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MITK Mitek Systems

Mitek Systems, Inc. engages in the innovation of mobile capture and digital identity verification solutions. Its products include Mobile Deposit, Mobile Verify, Mobile Fill, Mobile Docs, A2iA CheckReader, A2iA XE, A2iA DocumentReader, A2iA TextReader, and ICAR ID_CLOUD. The company was founded on December 16, 1983 and is headquartered in San Diego, CA.

Company profile

Ticker
MITK
Exchange
CEO
Scipio Carnecchia
Employees
Incorporated
Location
Fiscal year end
SEC CIK
IRS number
870418827

MITK stock data

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Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

1 Feb 21
13 Apr 21
30 Sep 21
Quarter (USD)
Dec 20 Sep 20 Jun 20 Mar 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Sep 20 Sep 19 Sep 18 Sep 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
23 Mar 21 Diamond Michael E Common Stock Sell Dispose S No No 0 4,117 0 179,352
23 Mar 21 Diamond Michael E Common Stock Sell Dispose S No No 0 4,696 0 181,469
23 Mar 21 Gray Jason Common Stock Sell Dispose S No No 0 3,213 0 116,340
23 Mar 21 Gray Jason Common Stock Sell Dispose S No No 0 3,902 0 117,755
23 Mar 21 Ritter Stephen Common Stock Sell Dispose S No No 0 2,460 0 168,594
23 Mar 21 Ritter Stephen Common Stock Sell Dispose S No No 0 3,103 0 169,626
23 Mar 21 Davison Jeffrey C Common Stock Sell Dispose S No No 0 3,038 0 138,987
23 Mar 21 Davison Jeffrey C Common Stock Sell Dispose S No No 0 3,639 0 140,692
22 Mar 21 Diamond Michael E Common Stock Option exercise Aquire M No No 0 12,376 0 186,165
22 Mar 21 Diamond Michael E RSU Common Stock Option exercise Dispose M No No 0 12,376 0 44,411

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

69.6% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 156 144 +8.3%
Opened positions 35 32 +9.4%
Closed positions 23 17 +35.3%
Increased positions 52 40 +30.0%
Reduced positions 54 53 +1.9%
13F shares
Current Prev Q Change
Total value 536.82M 350.7M +53.1%
Total shares 29.81M 27.52M +8.3%
Total puts 98.2K 55.6K +76.6%
Total calls 298K 32.8K +808.5%
Total put/call ratio 0.3 1.7 -80.6%
Largest owners
Shares Value Change
LGEN Legal & General 3M $53.26M -13.3%
Go Etf Solutions 2.99M $53.13M NEW
BLK Blackrock 2.88M $51.24M +40.4%
Toronado Partners 2.44M $43.36M -18.3%
Vanguard 2.35M $41.8M +10.6%
Blue Grotto Capital 1.52M $27.07M -11.6%
STT State Street 1.17M $20.81M +26.8%
Independent Advisor Alliance 1.02M $18.07M -4.1%
RY Royal Bank Of Canada 757.85K $13.47M -15.9%
Geode Capital Management 631.86K $11.23M +5.5%
Largest transactions
Shares Bought/sold Change
Go Etf Solutions 2.99M +2.99M NEW
BLK Blackrock 2.88M +829.75K +40.4%
Toronado Partners 2.44M -546.36K -18.3%
LGEN Legal & General 3M -458.01K -13.3%
Archon Capital Management 0 -399.04K EXIT
BMO Bank of Montreal 358.28K +356.41K +19110.5%
Sargent Investment 496.87K -258.25K -34.2%
STT State Street 1.17M +247.07K +26.8%
Vanguard 2.35M +225K +10.6%
Blue Grotto Capital 1.52M -198.83K -11.6%

Financial report summary

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Risks
  • We currently derive substantially all of our revenue from a few types of technologies. If these technologies and the related products do not achieve or continue to achieve market acceptance, our business, financial condition, and results of operations would be adversely affected.
  • We cannot predict the impact that the decline of the use of checks, changes in consumer behavior facilitated by advances in technologies, and the development of check alternatives, or the plateau of the penetration of active mobile banking users may have on our business.
  • Claims that our products infringe upon the rights, or have otherwise utilized proprietary information, of third parties may give rise to costly litigation against us or our customers who we may be obligated to indemnify, and we could be prevented from selling those products, required to pay damages, and obligated to defend against litigation or indemnify our customers.
  • If the patents we own or license, or our other intellectual property rights, do not adequately protect our technologies, we may lose market share to our competitors and be unable to operate our business profitably.
  • We face competition from several companies that may have greater resources than we do, which could result in price reductions, reduced margins, or loss of market share.
  • We must continue to engage in extensive research and development in order to remain competitive.
  • Defects or malfunctions in our products could hurt our reputation, sales and profitability.
  • Our lengthy sales cycles and the difficulty in predicting timing of sales or delays may impair our operating results.
  • Our historical order flow patterns, which we expect to continue, have caused forecasting difficulties for us. If we do not meet our forecasts or analysts’ forecasts for us, the price of our common stock may decline.
  • Entry into new lines of business, and our offering of new products and services, resulting from our acquisitions may result in exposure to new risks.
  • Adverse economic conditions or reduced spending on information technology solutions may adversely impact our revenue and profitability.
  • We expect to incur additional expenses related to the integration of ICAR Vision Systems, S.L. and A2iA Group II, S.A.S.
  • We may be unable to successfully integrate our business with the respective businesses of ICAR and A2iA and realize the anticipated benefits of the acquisitions.
  • Our actual financial and operating results following the acquisitions of ICAR and A2iA could differ materially from any expectations or guidance provided by us concerning our future financial and operating results.
  • Our annual and quarterly results have fluctuated greatly in the past and will likely continue to do so, which may cause substantial fluctuations in our common stock price.
  • We face risks related to the storage of our customers’ and their end users’ confidential and proprietary information. Our products may not provide absolute security. We may incur increasing costs in an effort to minimize those risks and to respond to cyber incidents.
  • Due to our operations in non-U.S. markets, we are subject to certain risks that could adversely affect our business, results of operations or financial condition.
  • Our international operations may increase our exposure to potential liability under anti-corruption, trade protection, tax, and other laws and regulations.
  • Fluctuations in foreign currency exchange and interest rates could adversely affect our results of operations.
  • We have a history of losses and we may not be able to maintain profitability in the future.
  • An “ownership change” could limit our ability to utilize our net operating loss and tax credit carryforwards, which could result in our payment of income taxes earlier than if we were able to fully utilize our net operating loss and tax credit carryforwards.
  • From time-to-time our Board explores and considers strategic alternatives, including financings, strategic alliances, acquisitions, or the possible sale of the Company. Our Board may not be able to identify or complete any suitable strategic alternatives, and announcements regarding any such strategic alternatives could have an impact on our operations or stock price.
  • Concentration of ownership among our current and former directors and executive officers may limit our other stockholder’s ability to influence significant corporate decisions.
  • Future sales of our common stock by our insiders may cause our stock price to decline.
  • A potential proxy contest for the election of directors at our annual meeting could result in potential operational disruption, divert our resources, and could potentially result in adverse consequences under certain of our agreements.
  • Our corporate documents and the DGCL contain provisions that could discourage, delay, or prevent a change in control of our company, prevent attempts to replace or remove current management, and reduce the market price of our stock.
  • Our restated certificate of incorporation and second amended and restated bylaws provide for indemnification of officers and directors at our expense and limits their liability, which may result in a major cost to us and hurt the interests of our stockholders because corporate resources may be expended for the benefit of officers and/or directors.
  • The Company has entered into a Section 382 Rights Agreement, and if the share purchase rights issued pursuant to such agreement are exercised, it could materially and adversely affect the market price of our common stock.
  • The market price of our common stock has been volatile and your investment in our stock could suffer a decline in value.
  • Because we do not intend to pay cash dividends, our stockholders will benefit from an investment in our common stock only if our stock price appreciates in value.
  • The COVID-19 outbreak could adversely impact our business.
  • If we are unable to retain and recruit qualified personnel, or if any of our key executives or key employees discontinues his or her employment with us, it may have a material adverse effect on our business.
  • Legislation and governmental regulations enacted in the U.S. and other countries that apply to us or to our customers may require us to change our current products and services and/or result in additional expenses, which could adversely affect our business and results of operations.
  • Future sales of our common stock could cause the market price of our common stock to decline.
  • If financial or industry analysts do not publish research or reports about our business, or if they issue negative or misleading evaluations of our stock, our stock price and trading volume could decline.
Management Discussion
  • ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
  • This Quarterly Report on Form 10-Q (this “Form 10-Q”), contains “forward-looking statements” that involve risks and uncertainties, as well as assumptions that, if they never materialize or they prove incorrect, could cause our results to differ materially and adversely from those expressed or implied by such forward-looking statements. The forward-looking statements are contained principally in Part I, Item 2—“Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Part II, Item 1A—“Risk Factors,” but appear throughout this Form 10-Q. Forward-looking statements may include, but are not limited to, statements relating to our outlook or expectations for earnings, revenues, expenses, asset quality, volatility of our common stock, financial condition or other future financial or business performance, strategies, expectations, or business prospects, the duration and impact of the novel COVID-19 pandemic on our business, our customers, and markets generally, or the impact of legal, regulatory, or supervisory matters on our business, results of operations, or financial condition.
  • Forward-looking statements can be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “target”, “will,” “would,” “could,” “can,” “may”, or similar expressions. Forward-looking statements reflect our judgment based on currently available information and involve a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in Part II, Item 1A—“Risk Factors” in this Form 10-Q and in our other filings with the U.S. Securities and Exchange Commission (the “SEC”), including our Annual Report on Form 10-K for the fiscal year ended September 30, 2020, filed with the U.S. Securities and Exchange Commission on December 7, 2020, as amended by Amendment No. 1 to the Annual Report on Form 10-K/A (the “Form 10-K”), filed with the SEC on December 11, 2020. Additionally, there may be other factors that could preclude us from realizing the predictions made in the forward-looking statements. We operate in a continually changing business environment and new factors emerge from time to time. We cannot predict such factors or assess the impact, if any, of such factors on our financial position or results of operations. All forward-looking statements included in this Form 10-Q speak only as of the date of this Form 10-Q and you are cautioned not to place undue reliance on any such forward-looking statements. Except as required by law, we undertake no obligation to publicly update or release any revisions to these forward-looking statements to reflect any events or circumstances after the date of this Form 10-Q or to reflect the occurrence of unanticipated events.
Content analysis
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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. junior Avg
New words: affirmative, art, book, challenging, Circuit, cited, County, decided, demonstrated, denied, deny, jurisdiction, light, monetary, NCR, Oregon, Panel, patentee, pay, Pennsylvania, petition, PNC, POP, Precedential, predecessor, prejudice, preponderance, PTAB, purported, refiling, rehearing, revert, show, suit, trial, unpatentable, validity, Western
Removed: accrual, auto, block, borrowing, ceasing, classify, commencement, commit, comparative, depend, discontinued, estate, exclude, expanded, forward, fully, fund, hand, implicit, incorrectly, lacking, manner, negotiated, noncancelable, opportunity, optional, package, policy, possession, prepaid, privately, profitable, prospectively, qualify, real, reclassify, relevant, repurchased, require, restructuring, retained, retrospectively, royalty, small, stranded, strategic, streamline, subsequent, supportable, suspended, transition, undertook

Patents

APP
Utility
Systems and Methods for Developing and Verifying Image Processing Standards for Mobile Deposit
8 Apr 21
Systems and methods are provided for assessing whether mobile deposit processing engines meet specified standards for mobile deposit of financial documents.
GRANT
Utility
Heat exchanger
30 Mar 21
A heat pipe heat exchanger is used in combination with a damper assembly to selectively control an amount of heat exchange provided.
GRANT
Utility
Browser-based mobile image capture
30 Mar 21
Systems and methods for integrating mobile image capture with an internet browser application on a mobile device are provided, wherein a user viewing a web page via the internet browser application can initiate a mobile image capture process on the mobile device through the web page, capture images with a mobile image capture user interface, and then provide secure access to the captured images for the web page in order to utilize the content of the captured images.
APP
Utility
Systems and Methods for Fraud Detection for Images of Financial Documents
25 Mar 21
A system comprising: a check Image Record (CIR) database configured to store, for each of a plurality of accounts, a CIR, wherein each CIR comprises feature information related to features extracted from a plurality of reference checks associated with the associated account of the plurality of accounts; memory configured to store instructions; and a processor coupled with the CIR database and the memory, the processor configured to run the instructions, which cause the processor to: receive an image of a test check associated with an account of the plurality of accounts, extract feature information from the image, compare the features with the feature information stored in the CIR database for the account associated with the test check, and generate a fraud score.
APP
Utility
Systems and Methods for Updating an Image Registry for Use In Fraud Detection Related to Financial Documents
25 Mar 21
A system comprising: a check Image Record (CIR) database configured to store, for each of a plurality of accounts, a CIR, wherein each CIR comprises feature information related to features extracted from a plurality of reference checks associated with the associated account of the plurality of accounts; memory configured to store instructions; and a processor coupled with the CIR database and the memory, the processor configured to run the instructions, which cause the processor to: receive an image of a test check associated with an account of the plurality of accounts, extract feature information from the image, compare the features with the feature information stored in the CIR database for the account associated with the test check, generate a fraud score, and update each CIR by determining.