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Mark Rossi, a director at Mitek Systems Inc. (NASDAQ:MITK), has recently acquired additional shares of the company, according to a filing with the Securities and Exchange Commission. On March 6 and 7, Rossi purchased a total of 7,500 shares of Mitek Systems’ common stock. The shares were acquired at prices ranging from $8.91 to $9.14 per share, amounting to a total investment of $67,550. The company, currently valued at $398 million, boasts impressive gross profit margins of 86% and maintains a healthy balance sheet with a current ratio of 4.59. According to InvestingPro analysis, the stock appears undervalued at current levels.
Following these transactions, Rossi now directly owns 36,244 shares of Mitek Systems. The purchases reflect a continued commitment by Rossi to increase his stake in the company, which specializes in computer peripheral equipment. InvestingPro analysis reveals that management has been actively buying back shares, with net income expected to grow this year. The transactions were executed as part of a regular acquisition strategy, with no equity swaps involved. Discover 10 more exclusive insights about MITK with an InvestingPro subscription, including detailed Fair Value analysis and 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 by H.C. Wainwright. The company also exceeded earnings per share (EPS) expectations with $0.15 compared to the predicted $0.09. Mitek confirmed its revenue guidance for the fiscal year 2025 to be between $170.0 million and $180.0 million and adjusted its EBITDA margin guidance from 24% to 25%, with an upper limit of 28%. H.C. Wainwright maintained a Buy rating on the company with a price target of $13.00, citing long-term demand for identity protection and fraud prevention solutions as a positive outlook.
Additionally, Mitek Systems held its annual stockholders’ meeting, where eight directors were elected to the board, and BDO USA, P.C. was ratified as the independent auditor for the fiscal year ending September 30, 2025. The meeting also saw the approval of the compensation for the company’s executive officers, despite a notable number of dissenting votes. Mitek Systems is experiencing growth in its fraud prevention offerings and identity verification business, although the company noted a decline in mobile deposit reorders.
The company aims to increase its SaaS revenue to nearly half of its total revenue and is targeting double-digit growth in fiscal 2026. Mitek Systems continues to focus on its Check Fraud Defender and MyVIP platforms, which are gaining traction with financial institutions. These recent developments highlight Mitek’s strategic efforts to enhance profitability and expand its market presence in digital identity verification and fraud prevention.
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