MITK - Mitek Systems: Overcoming Its Past Issues

2024-03-27 09:49:32 ET

Summary

• Mitek Systems is a small, profitable software company with double-digit sales growth in its mobile deposits and identity verification product lines.
• The company has resolved past issues, including a restatement of financials and the hiring of a new CFO, and is expected to have excess cash for stock buybacks.
• Mitek's identity verification business has high growth potential, while its deposits business continues to grow despite declining check usage.

Mitek Systems ( MITK ) is a small, profitable software company that has been growing its revenues at a healthy clip over the past several years. It has two main product lines that currently have double digit sales growth and require little capital investment, though one of those products is expected to have slower growth in the next few years....

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