The stock of Mitek Systems Inc. (NASDAQ:MITK) increased by $0.74 on Tuesday to $12.42, up 6.34 percent. The last five days have seen an average of 289,297 shares of common stock traded. 11 times new highs were reached in the current year, with a gain of $2.66. The average number of shares traded over the last 20 days was 311,229, while the average volume over the last 50 days totaled 295,504.
MITK stock appreciated 18.40% since last month. On 07/27/23, the company’s shares reached a one-month low of $10.11. The stock touched a high of $12.19 on 08/15/23, after rallying from a low of $8.60 in 52 weeks. The price of MITK stock has risen by 28.17% or $2.66 this year, reaching a new high 11 times. Still, the stock price is up 1.89% from the 52-week high.
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Insider Transactions
MITK stock investors should be aware that Mitek Systems Inc. (MITK) stock had its last reported insider trading activity 260 days ago on Nov 28. On Nov 28, Chief Executive Officer CARNECCHIA SCIPIO MAXIMUS sold 26,693 shares at $10.71 each. This transaction resulted in the insider making $285,882. On Nov 28, Diamond Michael E sold 3,019 shares at a price of US$10.71. After the transaction, the insider now owns 197,033 shares. Chief Technology Officer Ritter Stephen had earlier sold 2,797 shares on Nov 28 for $10.71 a share. The transaction was completed for $29,956.
Valuation Metrics
Mitek Systems Inc. (MITK) has a trailing price-to-earnings (P/E) ratio of 188.18. Beta for the stock is 0.77. There are also a few other valuation ratios worth considering, including the trailing price-to-sales (P/S) ratio of 3.95, the price-to-book (PB) ratio of 3.23, and the price-to-cash flow ratio of 22.18.
Financial Health
For the three months ended September 29, Mitek Systems Inc.’s quick ratio was 3.20, while its current ratio was 3.20, indicating its ability to pay off its debt. The company’s long-term debt to equity ratio for the quarter ending September 29 is 0.76, and the total debt to equity ratio is 0.76. As far as profitability goes, gross margin for the trailing twelve months is 86.10% percent. Mitek Systems Inc.’s EBITDA margin for the year ended September 29 was 31.93%, whereas its operating margin stood at 7.80% for the same period. Based on annual data, it had gross profit of $123.94 million and revenue of $143.94 million.
Investors will also look at the performance of the company’s management in order to determine the potential profitability of their investment. MITK’s return on assets (ROA) during the last 12 months has been 0.80%. There was a 3.90% return on investment (ROI) in the past year. In the meantime, the return on equity (ROE) for the last 12 months was 1.70%.
Earnings Surprise
According to Mitek Systems Inc.’s quarterly financial report for the quarter that ended September 29, it had $58.27 million in cash and short-term investments. A lower net income was reported in the quarter under review than the previous quarter. Net income for the quarter came in at $37.42 million, while revenues rose by 11.09% to $39.33 million. It was predicted that Mitek Systems Inc.’s quarterly earnings would be $0.2, but it ended up being $0.2. EBITDA was $7.62 million for the quarter. At the end of Mitek Systems Inc.’s most recent quarter ended September 29, its liabilities totaled 190.09 million, while its total debt was $135.49 million. Equity owned by shareholders amounts to $45.51 million.
Technical Picture
Here’s a quick look at Mitek Systems Inc.’s (MITK) price momentum from a technical perspective. As of 14 August, the RSI 9-day stood at 74.14%, suggesting the stock is Overbought, with a 35.37% historical volatility rate.
The stochastic %K and %D were 75.28% and 69.80% respectively, while the average true range (ATR) was 0.48. Based on the 14-day stochastic reading of 87.85%, the RSI (14) reading is 69.97%. On the 9-day MACD Oscillator, the stock is at 0.07, and the 14-day reading is at 0.45.
Analyst Ratings
Analysts have assigned Mitek Systems Inc. (MITK) an Buy rating. MITK is a stock that is recommended for selling by 0 brokerage firms, while 0 companies recommend holding. The stock is underweighted by 0 analysts. Among the analysts who rate the stock, 0 rates it overweight and 5 others recommend it as a buy.
What is MITK’s price target for the next 12 months?
The current consensus forecast for the stock is between $13.00 and $21.00, with a median target price of $17.50. In analyzing these forecasts, the average price target given by analysts for Mitek Systems Inc. (MITK) is $17.25.
