Heavily-shorted Mitek (MITK +10.7%) has shot higher after beating FQ1 estimates on the back of...

|About: Mitek Systems Inc. (MITK)|By:, SA News Editor

Heavily-shorted Mitek (MITK +10.7%) has shot higher after beating FQ1 estimates on the back of strong bookings for its Mobile Deposit and Mobile Photo Bill Pay products. The company mentioned on its earnings call 318 banks are now actively using Mobile Deposit, up from 215 at the end of FQ4, and that it's also working with 3 of the top 5 insurance companies on mobile auto quote solutions that rely on information captured from driver's licenses and vehicle ID numbers.