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

Mitek Systems (NASDAQ:MITK) released its quarterly earnings data on Monday. The software maker reported $0.33 EPS for the quarter, topping the consensus estimate of $0.17 by $0.16, Briefing.com reports. The company had revenue of $43.22 million during the quarter, compared to the consensus estimate 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 revenue for the quarter was up 14.8% on a year-over-year basis. During the same period last year, the company earned $0.15 EPS. Mitek Systems updated its FY 2025 guidance to EPS.

Mitek Systems Stock Performance

Shares of MITK stock traded up $0.71 during trading hours on Monday, reaching $9.49. 2,054,507 shares of the company traded hands, compared to its average volume of 542,619. The firm has a 50-day moving average price of $9.04 and a 200 day moving average price of $9.91. The company has a market cap of $438.48 million, a P/E ratio of -63.27 and a beta of 1.12. 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 has a 12-month low of $7.35 and a 12-month high of $16.24.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. Jefferies Financial Group downgraded shares of Mitek Systems from a “buy” rating to a “hold” rating and cut their target price for the stock from $17.00 to $9.50 in a research report on Wednesday, September 4th. StockNews.com upgraded Mitek Systems from a “hold” rating to a “buy” rating in a research report on Friday, December 6th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $12.13.

Insider Buying and Selling

In related news, insider Jason Gray sold 6,222 shares of the stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $9.07, for a total transaction of $56,433.54. Following the completion of the sale, the insider now owns 164,342 shares in the company, valued at approximately $1,490,581.94. This trade represents a 3.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Michael E. Diamond sold 4,544 shares of the business’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $9.09, for a total value of $41,304.96. Following the completion of the transaction, the insider now directly owns 166,632 shares in the company, valued at approximately $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. In the last ninety days, insiders sold 16,699 shares of company stock valued at $152,140. 2.10% of the stock is owned by corporate 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.