Why Mitek Stock Dropped 16% Today

Shares of "mobile capture and digital identity verification" company Mitek Systems (NASDAQ: MITK) crashed after reporting (actually pretty decent) fourth-quarter 2019 earnings last night. As of 3:10 p.m. EST, the stock was down a whopping 16%.

Analysts had expected Mitek to report earnings of only $0.18 per share (pro forma) on sales of $25.01 million for its fiscal third quarter. Mitek beat that on both counts (if only just barely on sales), earning $0.21 per share on sales of $25.02 million.

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Source Fool.com