Mitek Systems (NASDAQ:MITK) Shares Gap Up Following Strong Earnings

Mitek Systems, Inc. (NASDAQ:MITK)’s stock price gapped up prior to trading 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 changing hands.

The software maker reported $0.33 earnings per share for the quarter, topping analysts’ consensus estimates 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 positive return on equity of 12.32% and a negative net margin of 4.05%. The business’s quarterly revenue was up 14.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.15 earnings per share.

Analysts Set New Price Targets

A number of research firms have recently commented on MITK. HC Wainwright lifted their price target on shares of Mitek Systems from $11.00 to $13.00 and gave the company a “buy” rating in a research report on Tuesday. StockNews.com raised shares of Mitek Systems from a “hold” rating to a “buy” rating in a research report on Friday, December 6th. Finally, Jefferies Financial Group cut shares of Mitek Systems from a “buy” rating to a “hold” rating and decreased their price target for the company from $17.00 to $9.50 in a report on Wednesday, September 4th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $12.63.

Insider Transactions at Mitek Systems

In other news, SVP Christopher H. Briggs sold 3,320 shares of the stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $9.08, for a total value of $30,145.60. Following the transaction, the senior vice president now owns 65,353 shares of the company’s stock, valued at $593,405.24. This represents a 4.83 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Jason Gray sold 6,222 shares of Mitek Systems 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 directly owns 164,342 shares of the company’s stock, valued at approximately $1,490,581.94. This trade represents a 3.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 16,699 shares of company stock valued at $152,140. Corporate insiders own 2.10% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Innealta Capital LLC bought a new position in shares of Mitek Systems during the second quarter worth $32,000. nVerses Capital LLC bought a new position in Mitek Systems during the second quarter worth about $57,000. Avior Wealth Management LLC acquired a new position in Mitek Systems in the third quarter valued at about $60,000. Squarepoint Ops LLC bought a new stake in shares of Mitek Systems in the second quarter worth about $138,000. Finally, Intech Investment Management LLC acquired a new stake in shares of Mitek Systems during the third quarter worth about $117,000. Institutional investors and hedge funds own 83.64% of the company’s stock.

Mitek Systems Price Performance

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 firm has a market cap of $519.80 million, a P/E ratio of -74.60 and a beta of 1.12. The company has a fifty day moving average price of $9.04 and a two-hundred day moving average price of $9.91.

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.