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

Mitek Systems, Inc. (NASDAQ:MITK)’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 trading hands.

The software maker reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $43.22 million during the quarter, compared to analyst estimates of $41.30 million. During the same period last year, the company earned $0.15 EPS. Mitek Systems’s revenue for the quarter was up 14.8% compared to the same quarter last year.

Analyst Ratings Changes

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

Insider Buying and Selling

In other Mitek Systems news, insider Jason Gray sold 6,222 shares of Mitek Systems stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $9.07, for a total value of $56,433.54. Following the completion of the sale, the insider now directly owns 164,342 shares of the company’s stock, valued at approximately $1,490,581.94. The trade was a 3.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Christopher H. Briggs sold 3,320 shares of the stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $9.08, for a total transaction of $30,145.60. Following the transaction, the senior vice president now directly owns 65,353 shares in the company, valued at $593,405.24. This trade represents a 4.83 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 16,699 shares of company stock valued at $152,140 over the last 90 days. Company insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On Mitek Systems

Institutional investors have recently modified their holdings of the company. Innealta Capital LLC acquired a new stake in Mitek Systems in the 2nd quarter valued at $32,000. nVerses Capital LLC lifted its stake in shares of Mitek Systems by 25.5% in the third quarter. nVerses Capital LLC now owns 6,400 shares of the software maker’s stock valued at $55,000 after buying an additional 1,300 shares in the last quarter. Avior Wealth Management LLC acquired a new position in shares of Mitek Systems during the third quarter valued at about $60,000. Intech Investment Management LLC bought a new stake in shares of Mitek Systems during the third quarter worth about $117,000. Finally, Squarepoint Ops LLC acquired a new stake in shares of Mitek Systems in the 2nd quarter worth about $138,000. 83.64% of the stock is owned by institutional investors and hedge funds.

Mitek Systems Stock Performance

The firm has a market cap of $497.16 million, a P/E ratio of -71.73 and a beta of 1.12. 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 company’s 50-day moving average is $9.13 and its two-hundred day moving average is $9.91.

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.