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In a recent transaction, Carter Scott R, a director at Mitek Systems Inc. (NASDAQ:MITK), a technology company with a market capitalization of $398 million and impressive gross profit margins of 86%, purchased 12,000 shares of the company’s common stock. According to InvestingPro analysis, the company appears undervalued at current levels. The shares were acquired at a weighted average price of $9.08 per share, totaling approximately $108,960. This purchase was made through the Scott R Carter and Anita S Trust, for which Carter serves as a trustee. The transaction took place on March 6, 2025, with the shares being bought at prices ranging from $9.04 to $9.09. Following this acquisition, Carter holds 192,136 shares indirectly through the trust. The insider purchase aligns with InvestingPro data showing management’s active share buybacks and analysts’ positive earnings revisions. Discover more insights about MITK and 1,400+ other stocks through comprehensive Pro Research Reports.
In other recent news, Mitek Systems reported its first-quarter fiscal year 2025 earnings, with revenues reaching $37.3 million, slightly surpassing the forecast of $36.2 million. The company also exceeded earnings per share expectations, posting $0.15 compared to the anticipated $0.09. Despite these positive results, the company’s revenue growth was modest at 0.9% year-over-year, attributed to ongoing business transitions. Mitek Systems confirmed its revenue guidance for fiscal year 2025, projecting between $170 million and $180 million, while adjusting its EBITDA margin guidance to a range of 25% to 28%. H.C. Wainwright maintained a Buy rating on Mitek, with a price target of $13.00, citing long-term demand for identity protection and fraud prevention solutions. Additionally, shareholders approved the election of eight directors and ratified the appointment of BDO USA, P.C. as the independent auditor for the fiscal year ending September 30, 2025. Mitek’s focus on SaaS offerings showed promise, with a 29% year-over-year growth in this segment. The company’s Check Fraud Defender product continues to gain traction, reflecting Mitek’s strategic emphasis on fraud prevention solutions.
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