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SAN DIEGO—Edward H. West, Chief Executive Officer of Mitek Systems Inc. (NASDAQ:MITK), has purchased 55,000 shares of the company’s common stock, according to a recent SEC filing. The shares were acquired on February 20, 2025, at a weighted average price of $9.2074, amounting to a total investment of approximately $506,407. According to InvestingPro analysis, the stock appears undervalued at its current market capitalization of $419 million.
The transaction was executed through the West Community Property Trust, for which West acts as trustee. The purchase price for the shares ranged from $9.1150 to $9.2400 per share, reflecting multiple transactions within this price range. This insider purchase aligns with InvestingPro data showing management’s aggressive share buybacks and analysts’ upward earnings revisions for the upcoming period.
Following this acquisition, West holds 55,000 shares of Mitek Systems, demonstrating continued confidence in the company’s prospects. Mitek Systems, based in San Diego, specializes in computer peripheral equipment and related technology solutions.
In other recent news, Mitek Systems reported its fourth-quarter 2024 earnings, surpassing analysts’ expectations with an earnings per share (EPS) of $0.15 compared to the forecasted $0.09. The company also posted revenues of $37.3 million, slightly exceeding the anticipated $35.46 million. Mitek’s SaaS revenue showed a significant year-over-year increase of 29%, highlighting the company’s focus on its software-as-a-service offerings. Despite these positive earnings results, H.C. Wainwright maintained a Buy rating on Mitek Systems with a steady price target of $13.00, attributing the modest revenue growth to ongoing business transitions.
Mitek Systems confirmed its revenue guidance for fiscal year 2025, projecting between $170 million and $180 million. The company also adjusted its EBITDA margin guidance, raising the lower end from 24% to 25%, indicating a positive outlook on profitability. H.C. Wainwright expressed optimism about Mitek’s potential revenue acceleration and enhanced profitability as it moves into fiscal year 2026. The firm suggested that investors consider any short-term share price weaknesses as opportunities, given the expected improvement in financial performance. Mitek’s Check Fraud Defender continues to gain traction, reflecting the company’s strategic focus on expanding its fraud prevention solutions.
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