Market Overview

Mitek Spikes After Bullish Report On Benzinga Pro

Share:

Benzinga Professional reported Monday that sources close to Mitek Systems, Inc. (NASDAQ: MITK) say the company has entered into a nationwide agreement with a large pharmaceutical chain.

Sources also told Benzinga Professional that Mitek’s Mobile Verify business is now doing over 500,000 mobile verifications per month, as reported to subscribers in the Market-Moving Exclusive feed.

Report below courtesy of Benzinga Pro:

mitk.png

Related Link: A Look At Mitek: 3 Bullish Developments Into Q3 Earnings

This development comes three days before Mitek’s Q3 earnings report. These developments point toward a strong quarter for the company. Analysts expect EPS of $0.05 and revenue of $8.31 million.

Shares initially spiked higher following the report on about 100,000 shares traded before pulling back to the level the stock was initially trading at.

On June 2, StreetSweeper published a short thesis on Mitek triggering a 15 percent selloff. Benzinga Pro interviewed CFO Russell Clark following the report, who stated, "business continues to do well."

Analysts have been bullish on Mitek in 2016; Needham, Roth Capital and Benchmark Securities have buy ratings. Northland Securities has the stock rated at Overweight.

2016 analyst ratings data provided by Benzinga Pro.

mitkpro.png

Posted-In: Benzinga Pro Benzinga ProfessionalLong Ideas News Short Sellers Rumors Exclusives Trading Ideas

 

Related Articles (MITK)

View Comments and Join the Discussion!

Avis Aligns With TrueCar To Offer Consumers One More Way To Buy Off-Rental Vehicles

Technical Alert - Mitek Systems Pops To Short-Term Resistance