Mitek Systems Inc (NASDAQ: MITK), a leader in digital identity and digital fraud prevention, said on Monday that its Board of Directors had authorized a two-year share buyback program valued at up to $50 million.
“The share repurchase program reflects our confidence in our strategy for long-term profitable growth and our belief that we can capitalize on the substantial market opportunities ahead for our new product offerings,” David Lyle, CFO of Mitek Systems, said in a press release.
“With our strong balance sheet and cash flow, we can repurchase shares while maintaining sufficient cash resources to fund our operations and invest in our growth opportunities.”
Stock Performance
The shares of Mitek Systems Inc (NASDAQ: MITK) closed 0.07% ($0.01) lower at $13.37 on Nasdaq on Friday, following a flat performance in the previous market session.
The company’s total market cap now stands at $625.59 million.
The shares of Mitek Systems Inc (NASDAQ: MITK) went up 34.57% in 2023, compared with a 43.42% gain for the benchmark index, Nasdaq Composite (IXIC).
The company’s shares have risen 2.53% so far this year.
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