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Mitek Systems Inc. (NASDAQ:MITK), a leader in computer peripheral equipment with a market capitalization of $411 million and impressive gross profit margins of 86%, announced the results of its annual stockholders’ meeting held on Monday. According to InvestingPro data, management has been actively buying back shares, demonstrating confidence in the company’s future. The company, headquartered in San Diego, California, confirmed the election of eight directors to its board and the ratification of its independent auditor for the fiscal year ending September 30, 2025.
The board members elected are Scott R. Carter, James D. Fay, Rahul Gupta, Susan J. Repo, Mark Rossi, Kimberly S. Stevenson, Donna C. Wells, and Edward H. West. The election saw a significant number of shares, over 24 million for each director, voting in favor, with Scott R. Carter receiving the highest number of affirmative votes. The company maintains a strong financial position with liquid assets exceeding short-term obligations by 4.6 times.
Stockholders also ratified the appointment of BDO USA, P.C. as the independent registered public accounting firm for the current fiscal year with an overwhelming majority. Out of the total 37,006,555 shares represented at the meeting, 36,175,833 shares voted in favor of the proposal.
Additionally, the compensation of the company’s named executive officers was approved on an advisory basis, with 15,249,136 shares voting for the proposal. However, this item also saw a notable number of dissenting votes, amounting to 9,350,773 shares.
The turnout at the meeting was robust, with a significant majority of the shares outstanding as of the record date being represented. The company’s fiscal year-end remains on September 30, with these latest developments marking key governance decisions by its shareholders.
This information is based on a press release statement filed with the U.S. Securities and Exchange Commission on March 7, 2025.
In other recent news, Mitek Systems reported its first-quarter fiscal year 2025 earnings, revealing revenues of $37.3 million, slightly surpassing H.C. Wainwright’s projection of $36.2 million. The company’s earnings per share (EPS) for the fourth quarter of 2024 also exceeded expectations, coming in at $0.15 compared to the forecasted $0.09. Despite these positive earnings surprises, Mitek’s stock experienced a decline in after-hours trading. The company confirmed its revenue guidance for fiscal year 2025, projecting between $170 million and $180 million, with an adjusted EBITDA margin of 25% to 28%. H.C. Wainwright maintained a Buy rating on Mitek Systems with a price target of $13.00, citing the long-term demand for identity protection and fraud prevention solutions. Mitek’s SaaS revenue showed a significant increase of 29% year-over-year, with the Check Fraud Defender gaining traction. The company continues to focus on developing its Check Fraud Defender and MyVIP platforms, aiming for double-digit growth in fiscal 2026.
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