Mitek Systems Inc. [MITK] Revenue clocked in at $101.30 million, down -14.74% YTD: What’s Next?

Mitek Systems Inc. [NASDAQ: MITK] loss -9.92% on the last trading session, reaching $15.16 price per share at the time. The company report on February 3, 2021 that Mitek Announces Pricing of $135,000,000 Private Offering of 0.750% Convertible Senior Notes.

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Mitek Systems, Inc. (“Mitek”) announced the pricing of its private offering of $135,000,000 aggregate principal amount of 0.750% Convertible Senior Notes due 2026 (the “Notes”) in a private offering. The Notes will be offered and sold only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The offering size was increased from the previously announced offering size of $125,000,000 aggregate principal amount of notes. Mitek has granted the initial purchasers of the Notes an option to purchase up to an additional $20,250,000 aggregate principal amount of Notes. The offering is expected to close on February 5, 2021, subject to customary closing conditions.

The Notes will be Mitek’s senior, unsecured obligations, equal in right of payment with Mitek’s future senior, unsecured indebtedness, senior in right of payment to its future indebtedness that is expressly subordinated to the Notes, effectively subordinated in right of payment to future secured indebtedness of Mitek, to the extent of the value of the assets securing that indebtedness, and structurally subordinated to all existing and future indebtedness and other liabilities, including trade payables, and (to the extent Mitek is not a holder thereof), preferred equity, if any, of Mitek’s subsidiaries. The Notes will accrue interest payable semi-annually in arrears on February 1 and August 1 of each year at a rate of 0.750% per year, beginning on August 1, 2021. The Notes will mature on February 1, 2026, unless earlier repurchased or converted.

Mitek Systems Inc. represents 41.89 million in outstanding shares, while the company has a total market value of $699.63 million with the latest information. MITK stock price has been found in the range of $14.75 to $15.67.

If compared to the average trading volume of 756.68K shares, MITK reached a trading volume of 4070726 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying about Mitek Systems Inc. [MITK]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for MITK shares is $19.33 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on MITK stock is a recommendation set at 1.70. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Maxim Group have made an estimate for Mitek Systems Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on January 22, 2021. While these analysts kept the previous recommendation, The Benchmark Company dropped their target price from $9 to $12. The new note on the price target was released on May 01, 2020, representing the official price target for Mitek Systems Inc. stock. Previously, the target price had yet another raise to $11, while National Securities analysts kept a Buy rating on MITK stock. On November 15, 2019, analysts decreased their price target for MITK shares from 12.50 to 8.

The Average True Range (ATR) for Mitek Systems Inc. is set at 1.14, with the Price to Sales ratio for MITK stock in the period of the last 12 months amounting to 6.91. The Price to Book ratio for the last quarter was 4.80, with the Price to Cash per share for the same quarter was set at 1.30. Price to Free Cash Flow for MITK in the course of the last twelve months was 30.29 with Quick ratio for the last quarter at 3.50.

Trading performance analysis for MITK stock

Mitek Systems Inc. [MITK] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -14.11. With this latest performance, MITK shares dropped by -14.74% in over the last four-week period, additionally plugging by 41.02% over the last 6 months – not to mention a rise of 59.66% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for MITK stock in for the last two-week period is set at 41.40, with the RSI for the last a single of trading hit 36.43, and the three-weeks RSI is set at 45.05 for Mitek Systems Inc. [MITK]. The present Moving Average for the last 50 days of trading for this stock 15.64, while it was recorded at 16.45 for the last single week of trading, and 12.19 for the last 200 days.

Mitek Systems Inc. [MITK]: A deeper dive into fundamental analysis

Operating Margin for any stock indicates how profitable investing would be, and Mitek Systems Inc. [MITK] shares currently have an operating margin of +18.29 and a Gross Margin at +86.19. Mitek Systems Inc.’s Net Margin is presently recorded at +7.71.

Return on Total Capital for MITK is now 14.94, given the latest momentum, and Return on Invested Capital for the company is 6.36. Return on Equity for this stock inclined to 6.52, with Return on Assets sitting at 5.12. When it comes to the capital structure of this company, Mitek Systems Inc. [MITK] has a Total Debt to Total Equity ratio set at 5.93. Additionally, MITK Total Debt to Total Capital is recorded at 5.60, with Total Debt to Total Assets ending up at 4.64. Long-Term Debt to Equity for the company is recorded at 4.48, with the Long-Term Debt to Total Capital now at 4.23.

Reflecting on the efficiency of the workforce at the company, Mitek Systems Inc. [MITK] managed to generate an average of $21,706 per employee. Receivables Turnover for the company is 5.32 with a Total Asset Turnover recorded at a value of 0.66.Mitek Systems Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 3.50 and a Current Ratio set at 3.50.

Mitek Systems Inc. [MITK]: An earnings per share (EPS) analysis

With the latest financial reports released by the company, Mitek Systems Inc. posted 0.13/share EPS, while the average EPS was predicted by analysts to be reported at 0.1/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 30.00%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for MITK. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Mitek Systems Inc. go to 15.00%.

An analysis of insider ownership at Mitek Systems Inc. [MITK]

There are presently around $427 million, or 67.50% of MITK stock, in the hands of institutional investors. The top three institutional holders of MITK stocks are: LEGAL & GENERAL GROUP PLC with ownership of 3,453,402, which is approximately 37.943% of the company’s market cap and around 3.60% of the total institutional ownership; TORONADO PARTNERS, LLC, holding 2,985,204 shares of the stock with an approximate value of $45.26 million in MITK stocks shares; and VANGUARD GROUP INC, currently with $32.23 million in MITK stock with ownership of nearly -1.798% of the company’s market capitalization.

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Positions in Mitek Systems Inc. stocks held by institutional investors increased at the end of January and at the time of the January reporting period, where 74 institutional holders increased their position in Mitek Systems Inc. [NASDAQ:MITK] by around 3,563,985 shares. Additionally, 73 investors decreased positions by around 3,849,665 shares, while 18 investors held positions by with 20,765,807 shares. The mentioned changes placed institutional holdings at 28,179,457 shares, according to the latest SEC report filing. MITK stock had 33 new institutional investments in for a total of 1,278,283 shares, while 17 institutional investors sold positions of 649,547 shares during the same period.

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