Some people call a "penny stock" one that trades under $5.00 per share. For starters, we absolutely don't agree with that definition; we wouldn't consider companies like Ford (NYSE:F) a "penny stock" just because it traded under the $5 benchmark before. For those that do subscribe to the definition, though, you have to go back to November 2014 to find the last time Intellicheck (NYSE MKT:IDN) wasn't a penny stock.
A solid uptrend since the start of 2016 has Intellicheck on a path back over 5 bucks per share now, though.
The stock is a leader amongst NYSE MKT peers on Wednesday following the Jericho, NY-based provider of antivirus solutions to the epidemic of counterfeit IDs saying it has struck a deal with a major finance player. As is often the case, Intellicheck couldn't announce the name of the company, only referring to it as a "Top Five U.S. Bank" and a "leading domestic and international U.S. banking and financial services company."
While it's hard to discern which metric is used to define a "Top Five U.S. bank," by market capitalization, the list includes JPMorgan Chase (NYSE:JPM), Wells Fargo (NYSE:WFC), Bank of America (NYSE:BAC), Citibank (NYSE:C) and U.S. Bank (NYSE:USB).
Per the master services agreement, the bank will offer its Intellicheck's Retail ID product suite to its clients. The products provide real-time ID authentication and fraud prevention at brick-and-mortar stores, as well on online transactions. Intellicheck says engagement with the bank's retail clients is already underway. A sale of the Software as a Service product has been completed with a popular national furniture chain, with expectations for $230,000 in revenues for Intellicheck from that client alone in the first year.
Investors are apparently impressed by new sales channel, sending shares of IDN to the highest in about 30 months. With about three hours left in the trading day, the stock is up 46 cents per share, or 12.1%, at $4.26.
