Mitek Systems Is Fundamentally Undervalued Despite Recent Issues [Seeking Alpha]
Mitek Systems, Inc. (MITK)
Last mitek systems, inc. earnings: 4/30 04:05 pm
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US:NASDAQ Investor Relations:
investors.miteksystems.com
Company Research
Source: Seeking Alpha
The company is poised for growth in the identity verification market, with sticky customer relationships and a new CFO to improve reporting compliance. Mitek's competitive advantages include proprietary technology, a portfolio of identity solutions, and high customer loyalty. Mitek Systems ( NASDAQ: MITK ) operates a leading digital identity verification and mobile deposit platform serving over 7,500 organizations globally. Despite a pristine history of rapid growth, high margins, and significant market opportunities, MITK trades at a valuation of just 3x Price/Sales, a significant discount to SaaS peers. I believe the post-2021 drawdown in the stock has run its course, and there's an opportunity here to invest in a secular growth business at a reasonable valuation. Investment Thesis Mitek Systems is fundamentally a SaaS business with recurring revenues and gross margins exceeding 85%, yet it trades more in line with a declining hardware company. Recent issues with financial
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MITK
News
- MITK On Track To Achieve Full-Year Targets Despite Slow Start [Forbes]Forbes
- Mitek Systems, Inc. (NASDAQ: MITK) was upgraded by analysts at StockNews.com from a "hold" rating to a "buy" rating.MarketBeat
- Mitek Systems, Inc. (NASDAQ:MITK) Q1 2024 Earnings Call Transcript [Yahoo! Finance]Yahoo! Finance
- Mitek Systems, Inc. (NASDAQ: MITK) had its price target raised by analysts at Craig Hallum from $17.00 to $19.00. They now have a "buy" rating on the stock.MarketBeat
- Mitek Systems' (MITK) Q1 Earnings & Revenues Decline Y/Y [Yahoo! Finance]Yahoo! Finance
MITK
Sec Filings
- 4/24/24 - Form 8-K
- 4/17/24 - Form 8-K/A
- 4/15/24 - Form 10-Q
- MITK's page on the SEC website