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

Mitek Systems, Inc. (NASDAQ:MITK)’s share price gapped up prior to trading on Friday following a better than expected earnings announcement. The stock had previously closed at $16.81, but opened at $20.50. Mitek Systems shares last traded at $17.9560, with a volume of 198,189 shares traded.

The software maker reported $0.34 EPS for the quarter, beating the consensus estimate of $0.28 by $0.06. Mitek Systems had a return on equity of 16.74% and a net margin of 8.74%.The firm had revenue of $54.04 million during the quarter, compared to analyst estimates of $50.82 million.

Analyst Ratings Changes

Several equities research analysts recently issued reports on MITK shares. Northland Securities set a $17.00 target price on shares of Mitek Systems in a research report on Wednesday, April 15th. Zacks Research lowered shares of Mitek Systems from a “strong-buy” rating to a “hold” rating in a research report on Thursday, April 16th. Wall Street Zen downgraded shares of Mitek Systems from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 9th. Finally, Weiss Ratings upgraded shares of Mitek Systems from a “hold (c)” rating to a “hold (c+)” rating in a report on Monday, May 11th. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $16.00.

Insider Buying and Selling at Mitek Systems

In other news, COO Garrett Gafke sold 21,108 shares of the business’s stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $14.19, for a total transaction of $299,522.52. Following the completion of the sale, the chief operating officer owned 244,279 shares in the company, valued at approximately $3,466,319.01. The trade was a 7.95% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. AQR Capital Management LLC raised its stake in shares of Mitek Systems by 138.3% in the 1st quarter. AQR Capital Management LLC now owns 111,967 shares of the software maker’s stock valued at $924,000 after acquiring an additional 64,980 shares during the period. Creative Planning increased its holdings in Mitek Systems by 87.6% in the 2nd quarter. Creative Planning now owns 30,133 shares of the software maker’s stock valued at $298,000 after purchasing an additional 14,070 shares in the last quarter. Rhumbline Advisers raised its position in Mitek Systems by 39.2% in the second quarter. Rhumbline Advisers now owns 91,877 shares of the software maker’s stock valued at $910,000 after purchasing an additional 25,878 shares during the period. American Century Companies Inc. lifted its stake in shares of Mitek Systems by 49.7% during the second quarter. American Century Companies Inc. now owns 69,871 shares of the software maker’s stock worth $692,000 after purchasing an additional 23,212 shares in the last quarter. Finally, XTX Topco Ltd purchased a new stake in shares of Mitek Systems in the second quarter worth about $153,000. 83.64% of the stock is owned by institutional investors and hedge funds.

Mitek Systems Trading Up 4.7%

The firm has a market cap of $794.80 million, a price-to-earnings ratio of 50.44 and a beta of 0.98. The company has a quick ratio of 2.61, a current ratio of 2.61 and a debt-to-equity ratio of 0.20. The business has a 50 day moving average price of $17.69 and a 200-day moving average price of $15.03.

Mitek Systems Company Profile

Mitek Systems, Inc (NASDAQ: MITK) is a software company specializing in mobile capture and digital identity verification solutions. Headquartered in San Diego, California, Mitek develops and licenses patented technology that enables organizations to securely capture, authenticate and process identity documents, checks and other physical media using smartphones and other digital devices. Its platforms leverage advanced image processing, machine learning and biometrics to streamline customer onboarding and prevent fraud in real time.

The company’s core offerings include mobile check deposit and deposit automation tools for financial institutions, as well as identity verification and authentication services for banks, fintechs, insurers and government agencies.