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Mitek Spikes After Bullish Report On Benzinga Pro

Benzinga Professional reported Monday that sources close to Mitek Systems, Inc. MITK 2.49% say the company has entered into a nationwide agreement with a nationwide 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:

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.

© 2016 Benzinga does not provide investment advice. All rights reserved.