Mitek Systems (NASDAQ:MITK) Shares Down 5.1% on Disappointing Earnings

Mitek Systems, Inc. (NASDAQ:MITK) fell 5.1% during mid-day trading on Tuesday following a weaker than expected earnings announcement. The stock traded as low as $13.41 and last traded at $13.45. 160,923 shares changed hands during trading, a decline of 68% from the average session volume of 499,865 shares. The stock had previously closed at $14.18.

The software maker reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.22 by ($0.04). The company had revenue of $46.97 million for the quarter, compared to the consensus estimate of $46.49 million. Mitek Systems had a negative net margin of 1.97% and a positive return on equity of 13.13%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. StockNews.com lowered shares of Mitek Systems from a “buy” rating to a “hold” rating in a research report on Friday, May 10th. HC Wainwright reaffirmed a “buy” rating and set a $19.00 price target on shares of Mitek Systems in a research report on Tuesday. Finally, Craig Hallum upped their price target on shares of Mitek Systems from $17.00 to $19.00 and gave the company a “buy” rating in a research report on Tuesday, April 16th.

Institutional Investors Weigh In On Mitek Systems

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Covestor Ltd increased its holdings in Mitek Systems by 32.3% in the 3rd quarter. Covestor Ltd now owns 6,107 shares of the software maker’s stock worth $65,000 after acquiring an additional 1,492 shares in the last quarter. Thompson Davis & CO. Inc. purchased a new stake in Mitek Systems in the 1st quarter worth approximately $172,000. Principal Financial Group Inc. increased its holdings in Mitek Systems by 30.1% in the 3rd quarter. Principal Financial Group Inc. now owns 17,136 shares of the software maker’s stock worth $184,000 after acquiring an additional 3,960 shares in the last quarter. New York State Common Retirement Fund grew its holdings in Mitek Systems by 60.3% during the 4th quarter. New York State Common Retirement Fund now owns 21,077 shares of the software maker’s stock valued at $275,000 after buying an additional 7,929 shares in the last quarter. Finally, Assenagon Asset Management S.A. grew its holdings in Mitek Systems by 13.4% during the 1st quarter. Assenagon Asset Management S.A. now owns 20,738 shares of the software maker’s stock valued at $292,000 after buying an additional 2,457 shares in the last quarter. 83.64% of the stock is owned by hedge funds and other institutional investors.

Mitek Systems Stock Performance

The company has a debt-to-equity ratio of 0.64, a quick ratio of 4.70 and a current ratio of 4.70. The business’s fifty day simple moving average is $13.10 and its 200-day simple moving average is $12.30. The firm has a market capitalization of $647.57 million, a PE ratio of -197.69 and a beta of 1.12.

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.