Alkami Technology, Inc. (NASDAQ:ALKT) Sees Significant Decrease in Short Interest

Alkami Technology, Inc. (NASDAQ:ALKT) saw a significant drop in short interest during the month of August. As of August 31st, there was short interest totalling 1,210,000 shares, a drop of 21.9% from the August 15th total of 1,550,000 shares. Currently, 2.4% of the company’s shares are short sold. Based on an average trading volume of 587,100 shares, the days-to-cover ratio is presently 2.1 days.

Analyst Ratings Changes

A number of research firms have issued reports on ALKT. Lake Street Capital increased their price target on Alkami Technology from $30.00 to $36.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Barclays raised their price target on shares of Alkami Technology from $31.00 to $35.00 and gave the stock an “equal weight” rating in a report on Thursday, August 1st. The Goldman Sachs Group upped their price objective on shares of Alkami Technology from $28.00 to $34.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. Craig Hallum increased their price objective on shares of Alkami Technology from $31.00 to $38.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Finally, Needham & Company LLC boosted their target price on Alkami Technology from $32.00 to $43.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $33.89.

Alkami Technology Trading Up 0.3 %

NASDAQ:ALKT opened at $30.25 on Tuesday. The company has a debt-to-equity ratio of 0.05, a current ratio of 3.75 and a quick ratio of 3.75. Alkami Technology has a one year low of $16.49 and a one year high of $36.00. The company has a market cap of $2.95 billion, a PE ratio of -50.42 and a beta of 0.47. The firm has a 50-day moving average of $31.83 and a 200-day moving average of $27.83.

Alkami Technology (NASDAQ:ALKT) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $0.05 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.02. Alkami Technology had a negative return on equity of 13.43% and a negative net margin of 17.47%. The firm had revenue of $82.16 million during the quarter, compared to analyst estimates of $81.32 million. During the same period in the previous year, the company posted ($0.17) EPS. The company’s revenue for the quarter was up 24.9% on a year-over-year basis. As a group, equities research analysts expect that Alkami Technology will post -0.36 EPS for the current fiscal year.

Insider Transactions at Alkami Technology

In related news, CEO Alex Shootman sold 37,758 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $29.75, for a total value of $1,123,300.50. Following the sale, the chief executive officer now directly owns 1,056,207 shares in the company, valued at $31,422,158.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CFO W Bryan Hill sold 69,511 shares of Alkami Technology stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $33.34, for a total value of $2,317,496.74. Following the completion of the transaction, the chief financial officer now directly owns 489,340 shares of the company’s stock, valued at approximately $16,314,595.60. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Alex Shootman sold 37,758 shares of the company’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $29.75, for a total value of $1,123,300.50. Following the sale, the chief executive officer now owns 1,056,207 shares in the company, valued at approximately $31,422,158.25. The disclosure for this sale can be found here. Insiders sold 3,593,370 shares of company stock worth $112,203,873 over the last ninety days. 38.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Alkami Technology

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Point72 Asset Management L.P. purchased a new position in Alkami Technology during the 2nd quarter worth $40,000. NBC Securities Inc. purchased a new position in Alkami Technology during the fourth quarter worth about $43,000. Perkins Coie Trust Co bought a new stake in Alkami Technology in the 2nd quarter worth about $85,000. nVerses Capital LLC bought a new position in shares of Alkami Technology in the second quarter valued at approximately $88,000. Finally, Quest Partners LLC purchased a new stake in shares of Alkami Technology during the 4th quarter valued at $113,000. 54.97% of the stock is owned by hedge funds and other institutional investors.

About Alkami Technology

Alkami Technology, Inc offers cloud-based digital banking solutions in the United States. The company's Alkami Platform allows financial institutions to onboard and engage new users, accelerate revenues, and enhance operational efficiency, with the support of a proprietary, cloud-based, and multi-tenant architecture.