Mitek Systems (NASDAQ:MITK) Issues Earnings Results, Beats Estimates By $0.16 EPS

Mitek Systems (NASDAQ:MITK) issued its earnings results 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. The company had revenue of $43.22 million for the quarter, compared to analysts’ expectations of $41.30 million. Mitek Systems had a positive return on equity of 12.32% and a negative net margin of 4.05%. Mitek Systems’s quarterly revenue was up 14.8% compared to the same quarter last year. During the same period last year, the business earned $0.15 EPS. Mitek Systems updated its FY 2025 guidance to EPS.

Mitek Systems Trading Up 15.2 %

Shares of NASDAQ:MITK 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. The stock has a 50 day moving average of $9.04 and a 200 day moving average of $9.91. The company has a market cap of $505.01 million, a PE ratio of -72.87 and a beta of 1.12. Mitek Systems has a 12-month low of $7.35 and a 12-month high of $16.24.

Wall Street Analyst Weigh In

MITK has been the topic of several research analyst reports. StockNews.com cut Mitek Systems from a “buy” rating to a “hold” rating in a research report on Tuesday. Jefferies Financial Group downgraded shares of Mitek Systems from a “buy” rating to a “hold” rating and lowered their target price for the company from $17.00 to $9.50 in a research note on Wednesday, September 4th. Finally, HC Wainwright boosted their price objective on shares of Mitek Systems from $11.00 to $13.00 and gave the stock a “buy” rating in a report on Tuesday. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $12.63.

Insider Buying and Selling

In other news, insider Michael E. Diamond sold 4,544 shares of the business’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $9.09, for a total transaction of $41,304.96. Following the sale, the insider now owns 166,632 shares in the company, valued at approximately $1,514,684.88. The trade was a 2.65 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jason Gray sold 6,222 shares of the business’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $9.07, for a total transaction of $56,433.54. Following the transaction, the insider now owns 164,342 shares of the company’s stock, valued at $1,490,581.94. This represents a 3.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 16,699 shares of company stock worth $152,140. 2.10% of the stock is owned by insiders.

About Mitek Systems

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.