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Why the Identitii (ASX:ID8) share price is up 11% today

A new product that simplifies AUSTRAC compliance has seen the company’s shares light up.
The post Why the Identitii (ASX:ID8) share price is up 11% today appeared first on The Motley Fool Australia. –

The Identitii Ltd (ASX: ID8) share price is rocketing today despite no news from the financial technology company.

At market close, Identitii shares finished up 11.11% to 20 cents. Even after falling 21% yesterday, this means its shares are up an astonishing 150% in a month. Compare this to the All Ordinaries Index (ASX: XAO), which is marginally down 0.09% on the same time period.

What’s going on with Identitii shares?

Recently, the company provided the ASX with 3 separate announcements that drew investor attention, shooting up the Identitii share price.

The first release dated on 25 August regarded a patent and intellectual property (IP) update. Identitii noted its previously filed applications in several global jurisdictions in August 2015.

However, in December 2020, its patent was approved in the United States, and granted in April 2021. Identitii noted that it has filed additional claims in the US this month, as part of its wider IP strategy.

The company stated that its IP offering leverages global demand for systems that capture faster and detailed transaction information.

Furthermore, the company updated the market with its full-year results the following day. Identitii delivered a 45% year-on-year increase in revenue to $1.4 million. When factoring in the grant income, this figure rose to $2.7 million.

Operating costs fell 6% to $8.6 million, compared to the prior corresponding period.

On the bottom line, the company noted a net loss for the year, down 18% to $5.8 million.

Last but not least, Identitii highlighted the launch of its brand new software-as-a-service (SaaS) platform. The product aims to simplify and automate AUSTRAC compliance. This entails reducing the risk of non-compliance with suspicious matter, international transfer and large cash transaction reporting obligations.

Initially available for AUSTRAC reporting in Australia, the platform can be adapted for regulatory requirements in other countries. New Zealand, the United Kingdom and Canada are among the next jurisdictions to be added.

Identitii share price summary

Until recently, it had been a disappointing 12 months for Identitii shares travelling from 29 cents in September 2020 to 6.7 cents in August. This reflects a drop of almost 80% in the space of 11 months. However, the company’s share price stormed to incredible highs to be down only 8% for the past year.

At today’s price, Identitii presides a market capitalisation of roughly $31.2 million, with approximately 152 million shares on its books.

The post Why the Identitii (ASX:ID8) share price is up 11% today appeared first on The Motley Fool Australia.

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More reading

Why the Identitii (ASX:ID8) share price has surged 180% in a month

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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