Mitek Systems, Inc. develops, markets, and sells mobile image capture and digital identity verification solutions in the United States, Europe, Latin America, and internationally. The company's solutions are embedded in native mobile apps and browsers to facilitate online user experiences, fraud detection and reduction, and compliant transactions. It offers Mobile Deposit that enables individuals and businesses to remotely deposit checks using their camera-equipped smartphone or tablet; and Mobile Verify, an identity verification solution that is integrated into mobile apps, mobile websites, and desktop applications. The company also provides Mobile Fill, an application to prefill forms with user data by snapping a picture of the driver license or other similar identity documents; Mobile Docs, a mobile document scanning solution; and MiSnap, an image capture technology. In addition, it offers CheckReader that enables financial institutions to automatically extract data from checks; XE, a recurrent neural network engine; and ID_CLOUD, an automated identity verification solution that is integrated into a customers' application to read and validate identity documents. The company sells its solutions primarily to banks, credit unions, lenders, payments processers, card issuers, fintech companies, and others through direct sales teams and channel partners. Mitek Systems, Inc. was incorporated in 1986 and is based in San Diego, California.
IPO Year:
Exchange: NASDAQ
Website: miteksystems.com
| Date | Price Target | Rating | Analyst |
|---|---|---|---|
| 9/4/2024 | $17.00 → $9.50 | Buy → Hold | Jefferies |
| 12/14/2023 | $17.00 | Buy | Craig Hallum |
| 10/31/2023 | $13.00 | Buy | Jefferies |
| 10/25/2022 | $17.00 → $13.00 | Buy | Jefferies |
| 8/12/2021 | $27.00 | Buy | HC Wainwright & Co. |
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Mitek Systems, Inc. (NASDAQ:MITK), a global leader in digital identity verification, mobile capture and fraud management, today announced the appointment of James ("J.D.") Fay to its board of directors. Mr. Fay will also serve as a member of the board's audit committee. Mr. Fay, who currently serves as Chief Financial Officer at Matterport, Inc. (NASDAQ:MTTR), brings over two decades of financial strategy and operational expertise to Mitek, having played a key role in scaling technology companies from early growth stages to IPO and acquisition. "We are thrilled to welcome J.D. to our board and believe his extensive experience in financial strategy and guiding companies through growth and t
Mitek Systems, Inc. ("Mitek" or the "Company") (NASDAQ:MITK), a global leader in digital identity verification, mobile capture and fraud management, today announced the appointment of Ed West as Chief Executive Officer and a member of the Board of Directors, effective immediately. Scott Carter, who has served as Interim CEO since June 2024, will serve as non-executive Chairman of the Board of Directors. "We are thrilled to welcome Ed to Mitek Systems," said Scott Carter. "Ed's expertise in driving top-line growth through innovative product development and business model transformation will be invaluable as Mitek enters its next chapter. He brings a proven track record of building fintech p
Mitek Systems, Inc. (NASDAQ:MITK), a global leader in digital identity verification, mobile capture, and fraud management solutions, announced today it granted equity awards as a material inducement to the employment of the company's newly-hired Chief Executive Officer, Edward H. West. The overarching philosophy in the design of Mr. West's compensation package was an emphasis on equity-based compensation directly tied to building stockholder value in lieu of significant guaranteed cash and/or service-based equity. To this end, in connection with Mr. West's appointment as the Company's Chief Executive Officer, its Board and Compensation Committee approved employment inducement awards for Mr
Encourages Fellow Stockholders to Vote Against the Re-Election of All Six Mitek Directors Based on Their Significant Destruction of Value and Mismanagement of the Company Hammana Partners LP, Bradley L. Radoff and Joshua E. Schechter (together with their affiliates, the "Concerned Stockholder Group" or "we") are significant stockholders of Mitek Systems, Inc. (NASDAQ:MITK) ("Mitek" or the "Company"). Today, the Concerned Stockholder Group issued the below letter to stockholders ahead of the Company's Annual Meeting of Stockholders on September 10, 2024: September 5, 2024 Fellow Stockholders, Over the past 12 months, we have engaged privately and publicly with Mitek's management and
Mitek's Check Fraud Defender selected by Alogent to bring better check fraud detection to banks and credit unions Mitek Systems, Inc. (NASDAQ:MITK), a global leader in digital identity and fraud prevention, announces the expansion of their partnership with Alogent. Alogent will integrate Mitek's Check Fraud Defender (CFD) into its web-based enterprise deposits automation solution, Unify. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240821938341/en/ According to the annual Federal Reserve Financial Services Survey, in the United States, forms of check fraud including forgery and counterfeiting account for 31% of all bank frau
Mitek Systems Inc. (NASDAQ:MITK) has been named the winner of the prestigious Best Transaction Fraud Monitoring and Decisioning Innovation category in the 2024 Datos Insights' Fraud & AML Impact Awards. This recognition solidifies Mitek's position as an industry leader in fraud detection in financial services, particularly for its groundbreaking product, Check Fraud DefenderTM (CFD). This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240820453648/en/(Graphic: Business Wire) This award highlights the strides Mitek continues to make in advancing transaction fraud detection and prevention. CFD sets new industry standards by employing a
Mitek Systems, Inc. (NASDAQ:MITK, www.miteksystems.com, "Mitek" or the "Company"))), a global leader in digital identity and fraud prevention, today reported financial results for its third quarter ended June 30, 2024 and revised its previously provided guidance for its 2024 fiscal year ending September 30, 2024. Fiscal 2024 Third Quarter Financial Highlights Total revenue was $45.0 million, compared to $43.1 million a year ago, or 4% year-over-year growth. GAAP operating income was $0.7 million, an operating margin of 2%, compared to GAAP operating income of $1.8 million, an operating margin of 4% a year ago. GAAP net income was $0.2 million, or $0.00 per diluted share, compared
Mitek (NASDAQ:MITK, www.miteksystems.com))), a global leader in digital identity and digital fraud prevention, today announced that it will conduct a conference call on Thursday, August 8th at 2:00 p.m. Pacific time (5:00 p.m. Eastern time) to discuss its financial results for the fiscal third quarter ended June 30, 2024. The financial results will be issued in a press release prior to the call. Mitek Interim CEO Scott Carter and CFO Dave Lyle will host the call, followed by a question and answer session. Date: Thursday, August 8, 2024 Time: 2:00 p.m. Pacific time (5:00 p.m. Eastern time) Toll-free dial-in number: 888-999-5318 International dial-in number: +1 848-280-6460 Participants:
Prestigious International Award Program Recognizes Mitek's MiPass® Mitek Systems, Inc. (NASDAQ:MITK) has been named winner of the Authentication Innovation Award in the seventh annual AI Breakthrough Awards program conducted by AI Breakthrough, a leading market intelligence organization that recognizes the top companies, technologies and products in the global artificial intelligence (AI) market. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240626533641/en/(Graphic: Business Wire) Mitek's MiPass® represents a significant advancement in biometric authentication technology. Using a unique combination of face and voice biometri
Recognized by FinTech Global as One of the World's Most Innovative AI Solution Providers Mitek Systems, Inc. (NASDAQ:MITK), a global leader in digital identity and digital fraud prevention announced today its inclusion in the 2024 AIFinTech100. The list, published by FinTech Global, recognizes the world's most innovative AI solution providers for financial services. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240618644086/en/ Finalists were chosen by a panel of industry experts and analysts based on FinTech Global's research of over 2,000 FinTech companies. The solution providers making the list are recognized for using AI
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Mitek Systems, Inc. (NASDAQ:MITK), a global leader in digital identity verification, mobile capture and fraud management, today announced the appointment of James ("J.D.") Fay to its board of directors. Mr. Fay will also serve as a member of the board's audit committee. Mr. Fay, who currently serves as Chief Financial Officer at Matterport, Inc. (NASDAQ:MTTR), brings over two decades of financial strategy and operational expertise to Mitek, having played a key role in scaling technology companies from early growth stages to IPO and acquisition. "We are thrilled to welcome J.D. to our board and believe his extensive experience in financial strategy and guiding companies through growth and t
Mitek Systems, Inc. ("Mitek" or the "Company") (NASDAQ:MITK), a global leader in digital identity verification, mobile capture and fraud management, today announced the appointment of Ed West as Chief Executive Officer and a member of the Board of Directors, effective immediately. Scott Carter, who has served as Interim CEO since June 2024, will serve as non-executive Chairman of the Board of Directors. "We are thrilled to welcome Ed to Mitek Systems," said Scott Carter. "Ed's expertise in driving top-line growth through innovative product development and business model transformation will be invaluable as Mitek enters its next chapter. He brings a proven track record of building fintech p
Scott Carter, Previous Executive Chair of the Board and Current Chairman of the Board, Appointed Interim CEO Search Underway to Identify Permanent CEO Mitek (NASDAQ:MITK, www.miteksystems.com, "Mitek" or the "Company"))), a global leader in digital identity and digital fraud prevention, today announced that the Company's Board of Directors has appointed Scott Carter as Interim CEO, effective June 1, 2024. The Company will terminate the employment of Mitek's current CEO, Max Carnecchia, on May 31, 2024. At the request of the Board, Mr. Carnecchia will remain a member of the Board of Directors and be available to assist with the CEO transition process. The Board has engaged the services
ID R&D, a Mitek Systems company, and the leading provider of AI-driven biometric solutions, proudly announced the appointment of Peter Martis as Vice President of Growth. Respected as a thought leader in biometric technology and renowned for his strategic foresight and transformative leadership, Martis brings a wealth of expertise to this new role and is prepared to launch the company's growth trajectory in both go-to-market and product strategies. In his new role, Peter will be responsible for overseeing the strategic initiatives aimed at expanding market presence and enhancing product offerings. This entails spearheading the creation of innovative products, capabilities, and processes t
Seasoned Technology and Financial Operations Leader Joins Mitek's Executive Team Mitek Systems, Inc. (NASDAQ:MITK, Mitek or the Company))), a global leader in digital identity and fraud prevention is pleased to announce the appointment of David Lyle as Chief Financial Officer (CFO). He will assume the CFO role on January 2, 2024, currently held by Fuad Ahmad, Mitek's current interim CFO, who will remain with Mitek during the next several months to ensure a successful transition. Lyle brings an impressive background with 28 years of technology industry experience, 16 of which were spent leading public companies as CFO, including Surgalign Spine Technologies (SRGAQ), Airgain, Inc. (NASDAQ
Mitek (NASDAQ:MITK) is pleased to announce the appointment of Gillian Channer as the Vice President of Identity Product Management. With a distinguished career spanning product management, business operations, and technology thought leadership, Gillian brings a wealth of experience and industry insight to her new role. Prior to joining Mitek, Gillian served as the Chief Product Officer for Capita, a leading United Kingdom-based consulting, transformation and digital services business. In this capacity, she led a customer-centric approach to product management across multiple business lines and held the position of Division Product Architecture Director, responsible for defining the compan
Top consumer credit reporting agency and global identity verification experts partner to lead fight against evolving digital fraud threats Mitek Systems, Inc. (MITK), a global leader in making digital access faster and more secure, announced a strategic partnership with Equifax Inc. (EFX), a global data, analytics and technology company. The agreement will add Mitek's biometric-based identity verification and liveness detection technology to Equifax's digital identity software, further strengthening Equifax's ability to help companies prevent identity fraud. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230921731606/en/ In Fe
Company to Undertake Strategic Portfolio Review FLEETCOR Technologies, Inc. (NYSE:FLT) ("FLEETCOR" or the "Company"), a leading global business payments company, today announced it has entered into a cooperation agreement with one of its long-term shareholders, the D. E. Shaw group. As part of the agreement, FLEETCOR has appointed Rahul Gupta to the Company's Board of Directors (the "Board"), agreed to add another, mutually agreed-upon director to the Board and agreed to form an ad hoc Strategic Review Committee. Board Refresh FLEETCOR's appointment of Mr. Gupta and the Company's agreement to add a second new director advances the Company's Board refreshment process, which is intended to
Strategic hire will help manufacturers navigate increasing compliance and sustainability requirements Assent Inc. (Assent), a leader in supply chain sustainability management, has appointed Aaron Korsen as Senior Vice President of Sales, North America. The hire comes at a time of rapid growth for Assent as the company delivered another year of double-digit sales growth in 2022 and recently launched its complete end-to-end ESG solution to help manufacturers manage upcoming and expanded supply chain reporting requirements. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230215005079/en/Aaron Korsen, SVP of North American Sales at A
Company bolsters management team with experienced cybersecurity and identity financial chief to drive company to continued growth and profitability SAN MATEO, Calif., Feb. 7, 2023 /PRNewswire/ -- Arkose Labs, the global leader in bot management and account security, today announced that Frank Teruel has joined the company as its new CFO. Teruel will serve on the Executive Leadership Team and report directly to founder and CEO Kevin Gosschalk. Cybersecurity and identity expert Frank Teruel selected to lead Arkose Labs' corporate services and finance org."I'm delighted to welcom
Gainers Actelis Networks (NASDAQ:ASNS) stock rose 139.1% to $2.75 during Tuesday's pre-market session. The market value of their outstanding shares is at $9.2 million. MicroAlgo (NASDAQ:MLGO) shares increased by 30.98% to $4.65. The company's market cap stands at $35.4 million. Schmid Group (NASDAQ:SHMD) stock moved upwards by 25.67% to $5.09. The company's market cap stands at $218.7 million. Ostin Technology Group (NASDAQ:OST) stock increased by 18.25% to $0.49. The company's market cap stands at $7.1 million. Comtech Telecom (NASDAQ:CMTL) shares rose 17.97% to $2.56. The market value of their outstanding shares is at $72.8 million. As per the news, the Q3 earnings report came out tod
Providing a diverse range of perspectives from bullish to bearish, 4 analysts have published ratings on Mitek Systems (NASDAQ:MITK) in the last three months. In the table below, you'll find a summary of their recent ratings, revealing the shifting sentiments over the past 30 days and comparing them to the previous months. Bullish Somewhat Bullish Indifferent Somewhat Bearish Bearish Total Ratings 4 0 0 0 0 Last 30D 1 0 0 0 0 1M Ago 2 0 0 0 0 2M Ago 1 0 0 0 0 3M Ago 0 0 0 0 0 The 12-month price targets, analyzed by analysts, offer insights with an average target of $19.0, a high estimate of $19.00, and a low estimate of $19.00. Witnessing a positive shift, the current aver
HC Wainwright & Co. analyst Scott Buck reiterates Mitek Systems (NASDAQ:MITK) with a Buy and maintains $19 price target.
Fiscal 2024 Full Year Guidance Mitek is reiterating its previously provided guidance for its fiscal year ending September 30, 2024, as follows: Mitek expects full-year revenue to be between $180.0 million and $185.0 million, a 6% growth rate at the midpoint of the range. In fiscal 2023, Mitek signed a large multi-year mobile deposit reorder with one customer that locked in favorable pricing over a four-year period. Due to the unique terms of this contract, Mitek recognized additional license revenue relating to future years of approximately $7.0 million in fiscal 2023. If the Company backs out the future year revenue of $7 million from its fiscal 2023 revenue and attributes the $2.7 mill
Mitek Systems, Inc. (NASDAQ:MITK, , www.miteksystems.com, ", Mitek", or the ", Company", ))))), a global leader in digital identity and digital fraud prevention, today announced that its Board of Directors has authorized a two year share repurchase program for up to $50 million of its common stock.
Mitek (NASDAQ:MITK, , www.miteksystems.com, ", Mitek", or the ", Company", ))))), a global leader in digital identity and digital fraud prevention, today announced that the Company's Board of Directors has appointed Scott Carter as Interim CEO, effective June 1, 2024. The Company will terminate the employment of Mitek's current CEO, Max Carnecchia, on May 31, 2024. At the request of the Board, Mr. Carnecchia will remain a member of the Board of Directors and be available to assist with the CEO transition process. The Board has engaged the services of a leading global executive search firm and has commenced the search for a new CEO.
Mitek Systems (NASDAQ:MITK) reported quarterly earnings of $0.01 per share which missed the analyst consensus estimate of $0.27 by 96.3 percent. This is a 96.55 percent decrease over earnings of $0.29 per share from the same period last year. The company reported quarterly sales of $46.97 million which beat the analyst consensus estimate of $46.44 million by 1.13 percent. This is a 3.65 percent increase over sales of $45.31 million the same period last year.
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Craig-Hallum analyst Chad Bennett maintains Mitek Systems (NASDAQ:MITK) with a Buy and raises the price target from $17 to $19.
Jefferies downgraded Mitek Systems from Buy to Hold and set a new price target of $9.50 from $17.00 previously
Craig Hallum initiated coverage of Mitek Systems with a rating of Buy and set a new price target of $17.00
Jefferies resumed coverage of Mitek Systems with a rating of Buy and set a new price target of $13.00
Jefferies resumed coverage of Mitek Systems with a rating of Buy and set a new price target of $13.00 from $17.00 previously
HC Wainwright & Co. initiated coverage of Mitek Systems with a rating of Buy and set a new price target of $27.00
Jefferies initiated coverage of Mitek Systems with a rating of Buy and set a new price target of $20.00
Maxim Group resumed coverage of Mitek Systems with a rating of Buy and set a new price target of $25.00
Maxim Group initiated coverage of Mitek Systems with a rating of Buy
Maxim Group initiated coverage of Mitek Systems with a rating of Buy and set a new price target of $25
Mitek Systems, Inc. (NASDAQ:MITK, www.miteksystems.com, "Mitek" or the "Company"))), a global leader in digital identity and fraud prevention, today reported financial results for its third quarter ended June 30, 2024 and revised its previously provided guidance for its 2024 fiscal year ending September 30, 2024. Fiscal 2024 Third Quarter Financial Highlights Total revenue was $45.0 million, compared to $43.1 million a year ago, or 4% year-over-year growth. GAAP operating income was $0.7 million, an operating margin of 2%, compared to GAAP operating income of $1.8 million, an operating margin of 4% a year ago. GAAP net income was $0.2 million, or $0.00 per diluted share, compared
Mitek (NASDAQ:MITK, www.miteksystems.com))), a global leader in digital identity and digital fraud prevention, today announced that it will conduct a conference call on Thursday, August 8th at 2:00 p.m. Pacific time (5:00 p.m. Eastern time) to discuss its financial results for the fiscal third quarter ended June 30, 2024. The financial results will be issued in a press release prior to the call. Mitek Interim CEO Scott Carter and CFO Dave Lyle will host the call, followed by a question and answer session. Date: Thursday, August 8, 2024 Time: 2:00 p.m. Pacific time (5:00 p.m. Eastern time) Toll-free dial-in number: 888-999-5318 International dial-in number: +1 848-280-6460 Participants:
Company Announces $50 Million Share Repurchase Plan Mitek Systems, Inc. (NASDAQ:MITK, www.miteksystems.com, "Mitek" or the "Company"))), a global leader in digital identity and fraud prevention, today reported financial results for its second quarter ended March 31, 2024, and reiterated its previously provided guidance for its 2024 fiscal year ending September 30, 2024. Fiscal 2024 Second Quarter Financial Results Total revenue was $47.0 million, compared to $46.1 million a year ago. GAAP operating income was $0.7 million, an operating margin of 1%, compared to GAAP operating income of $8.7 million, an operating margin of 19% a year ago. GAAP net income was $0.3 million, or $0.
Mitek (NASDAQ:MITK, www.miteksystems.com, "Mitek" or the "Company"))), a global leader in digital identity and digital fraud prevention, today announced that it intends to file its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2024 after the close of the market on Friday, May 10, 2024 and host a conference call and live webcast for analysts and investors on Monday, May 13, 2024, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss the Company's financial results for its fiscal 2024 second quarter ended March 31, 2024. The Company will also publish an earnings press release for its fiscal 2024 second quarter on Monday, May 13, 2024 before the earnings call.
Company Reiterates Guidance for Fiscal 2024 Mitek Systems, Inc. (NASDAQ:MITK, www.miteksystems.com, "Mitek" or the "Company"))), a global leader in digital identity and fraud prevention, today reported financial results for its first quarter ended December 31, 2023, and provided select preliminary results for its second quarter ended March 31, 2024. Mitek also reiterated its previously provided guidance for its 2024 fiscal year ending September 30, 2024. Fiscal 2024 First Quarter Financial Results Total revenue was $36.9 million, compared to $45.7 million a year ago. GAAP operating loss was $6.9 million, an operating margin of negative 19%, compared to GAAP operating income of $8.
Mitek (NASDAQ:MITK, www.miteksystems.com))), a global leader in digital identity and digital fraud prevention, today announced that it intends to file its fiscal 2024 first quarter 10-Q report after the close of the market on Monday, April 15, 2024, and host a conference call and live webcast for analysts and investors at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) that day to discuss the company's financial results for its fiscal 2024 first quarter ended December 31, 2023. The company also intends to publish an earnings press release for its fiscal 2024 first quarter after the close of the market on April 15th. To access the live call, dial 1-877-270-2148 (US and Canada) or +1 412-90
Total Revenue for Fiscal 2023 Increased 19% Year Over Year; Company Reiterates Guidance for Fiscal 2024 Mitek Systems, Inc. (NASDAQ:MITK, www.miteksystems.com, "Mitek" or the "Company"))), a global leader in digital identity and fraud prevention, today reported financial results for its fourth quarter and full fiscal year ended September 30, 2023, and reiterated its previously provided guidance for its 2024 fiscal year ending September 30, 2024. Fiscal 2023 Full Year Financial Highlights Total revenue increased 19% to a record $172.6 million. GAAP operating income increased 28% to $15.6 million, an operating margin of 9%. GAAP net income increased 117% to $8.0 million, or $0.17
Transmittal Issues to SEC's EDGAR Filing System Causing 10-K Filing Delay Mitek (NASDAQ:MITK, www.miteksystems.com))), a global leader in digital identity and digital fraud prevention, today announced that its Annual Report on Form 10-K is complete, however, Mitek has been having issues transmitting the report to the Securities and Exchange Commission's ("SEC") EDGAR filing system since shortly after the market closed on March 18, 2024. Mitek is working with both its financial reporting provider as well as the SEC to resolve the issue. Mitek understands that the SEC released changes to its EDGAR filing system on March 18, 2024, which may be impacting the filing. Mitek also understands t
Mitek (NASDAQ:MITK, www.miteksystems.com, the "Company"))), a global leader in digital identity and digital fraud prevention, today announced that it will file its Annual Report on Form 10-K for the fiscal year ended September 30, 2023 today after the close of the market and will host a conference call and live webcast for analysts and investors on Tuesday, March 19, 2024, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss the Company's financial results for its fiscal 2023 fourth quarter and full year ended September 30, 2023. The Company will publish an earnings press release for its fiscal 2023 fourth quarter and full year ended September 30, 2023 after the close of the market
Mitek Systems, Inc. (NASDAQ:MITK, www.miteksystems.com, "Mitek" or the "Company"))), a global leader in digital identity and digital fraud prevention, today reported financial results for its third quarter of fiscal 2023 ended June 30, 2023. Fiscal 2023 Third Quarter Financial Highlights Total revenue increased 10% year over year to $43.1 million in a record third quarter. GAAP net loss was $0.4 million, or $0.01 per diluted share. Non-GAAP net income was $9.5 million, or $0.20 per diluted share. Cash flow from operations was $16.6 million. Total cash and investments were $131.0 million on June 30, 2023. Fiscal 2023 First Nine Months Financial Highlights Total revenue