[EarningsCentral]

[Monksdream]

Early Barchart 100
https://www.barchart.com/stocks/performance/percent-change/advances?orderBy=percentChange&orderDir=desc

[Monksdream]

Mitek Systems, Inc is a software company that specializes in digital identity verification and mobile image processing using artificial intelligence. The company's software is used for depositing checks and opening bank accounts via mobile devices.[1][2] It also verifies identity documents such as passports, ID cards, and driver's licenses by analyzing a selfie of an individual holding their ID, comparing their face to the photo on the document.[3]

[Monksdream]

MITK 10Q due 4/15 per Seeking Alpha
Next day settlement begins 5/28

[Monksdream]

MITK new 52 hi
Next day settlement begins 5/28

[The Rainmaker]

Wow the options here are getting some serious action. Buyout offers being raised?

[whytestocks]

News: $MITK Mitek to Report First Quarter Fiscal 2019 Financial Results on January 29, 2019

SAN DIEGO, Jan. 22, 2019 (GLOBE NEWSWIRE) -- Mitek Systems, Inc. (NASDAQ: MITK,  www.miteksystems.com ), a global leader in mobile capture and digital identity verification solutions, today announced that it will release its financial results for the first quarter of fiscal 2019, end...

Read the whole news https://marketwirenews.com/news-releases/mitek-to-report-first-quarter-fiscal-2019-financial-results-on-january-29-2019-7414036.html

[cushsix]

CFO "UN"Resigns. Accepted unresignation by BOD. this is good news

[Trum]

I think it will take a release of the details of the buy-out offer. But one reason for the residual bump in PPS is likely due to three things:
1- The Board has a fiduciary obligation to maximize shareholder profits - this includes considering sale at the right price. a rejection of a buy-out offer does not mean they are not for sale - this could spark more suitors now that some of the cards are out on the table.

2-Market landscape, if someone wants to park some money while things settle down where else can one easily get into and out of with a gain.

3-Less insider dumping now that we have some leadership that is actually buying instead of selling.

this play is certainly a fickle one, I had figured it to be at 12 by November and it is nowhere close enough to run there sans any news.

[BLUEVOODU]

It's odd... after they turned it down, the price continues to rise. One could speculate turning the deal down was good. However, numbers still aren't great. CFRA reaffirmed their quantitative STRONG SELL guidance.

I could be wrong, but I won't touch the stock over $7 with the current figures. While it feels stupid because the price is going up, it feels like the decision is wrong.

... getting burned all over the place right now.

[BLUEVOODU]

I agree with you. It's also hard to exactly know what you own. My best example is AMKR. I know there's been headwinds in the semiconductor market... but the price hit my buy and proceeded to drop for a -20%. Now, I'm being patient. Numbers look good and we are up to -18.2%. I guess you can say I'm clawing back lol.

In the case of MITK, their numbers are not looking good yet and the price is rising after the "merger not happening" news. I still have my buy out there but looking to cancel soon. There isn't a good comfort level purchasing at this price.

[Trum]

Yeah it is easy to miss some of this activity - it really crept up on me too. We don't really know what "substantial premium" valuation means but my bet is that they were offered between $12-$14 per share valuation....and turned down.

[blue_skies]

definitely an expensive learned.

[Cody6]

You have to know what you own and be patient friend.

[blue_skies]

i can not believe that i sold out yesterday at 6.65. no balls. no gain. great company in a dynamic area.

[BLUEVOODU]

Looks like my $6.35 figure was right... and now it exploded. +10%

[wadirum1]

I agree that many stocks are getting slammed. And most of them are able to put in 3 percent upside days here and there, but then they keep moving lower. Maybe I miss MITK, but I'll take that chance. I don't have to own it or anything. Right?

[BLUEVOODU]

I agree with you. In some ways, I wish I had set my buy to $6.35 as I mentioned... but I still have mine at $6.00. Again... I Still wouldn't be shocked to see this hit below $6.00 with all the other market movements going on.


I did the same thing for AMKR... and now I'm getting slaughtered. A rated... looking great... but semi-conductor space took a hit and downgrade AND free fall commenced.

Some stocks are just getting hammered hard in the tech sector - which is a big reason why I think MITK still has room to fall.

[wadirum1]

Powerful-looking intra-day chart today. Sometimes you have to just toss all the technicals in the trash... I haven't bought any MITK yet, but I'm not as confident as I was at the open that I can get this cheaper.

[wadirum1]

Yes, that's the PR I was looking at.

Here's the MITK ADX/PPO pincher chart. This will eventually pinch, it seems, but for right now the direction remains downward. The PPO and TRIX need to be curling up, the black ADX needs to be curling down, and the red ADX needs to come down to cross the green ADX. This chart says that $6 doesn't have a chance to hold:

[BLUEVOODU]

Are you talking about this release? If not, please link:

https://www.miteksystems.com/press-releases/mitek-announces-executive-transitions

In the above link... I can see how this could be interpreted with the "Will be transitioning" verbiage. It sounds like that. But I'm not certain. The CFO definitely left. It still leaves the questions... is something else going on and is there a reason not to put money into MITK?

CFRA is still strong sell as of 10-06. Not stating they are totally right. Schwab Rating is a D... though that's up from an F. There are several other analyses out there stating midline for this company.

Price hit below $6.35 then came back up $0.11. I Think there is possibility to hit $6.00 and am waiting for that price. Again... this might be a mistake. But this may go under $6 for awhile. Hopefully not lower.

[wadirum1]

Am I reading the MITK press release on the CEO correctly? Looks as though the CEO was pushed out. Did you read it that way?

Have you seen any other analysis of this move? Seems to not be working out so well. This is a large drop from its peak.

[BLUEVOODU]

Price nipped 6.50 today at a single point, it appears. Not sure my buy would've triggered. I see what you're saying for $6. I still think it's a good possibility with current conditions... though we will have to see what next week brings. It will have to be soon because I think as long as numbers are hit ($0.06-0.12 est)... the price will come back up.

$6.50 probably isn't a bad play and is spot on. I may regret my decision. I'll be shocked if we don't hit $6.35 though based on current market trends, sentiment of stock, and reports from CFRA and such groups. Maybe I'll change by buy back on Monday -

[wadirum1]

MITK had a "death cross" of 50-day MA cutting 200-day MA from above. Stochastics are all really low, but show no sign of curling up. Support has been repeatedly broken, and now I don't see any at $6 (looking back to early 2017). I agree that $6 seems like an amazing price. But I'm not seeing a case for $6 based on the chart.

[BLUEVOODU]

I was at $6.50 buy when things were up more... I reduced today after watching action today to $6.00. Hoping I don't regret that.

What chart or figures are you referring to?

[wadirum1]

What are you thinking for an entry point?

I remain on the sidelines. Chart looks awful, for now.

[BLUEVOODU]

That exit may have started some of this. They now have a Strong sell rating from CFRA but that's going off of quantitative analysis.

Reuters has a buy rating since End of August... and this is when things really started to slide.


When I look into the numbers, MRQ is end 6/30/18... and MRFY is 09/30/17. But the MRQ numbers do not look bad... they look like on the nose positive EPS. They may not be advancing a ton... but their EPS guidance still looks like they will hit estimates of +$0.06 to $0.12.

Other than CEO and other VP... I don't see major negative news or business drawbacks. I have set a buy on this and will jump in if it hits my number.

[wadirum1]

Any thoughts on the CEO's departure? That appears to have been what sparked the sell-off.

I held MITK awhile back. Made a nice profit. Watching this meltdown from the sidelines. Seems like the company is still very solid.

[BLUEVOODU]

Normally I'm notified of replies... totally missed this one.

I stopped looking for the last few months... but MITK hit one of my lower price points. Super downgraded by everyone right now.

Still reviewing all the down grades.

[BLUEVOODU]

MITK is getting hammered pretty hard. I've been reading into the company. Really want something to turn around. I'm still on the sidelines... but this is definitely where I've been looking to get in.

[Cody6]

They say there should be no impact on guidance which is great. Perhaps getting Salome new blood on helm will actually work to their benefit. Still expecting 30%+ revenue growth!

[Trum]

It feels like more of a philosophy difference rather than any accounting shenanigans. The latter would have been grounds for dismissal on the spot and no 'agreement'. I think the two were likely not putting the proper emphasis on PPS growth or possibly courting a sale.

What will really be telling is who they bring in to fill these shoes...what they have done in their pasts and loading that with what MITK is capable of in the future.

[wadirum1]

They claim the moves are unrelated.

Perhaps the CFO saw the CEO leaving and decided to leave sooner rather than sticking around under new management.

[Cody6]

Is it a coincidence that both the CEO and CFO are departing at the same time? Perhaps some sort of financial shenanigans occurred involving the two? Just guessing.

[wadirum1]

Thoughts on the MITK management changes? Seems to me that the PR wasn't very forthcoming about the reasons behind the change.

Then again, these are some enticing prices this morning.

[MIKE2OO5]

Yes I’m holding some it does look promising!

[Trum]

I have been following MITK for about 5+ years, I loaded up on them back when they were nearing the leagal battle over their patents and the blogs reported a favorable outcome due to their layers positioning. Even after the nice bump today i am holding 15k shares ...maybe will start selling at 14 now that I know more about their game plan and their users.
Seems that the Funds and Institutions also believe heavily in MITK too, if you follow Morningstar reprorting on mitk it is pretty good.
Probably the best piece of advice is to read the notes from yesterday put out by the company - it offers some good insight to their direction and why their really is not a true competitor yet ( smaller players though).

[BLUEVOODU]

I've had MITK on the radar for awhile... looking to buy into it.

They keep beating earnings... AND they are positive for the most part (small but positive). However, I have a little hesitation... so I've been digging in to the numbers and tech.

What DD have you done and found this to be a good investment? There are other investment profiles that do not have as favorable of a view... IE essentially neutral.

[cushsix]

Mitk: Ladenburg Thalmann initiates as a buy

[The Rainmaker]

I hope this marches its way right back up to $9.30...they beat estimates again...not their fault a huge wrong side bet on XIV being unwound toppled the markets for a week.

[wadirum1]

Yes. About $10M in volume today. Powerful move.

Alas, I was left on the sidelines... Maybe I can snag some on a pull-back?

[The Rainmaker]

Powerful day today moves up easily...must be a small float here.

[wadirum1]

Yes indeed. And I believe the chart has started to find its turning point. I might have to jump back in...

[The Rainmaker]

They keep beating earnings estimates. Very nice company.