10.41 0.00 (0.00%)
After hours: 4:00PM EST
|Bid||10.26 x 1400|
|Ask||10.92 x 900|
|Day's Range||10.37 - 10.75|
|52 Week Range||6.32 - 10.75|
|Beta (3Y Monthly)||-0.48|
|PE Ratio (TTM)||N/A|
|Earnings Date||Oct 2, 2017 - Oct 6, 2017|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||14.40|
Warning! GuruFocus has detected 3 Warning Signs with MITK. For the last quarter Mitek Systems Inc reported a revenue of $21.0 million, compared with the revenue of $12.90 million during the same period a year ago. For the last five years Mitek Systems Inc had an average revenue growth rate of 33.8% a year.
Moody's Investors Service (Moody's) said that ASG Technologies Group, Inc.'s B2 Corporate Family Rating and stable ratings outlook are not affected at this time by ASG's increased offer to acquire Mitek Systems, Inc. On 10 December 2018, ASG Technologies Group, Inc. and the affiliates of Elliott Associates, L.P., ASG's financial sponsors, made public their increased offer to acquire Mitek Systems, Inc. for $11.50 per share in cash, up from the $10 per share offer that was made public on 31 October 2018.
In a public letter released on Monday, hedge fund Elliott Management Corp's ASG Technologies raised its offer to buy Mitek to $11.50 per share from $10 previously on Oct. 31. Following ASG's latest offer, Mitek said it offered ASG the opportunity to access preliminary diligence on a confidential, non-exclusive basis to provide ASG an opportunity to increase its offer price. "We requested that ASG and Elliott agree to a confidentiality agreement, including a customary standstill, to prevent the misuse of the company's confidential and proprietary information," Mitek said.
Mitek Systems Inc on Tuesday rejected ASG Technologies Group Inc's latest buyout offer, saying it undervalued the financial technology provider. In a public letter released on Monday, hedge fund Elliott Management Corp's ASG Technologies raised its offer to buy Mitek to $11.50 per share from $10 previously on Oct. 31. Following ASG's latest offer, Mitek said it offered ASG the opportunity to access preliminary diligence on a confidential, non-exclusive basis to provide ASG an opportunity to increase its offer price.
Hedge fund Elliott Management Corp's ASG Technologies Group Inc raised its offer to buy Mitek Systems Inc to $11.50 per share from $10, in its latest attempt to buy the provider of financial technology to banks. ASG said it made the offer public because Mitek refused to engage with the hedge fund on "reasonable terms." Mitek could not immediately be reached for comment. Mitek's shares were up 10 percent at $9.96.
Investors target stocks that have been on a bullish run lately. Actually, stocks seeing price strength have a high chance of carrying the momentum forward.
NEW YORK, Nov. 20, 2018 -- Levi & Korsinsky announces it has commenced an investigation of Mitek Systems, Inc. (NASDAQCM: MITK) concerning possible breaches of fiduciary.
Hedge fund Elliott Management on Tuesday asked Mitek Systems Inc to scrap a so-called "poison pill" to let it buy more stock and said it may press for board changes after the software company took steps to protect itself from the activist investor. Elliott, which invests more than $34 billion, wrote to Mitek's board and asked for "relief from the poison pill recently enacted" in order to buy as much as 14.9 percent of the company's stock. Elliott has not disclosed the size of its stake, which includes common stock and swaps, but has said it is one of the company's biggest shareholders.
Hedge fund Elliott Management on Tuesday asked Mitek Systems Inc to scrap a so-called poison pill to let it buy more stock and said it may press for board changes after the software company took steps to protect itself from the activist investor. Elliott is increasing the pressure on San Diego-based Mitek at a time that software company ASG Technologies, which the hedge fund owns, has been pushing to buy Mitek for $10 a share. Elliott wrote that ASG President and Chief Executive Charles Sansbury first approached Mitek about a possible takeover in August, roughly one week before the company announced that long-serving CEO James DeBello and chief financial officer Jeff Davison would be leaving.
Elliott Management Corporation (“Elliott”), which manages funds that collectively have made a substantial investment in the common stock and economic equivalents of Mitek Systems, Inc. (together with its subsidiaries, collectively the “Company” or “Mitek”), making Elliott one of Mitek’s largest investors, today wrote a letter to the Mitek Board of Directors. In the letter, Elliott questioned if the Board’s priorities are aligned with those of shareholders, citing recent examples of entrenchment through the adoption of a “poison pill,” as well as misleading statements surrounding the timeline of ASG’s approaches to Mitek.
A whitepaper released today by Mitek (MITK), authored by Fintech research practice Autonomous NEXT found that the opportunity is ripe for digital lenders to grow – if they continue to invest in digitisation. The whitepaper, entitled ‘European Digital Lenders: How operating efficiency is helping digital lenders attack a $150 billion annual origination market across the Eurozone in 2018’, looked into the state of the digital lending market in Europe. It found that while European digital lenders are growing quickly, digital share is still low relative to the addressable market opportunity.
Elliott Management leader Paul Singer (Trades, Portfolio) disclosed that he established six new positions when he released his third-quarter portfolio earlier this week. Warning! GuruFocus has detected 5 Warning Signs with FE. As a well-known activist investor, the guru's New York-based firm takes large stakes in underperforming companies and then encourages management to implement changes that will improve performance and profitability.
NEW YORK, Nov. 07, 2018 -- In new independent research reports released early this morning, Market Source Research released its latest key findings for all current investors,.
Mitek Systems, Inc. (NASDAQ: MITK, www.miteksystems.com), a global leader in mobile capture and digital identity verification solutions, today announced that its Board of Directors, after consultation with its financial and legal advisors, has unanimously determined that the non-binding, unsolicited proposal to acquire Mitek, made public by press release on October 31, 2018, from ASG Technologies Group, Inc., a portfolio company of Elliott Associates, L.P. and Elliott International, L.P., is not in the best interests of Mitek’s shareholders. “Mitek sits at the forefront of powerful global trends in mobile commerce and is well-positioned to deliver significant and sustained growth, as we tap into our technology leadership, customer relationships and proven ability to innovate and scale,” said Bruce Hansen, Chairman of Mitek. “Mitek has achieved record revenue for both the fourth quarter and full year 2018, as well as its nineteenth consecutive quarter of non-GAAP profitability. The growth trajectory of the Company is substantial, and we are making excellent progress in our search to name Mitek’s new CEO. ASG’s opportunistically-timed proposal and tactics are designed to seize for ASG value that belongs to Mitek’s shareholders.
Mitek Systems (MITK) delivered earnings and revenue surprises of 55.56% and 4.65%, respectively, for the quarter ended September 2018. Do the numbers hold clues to what lies ahead for the stock?
The San Diego-based company said it had a loss of 6 cents per share. Earnings, adjusted for costs related to mergers and acquisitions and stock option expense, came to 14 cents per share. The results topped ...
SAN DIEGO, Nov. 01, 2018 -- Mitek (NASDAQ: MITK, www.miteksystems.com), a global leader in mobile capture and digital identity verification solutions, today announced its.
NEW YORK/BOSTON, Oct 31 (Reuters) - Hedge fund Elliott Management Corp's software company ASG Technologies said on Wednesday it was offering to buy Mitek Systems Inc for $10 a share after the provider of financial technology to banks rejected an earlier takeover approach. Mitek said in a statement that "Mitek Board of Directors, in consultation with its financial and legal advisors, will carefully review and consider the proposal in order to pursue the course of action that is in the best interests of Mitek shareholders." It said it would not comment until the board had completed its review.