MITK On Track To Achieve Full-Year Targets Despite Slow Start [Forbes]
Mitek Systems, Inc. (MITK)
Last mitek systems, inc. earnings: 4/30 04:05 pm
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Source: Forbes
Shares of Mitek Systems (MITK) have been under pressure since the company reported Q1 2024 results on April 15 that fell slightly short of expectations. Specifically, revenue and adjusted earnings for the period declined 19.2% and 54.8% year-over-year to $36.9 million and 14 cents per share, missing analysts' projections for $37.6 million and 15 cents. Worse, MITK burned through $9.7 million of cash during the quarter after generating positive free cash flow of $5.1 million in the prior-year period. However, I think sellers are overlooking a benefit in last year's first quarter from a large one-time multi-year mobile deposit reorder that pulled forward about $7 million of future revenue into that quarter, including $2.7 million that would have been recognized in Q1 of fiscal 2024, making for a very tough year-over-year comp. In fact, had it not been for this pull-forward, the top-line would have actually grown by 3% in the latest quarter as underlying demand for MITK's Deposits and
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MITK
News
- 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
- Mitek Systems, Inc. (NASDAQ: MITK) had its "buy" rating re-affirmed by analysts at HC Wainwright. They now have a $19.00 price target on the stock.MarketBeat
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