Mitek Systems: Gift Pullback Provides Entry Point
Avoid Mitek Systems Until After The April 19th Patent Review
Volte-Face Investments • 25 Comments
Volte-Face Investments • 25 Comments
Mitek Systems: When Preparation Meets Opportunity
Volte-Face Investments • 39 Comments
Volte-Face Investments • 39 Comments
Fri, Jun. 3, 1:05 PM
- Mitek (MITK +3.2%) is up moderately after reacting to a bearish column from TheStreetSweeper that led shares to fall 17% yesterday.
- TheStreetSweeper highlighted recent insider selling from ex-chairman John Thornton, chairman/CEO James DeBello, and others. It also declared Mitek's patent portfolio to be weak, called competition from facial/fingerprint-recognition tech developer Daon (has worked with USAA and MasterCard, among others) to be a major threat, argued IDChecker (acquired last year for $10.6M) is overrated and faces fierce competition, and criticized Mitek's executive compensation and valuation.
- Regarding insider selling, CFO Russell Clark says Thornton's sales were done for estate planning purposes, that DeBello's are part of a structured selling plan, and that his were done to help pay for his kids' college expenses. He insists Mitek has no remaining IP issues, and defended the strength of its patent portfolio (features 26 patents, along with others in the pipeline).
- Shares are still up 89% YTD. An FQ2 beat was delivered in late April.
Thu, Jun. 2, 3:00 PM
Thu, Jun. 2, 12:45 PM
Thu, Apr. 28, 9:16 AM| Thu, Apr. 28, 9:16 AM
Wed, Mar. 23, 9:51 AM
- Stephen Ritter, formerly the SVP of engineering and research for A.I./deep learning startup Emotient (was acquired by Apple), has been named Mitek's (MITK +5.9%) CTO.
- He'll be responsible for "driving technological development" of Mitek's mobile capture and ID-verification offerings, as well as overseeing the Mitek Labs computer vision and scientific team. Before working at Emotient, Ritter was an engineering exec at security software vendors Websense and McAfee.
- The move comes shortly after CEO James DeBello was named chairman. A deal to provide Mitek's Mobile Fill ID-capture solution to an unnamed "leading lending platform" was announced yesterday.
Tue, Mar. 1, 11:21 AM
- An unnamed top-5 U.S. bank is using Mitek's (MITK +9.3%) Mobile Deposit platform to enable batch check deposits via mobile devices.
- Mitek recently launched a multi-check mobile capture offering, hoping to win over banks looking to shift a greater portion of business check deposits to mobile apps. The company notes research firm Celent has estimated 32% of monthly teller transactions at the average branch office involve small business check deposits.
- On its FQ1 call (transcript), Mitek said it added 300 financial institutions to its licensee list during the quarter, raising the company's total count to 4,800.
Fri, Jan. 8, 10:50 AM
- Bernmark's Mark Schappel has launched on Mitek (NASDAQ:MITK) with a Buy rating and $6.50 target.
- The mobile check-deposit and ID-verification software firm is within $0.30 of a 52-week high of $5.37. Shares go for 5.1x a 2-analyst FY16 (ends Sep. '16) sales consensus of $32M.
- Two months ago: Mitek jumps on FQ4 beat, strong FY16 guidance
Nov. 6, 2015, 9:29 AM
Nov. 6, 2015, 9:19 AM
- Mitek (NASDAQ:MITK) followed up on its FQ4 beat by guiding on its earnings call (transcript) for FY16 (ends Sep. '16) revenue of $31M-$33M, above a 3-analyst $27.8M consensus. Due to seasonality, FQ1 revenue is expected to be "more consistent" with FQ3's $6.4M than FQ4's $7.9M; consensus is at $6.6M.
- Another 400 banks were signed up for Mitek's core Mobile Deposit platform in FQ4, bringing the total to more than 4,500 out of an available ~8,000. Mitek argues plenty of growth is still possible, given Mobile Deposit still accounts for less than 5% of the 19B annual check deposits seen in the U.S. A facial recognition solution (called Photo Verify) was recently launched.
- Software revenue rose 42% Y/Y in FQ4 to $5.45M; services revenue rose 42% to $2.41M. Excluding M&A-related expenses (stemming from the IDChecker deal), GAAP operating costs/expenses fell 2% to $5.5M.
- Shares have jumped to $3.95 premarket.
- FQ4 results, PR
Sep. 21, 2015, 11:06 AM
- An unnamed "global banking and payment technology provider" has placed a $1.4M reorder for transactions involving Mitek's (MITK +2.4%) Mobile Deposit photo-based check-deposit solution.
- The deal, said to be the third reorder from the client, involves $1.2M in software license revenue and $200K in maintenance revenue. Mitek, which claims Mobile Deposit is licensed by 4,100+ banks used by 50M+ consumers, states its client "supplies Mobile Deposit to some of the country's largest banks and prepaid card providers."
Jul. 23, 2015, 5:24 PM
- With an FQ3 beat in tow, Mitek (NASDAQ:MITK) is hiking its FY15 (ends in September) sales guidance by $1M to $23.5M-$24.5M, above a $23.1M consensus.
- Mitek's mainstay Mobile Deposit solution is now licensed by over 4K financial institutions, up from 3,705 at the end of FQ2. Software revenue +47% Y/Y to $4.68M; services +19% to $1.76M.
- Sales/marketing spend fell 9% Y/Y to $1.65M; R&D fell 15% to $1.35M, and G&A 22% to $1.8M. Mitek ended FQ3 with $24M in cash/short-term investments, and no debt. The deferred revenue balance stood at $4M.
- Shares have risen to $4.14 AH.
- FQ3 results, PR
Jul. 23, 2015, 4:16 PM
- Mitek Systems (NASDAQ:MITK): Q2 EPS of $0.07 beats by $0.03.
- Revenue of $6.4M (+37.3% Y/Y) beats by $0.57M.
- Shares +7%.
Apr. 23, 2015, 3:27 PM
- Only a handful of tech companies are seeing major declines amid a 0.6% gain for the Nasdaq. A somewhat larger number are seeing big gains.
- Today's notable tech gainers include wireless IP licensing firm WiLAN (WILN +5.3%), Chinese social networking/gaming services firm Renren (RENN +4.8%), authentication hardware/software vendor Vasco (VDSI +4.1%), mobile banking tech provider Mitek (MITK +5.6%), and e-commerce listing/monetization services firm ChannelAdvisor (ECOM +5.7%).
- Renren is up 10% over the last two days. Beaten-down ChannelAdvisor has rallied ahead of its May 4 Q1 report. WiLAN's gains come ahead of its April 29 Q1 report.
- Previously covered: Chinese online real estate, Nuance, Solar3D, Medidata, F5, Citrix, Logitech, Rocket Fuel
- Notable decliners: Chip stocks, MobileIron, Avnet, Cognex, Ericsson
Mar. 24, 2015, 3:18 PM
- Today's notable tech gainers include chip packaging/testing firm ChipMOS (IMOS +3.7%), and headphone maker Skullcandy (SKUL +3.9%), mobile banking tech provider Mitek (MITK +6.5%), search toolbar/mobile ad platform provider Perion (PERI +8.8%), Chinese social network/game provider Renren (RENN +4.8%), peripherals giant Logitech (LOGI +4%), security IP licensing firm Finjan (FNJN +13.7%).
- Notable decliners include e-commerce services firm ChannelAdvisor (ECOM -5.6%), program guide/content protection IP firm Rovi (ROVI -4.3%), telecom equipment vendor Calix (CALX -3.5%), and Fibre Channel/Ehternet switch vendor Brocade (BRCD -3.4%).
- Likely helping Finjan: An H.C. Wainwright note stating the company has committed $5M to a Jerusalem Venture Partners (JVP) cybersecurity fund; Alibaba announced yesterday it's investing in JVP. Logitech announced a $100 wireless mouse today. Skullcandy is once more within striking distance of a 52-week high of $11.83.
- Previously covered: Twitter, solar stocks, Sonus/AudioCodes/BroadSoft, Neonode, Arista, Taser, Ciena, Zagg, Gogo, Digital Ally
Mar. 17, 2015, 3:17 PM
- Today's notable tech gainers include 4G modem/M2M hardware provider Sierra Wireless (SWIR +4%), Chines online auto site Bitauto (BITA +5.3%), energy tech hardware provider PowerSecure (POWR +5.4%), Chinese analog/mixed-signal chipmaker Vimicro (VIMC +7.7%), and enterprise cloud healthcare software provider Castlight (CSLT +5.8%).
- Notable decliners include mobile banking tech developer Mitek (MITK -7.8%), Chinese online classifieds leader 58.com (WUBA -4%), Taiwanese chip packaging/testing services firm ChipMOS (IMOS -3.4%), and financial site TheStreet (TST -5.7%).
- Sierra had closed yesterday near its lowest levels since Feb. 9. Bitauto had fallen sharply over the last two weeks due to the spending/margin concerns triggered by its Q4 report. Beaten-down Castlight is adding to the Friday gains it saw after filing its 10-K. ChipMOS rallied strongly on Friday after posting a Q4 EPS beat.
- Previously covered: Universal Display, NeoPhotonics, Vivint, Rocket Fuel, Vasco, Micron, Veeva, Qunar/Ctrip, GoPro, Chinese solar stocks, Himax, ExOne, magicJack
Jan. 30, 2015, 6:09 PM
- After having risen sharply over the prior four trading days, Mitek (NASDAQ:MITK) sold off in the wake of its FQ1 beat. Shares still finished the week up 14%.
- On the CC (transcript), CFO Russ Clark guided for FQ2 operating expenses of $5.25M-$5.75M, and litigation spend of $200K-$300K. Mitek's total FQ1 costs/expenses amounted to $5.26M (-12% Y/Y). The company suggests R&D and (to a lesser extent) sales spending growth is mostly responsible for the guidance.
- CEO Jim DeBello states 33M U.S. consumers used Mobile Deposit last year, and sees the user base rising to 47M by the end of 2015. The U.K. and Brazil, each of whom are expected to sign off on image check deposit legislation, are seen as growth opportunities, as is broader usage of the MiSnap automatic image capture platform and risk mitigation solutions that allow banks to raise check deposit size limits.
- FQ1 results, details
Mitek Systems, Inc. is engaged in the development, sale and service of proprietary software solutions related to mobile imaging applications and intelligent character recognition software. The company is a mobile imaging software solutions provider that allows users to remotely deposit checks,... More
Industry: Computer Peripherals
Country: United States
Other News & PR