Mitek Systems Inc. (NASDAQ: MITK) stock jumped 20.62% on Friday to $10.88 against a previous-day closing price of $9.02. With 1.1 million shares changed hands, the volume of the stock remained heavier than its average volume of 0.42 million shares. During the session, the Software – Application company that operates in wider Technology sector, reached to the highest price of $11.04 whereas the lowest price it dropped to was $9.79. The 52-week range on MITK shows that it touched its highest point at $23.29 and its lowest point at $8.32 during that stretch. It currently has a 1-year price target of $18.00. Beta for the stock currently stands at 0.55.
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Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of MITK was up-trending over the past week, with a rise of 12.40%, but this was up by 18.39% over a month. Three-month performance dropped to -16.31% while six-month performance fell -27.76%. The stock lost -44.23% in the past year, while it has lost -38.70% so far this year. A look at the trailing 12-month EPS for MITK yields 0.21 with Next year EPS estimates of 0.94. For the next quarter, that number is 0.20. This implies an EPS growth rate of -3.70% for this year and 5.85% for next year. EPS is expected to grow by 15.00% annually over the next five years; however, over the past five years, the company experienced an annual growth rate of 25.00%.
Float and Shares Shorts:
At present, 44.77 million MITK shares are outstanding with a float of 42.90 million shares on hand for trading. On Jul 14, 2022, short shares totaled 3.23 million, which was 7.29% higher than short shares on Jun 14, 2022. In addition to Mr. Scipio Maximus Carnecchia as the firm’s CEO & Director, Mr. Frank Teruel serves as its CFO & Sr. VP.
Institutional Ownership:
Through their ownership of 71.11% of MITK’s outstanding shares, institutional investors have majority control over the company. Other institutions hold — of MITK, in contrast to — held by mutual funds. Shares owned by individuals account for –. With a 6.47% stake in MITK, the L&G ISE Cyber Security UCITS ETF is the largest stakeholder. A total of 2,869,383 shares are owned by the mutual fund manager. The Vanguard Total Stock Market Index, which owns about 2.83% of MITK stock, is the second-largest Mutual Fund holder. It holds 1,254,254 shares valued at 11.59 million. iShares Russell 2000 ETF holds 2.16% of the stake in MITK, owning 957,373 shares worth 8.85 million.
An Overview of Recent Financials:
Understanding a company as a customer does not mean you will understand it as an investor. The wise investor uses quantitative research to analyze metrics such as revenue, net income, and earnings. In its fiscal quarter reported on Jun 29, 2022, MITK reported revenue of $34.71M and operating income of $7.89M. Over the past year, revenue came in at $132.24M while operating income stood at $19.02M. It generated $1.91M net income for the quarter, which came to $9.83M over the last twelve months. The EBITDA in the recently reported quarter was $10.28M and diluted EPS was $0.04. EBITDA for the full year was $39.94M.
Analysts Ratings:
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for MITK since 5 analysts follow the stock currently. There are 5 analysts who recommend BUY ratings, while 0 suggest SELL ratings. Of the remaining analysts, 0 believe that the stock is worth HOLDING, 0 give it an OVERWEIGHT rating, and 0 thinks that it’s UNDERWEIGHT. In the same way, a target price assigned to a stock can also reveal much about its potential. With MITK analysts setting a high price target of $21.00 and a low target of $15.00, the average target price over the next 12 months is $18.00. Based on these targets, MITK could surge 93.01% to reach the target high and rise by 37.87% to reach the target low. Reaching the average price target will result in a growth of 65.44% from current levels.
EPS: Estimates vs Actual
It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy. MITK will report FY 2022 earnings on 11/03/2022. Analysts have provided yearly estimates in a range of $0.95 being high and $0.83 being low. For MITK, this leads to a yearly average estimate of $0.89. The earnings surprise of a firm occurs when the actual results change from the consensus earnings estimate. Mitek Systems Inc. surprised analysts by $0.03 when it reported $0.23 EPS against a consensus estimate of $0.20. The surprise factor in the prior quarter was $0.04. Based on analyst estimates, the high estimate for the next quarter is $0.24 and the low estimate is $0.14. The average estimate for the next quarter is thus $0.20.
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Summary of Insider Activity:
Insiders traded MITK stock several times over the past three months with 0 Buys and 0 Sells. In these transactions, 0 shares were bought while 0 shares were sold. The number of buy transactions has increased to 24 while that of sell transactions has risen to 26 over the past year. The total number of shares bought during that period was 372,597 while 94,575 shares were sold.
