Roth Capital analyst Darren Aftahi maintained a Buy rating on Mitek Systems Inc (MITK) today and set a price target of $13.50. The company’s shares opened today at $11.77.
Aftahi wrote:
“We expect mostly in-line results when MITK reports F2Q19 results AMC on 5/1. With slightly easier topline comps, we expect ~35% topline growth (+1,000bps y/y), before tougher comps roll in during 2H19, but should see profit margins improve sequentially each quarter. We look for updates on Mobile ID growth, SaaS growth (y/y and q/q) and progress on its Agilisys partnership. However, commentary around M&A (or lack thereof) may determine the stock’s direction post call.”
According to TipRanks.com, Aftahi is a 5-star analyst with an average return of 12.2% and a 52.3% success rate. Aftahi covers the Technology sector, focusing on stocks such as Digital Turbine Inc, The Meet Group Inc, and Veritone Inc.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Mitek Systems Inc with a $16.17 average price target.
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Based on Mitek Systems Inc’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $3.19 million. In comparison, last year the company had a GAAP net loss of $1.16 million.
Based on the recent corporate insider activity of 31 insiders, corporate insider sentiment is negative on the stock.
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Mitek Systems, Inc. engages in the innovation of mobile capture and digital identity verification solutions. Its products include Mobile Deposit, Mobile Verify, Mobile Fill, Mobile Docs, A2iA CheckReader, A2iA XE, A2iA DocumentReader, A2iA TextReader, and ICAR ID_CLOUD. The company was founded in December 16, 1986 and is headquartered in San Diego, CA.
