterly revenue was up 14.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.15 earnings per share.
Analyst Ratings Changes
MITK has been the subject of a number of analyst reports. HC Wainwright lifted their price objective on shares of Mitek Systems from $11.00 to $13.00 and gave the company a "buy" rating in a research report on Tuesday. Jefferies Financial Group cut Mitek Systems from a "buy" rating to a "hold" rating and reduced their price target for the stock from $17.00 to $9.50 in a report on Wednesday, September 4th. Finally, StockNews.com lowered Mitek Systems from a "buy" rating to a "hold" rating in a research note on Tuesday. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, Mitek Systems currently has a consensus rating of "Moderate Buy" and a consensus target price of $12.63.
Check Out Our Latest Research Report on Mitek Systems
Insider Buying and Selling at Mitek Systems
In related news, insider Michael E. Diamond sold 4,544 shares of Mitek Systems 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 transaction, the insider now directly owns 166,632 shares of the company's stock, valued at $1,514,684.88. This trade represents a 2.65 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Jason Gray sold 6,222 shares of the company's stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $9.07, for a total value of $56,433.54. Following the sale, the insider now owns 164,342 shares of the company's stock, valued at $1,490,581.94. The trade was a 3.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 16,699 shares of company stock valued at $152,140 in the last three months. Corporate insiders own 2.10% of the company's stock.
Institutional Investors Weigh In On Mitek Systems
Hedge funds have recently made changes to their positions in the stock. Barclays PLC boosted its holdings in shares of Mitek Systems by 335.6% during the 3rd quarter. Barclays PLC now owns 78,209 shares of the software maker's stock valued at $679,000 after acquiring an additional 60,256 shares in the last quarter. State Street Corp raised its position in Mitek Systems by 3.8% in the third quarter. State Street Corp now owns 1,306,351 shares of the software maker's stock valued at $11,326,000 after purchasing an additional 47,418 shares during the last quarter. Invenomic Capital Management LP acquired a new stake in shares of Mitek Systems during the third quarter valued at about $4,068,000. Janus Henderson Group PLC grew its holdings in shares of Mitek Systems by 4.0% during the third quarter. Janus Henderson Group PLC now owns 73,752 shares of the software maker's stock worth $640,000 after purchasing an additional 2,806 shares during the last quarter. Finally, Capstone Investment Advisors LLC acquired a new position in shares of Mitek Systems in the third quarter valued at approximately $680,000. 83.64% of the stock is currently owned by institutional investors and hedge funds.
Mitek Systems Trading Up 15.2 %
The business's fifty day moving average is $9.04 and its 200-day moving average is $9.91. The company has a debt-to-equity ratio of 0.68, a quick ratio of 4.46 and a current ratio of 4.46. The firm has a market cap of $505.01 million, a P/E ratio of -72.87 and a beta of 1.12.
About Mitek Systems
(
Get Free Report)
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.
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