NEW YORK (TheStreet) -- Shares of Mitek Systems(MITK) - Get Report were gaining 14.5% to $3.94 on Friday after the mobile capture and identity verification solutions provider beat analysts' estimates for earnings in the fourth quarter of fiscal 2015.
After the market closed on Thursday, Mitek Systems reported earnings of 9 cents a share for the fiscal fourth quarter, above analysts' estimates of 3 cents a share for the quarter. Revenue grew 42.6% year over year to $7.9 million for the quarter, above analysts' estimates of $8.59 million.
"Our industry leading mobile check deposit product continued to be the primary driver of revenue growth in fiscal 2015, enabling us to achieve record revenue, net income and EPS," President and CEO James DeBello said in a statement. "Mobile check deposit remains a tremendous growth opportunity as it currently represents less than 5% of the approximately 19 billion checks deposited in the U.S. each year, according to the most recent Fed study."
Looking to the fiscal year 2016, Mitek Solutions said it expects to report revenue of $31 million to $33 million, compared to analysts' estimates of $27.8 million for the fiscal year.
About 2.6 million shares of Mitek Systems were traded by 12:36 p.m. Friday, above the company's average trading volume of about 160,000 shares a day.
TheStreet Ratings team rates MITEK SYSTEMS INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
We rate MITEK SYSTEMS INC (MITK) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, impressive record of earnings per share growth and compelling growth in net income. However, as a counter to these strengths, we find that the company's return on equity has been disappointing.
You can view the full analysis from the report here: MITK
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