Mitek Systems (NASDAQ:MITK) Shares Gap Up Following Better-Than-Expected Earnings

Mitek Systems, Inc. (NASDAQ:MITK) gapped up before the market opened on Tuesday following a better than expected earnings announcement. 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 traded.

The software maker reported $0.33 EPS for the quarter, beating analysts’ consensus estimates of $0.17 by $0.16. Mitek Systems had a positive return on equity of 12.32% and a negative net margin of 4.05%. The firm had revenue of $43.22 million during the quarter, compared to the consensus estimate of $41.30 million. During the same quarter in the prior year, the business posted $0.15 earnings per share. Mitek Systems’s revenue for the quarter was up 14.8% on a year-over-year basis.

Wall Street Analyst Weigh In

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

Insiders Place Their Bets

In other news, SVP Christopher H. Briggs sold 3,320 shares of the company’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $9.08, for a total transaction of $30,145.60. Following the completion of the transaction, the senior vice president now owns 65,353 shares of the company’s stock, valued at approximately $593,405.24. This represents a 4.83 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michael E. Diamond sold 4,544 shares of the business’s stock in a transaction dated 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 owns 166,632 shares in the company, valued at $1,514,684.88. This represents a 2.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 16,699 shares of company stock valued at $152,140 in the last quarter. Insiders own 2.10% of the company’s stock.

Institutional Trading of Mitek Systems

Hedge funds have recently modified their holdings of the company. Innealta Capital LLC bought a new stake in Mitek Systems in the second quarter valued at about $32,000. nVerses Capital LLC grew its stake in shares of Mitek Systems by 25.5% in the 3rd quarter. nVerses Capital LLC now owns 6,400 shares of the software maker’s stock valued at $55,000 after purchasing an additional 1,300 shares during the period. Avior Wealth Management LLC acquired a new position in shares of Mitek Systems in the 3rd quarter worth approximately $60,000. Intech Investment Management LLC bought a new position in shares of Mitek Systems during the 3rd quarter worth approximately $117,000. Finally, Squarepoint Ops LLC bought a new stake in Mitek Systems in the second quarter valued at $138,000. Institutional investors own 83.64% of the company’s stock.

Mitek Systems Stock Up 15.2 %

The stock has a market capitalization of $505.01 million, a price-to-earnings ratio of -72.87 and a beta of 1.12. The firm has a 50 day simple moving average of $9.04 and a 200-day simple moving average of $9.91. The company has a debt-to-equity ratio of 0.68, a current ratio of 4.46 and a quick ratio of 4.46.

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.