Mitek Systems (NASDAQ:MITK) Posts Quarterly Earnings Results, Beats Expectations By $0.09 EPS

Mitek Systems (NASDAQ:MITK) released its quarterly earnings results on Thursday. The software maker reported $0.21 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.12 by $0.09, Briefing.com reports. The firm had revenue of $25.02 million for the quarter, compared to analyst estimates of $25.02 million. Mitek Systems had a negative net margin of 7.61% and a positive return on equity of 6.33%. The business’s revenue for the quarter was up 18.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.14 EPS.

Shares of MITK stock traded down $1.70 during trading on Friday, hitting $8.10. 2,227,200 shares of the stock traded hands, compared to its average volume of 376,037. The firm has a market capitalization of $390.92 million, a P/E ratio of 62.31, a price-to-earnings-growth ratio of 2.59 and a beta of -0.20. The firm’s fifty day moving average price is $9.70 and its 200-day moving average price is $10.02. Mitek Systems has a 52-week low of $8.01 and a 52-week high of $13.07.

Several analysts have recently commented on MITK shares. ValuEngine lowered shares of Mitek Systems from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. BidaskClub lowered shares of Mitek Systems from a “hold” rating to a “sell” rating in a research report on Thursday, October 17th. Roth Capital set a $14.00 price target on shares of Mitek Systems and gave the company a “buy” rating in a research report on Friday, July 19th. Finally, Zacks Investment Research lowered shares of Mitek Systems from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $14.75.

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In other news, insider Jason Gray sold 8,753 shares of Mitek Systems stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $9.84, for a total transaction of $86,129.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael E. Diamond sold 3,868 shares of Mitek Systems stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $9.48, for a total transaction of $36,668.64. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 14,046 shares of company stock valued at $136,307. Corporate insiders own 8.20% of the company’s stock.

About Mitek Systems

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

Further Reading: Monthly Dividend Stocks

Earnings History for Mitek Systems (NASDAQ:MITK)

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