Alkami Technology, Inc. (NASDAQ:ALKT) Short Interest Up 20.6% in October

Alkami Technology, Inc. (NASDAQ:ALKT) was the target of a significant growth in short interest in October. As of October 31st, there was short interest totalling 1,230,000 shares, a growth of 20.6% from the October 15th total of 1,020,000 shares. Based on an average trading volume of 638,600 shares, the short-interest ratio is currently 1.9 days. Approximately 2.4% of the company’s stock are short sold.

Insider Buying and Selling

In related news, CEO Alex Shootman sold 37,758 shares of the stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $29.75, for a total transaction of $1,123,300.50. Following the sale, the chief executive officer now directly owns 1,056,207 shares of the company’s stock, valued at approximately $31,422,158.25. This represents a 3.45 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Atlantic L.P. General sold 2,500,000 shares of the firm’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $37.50, for a total transaction of $93,750,000.00. Following the sale, the director now owns 13,055,049 shares of the company’s stock, valued at approximately $489,564,337.50. This represents a 16.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 3,112,491 shares of company stock valued at $115,454,041 over the last quarter. Corporate insiders own 38.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Driehaus Capital Management LLC lifted its position in shares of Alkami Technology by 56.2% in the second quarter. Driehaus Capital Management LLC now owns 1,091,276 shares of the company’s stock valued at $31,080,000 after acquiring an additional 392,483 shares in the last quarter. Millennium Management LLC grew its position in Alkami Technology by 124.1% in the second quarter. Millennium Management LLC now owns 514,677 shares of the company’s stock worth $14,658,000 after acquiring an additional 284,977 shares in the last quarter. Jacobs Levy Equity Management Inc. bought a new stake in Alkami Technology during the first quarter worth approximately $5,569,000. Castleark Management LLC purchased a new stake in Alkami Technology during the third quarter valued at approximately $6,050,000. Finally, Loomis Sayles & Co. L P bought a new stake in shares of Alkami Technology in the 3rd quarter valued at approximately $6,032,000. Institutional investors own 54.97% of the company’s stock.

Alkami Technology Price Performance

Shares of Alkami Technology stock opened at $35.93 on Friday. The stock has a market cap of $3.61 billion, a P/E ratio of -76.45 and a beta of 0.43. The company has a debt-to-equity ratio of 0.05, a quick ratio of 3.52 and a current ratio of 3.52. The stock’s fifty day moving average is $34.22 and its 200 day moving average is $31.18. Alkami Technology has a one year low of $21.19 and a one year high of $41.36.

Wall Street Analysts Forecast Growth

ALKT has been the topic of several analyst reports. Craig Hallum upped their price objective on Alkami Technology from $38.00 to $45.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. The Goldman Sachs Group increased their price objective on Alkami Technology from $34.00 to $39.00 and gave the company a “neutral” rating in a research report on Friday, November 1st. Needham & Company LLC lifted their price objective on Alkami Technology from $43.00 to $54.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Lake Street Capital upped their target price on shares of Alkami Technology from $30.00 to $36.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Finally, Barclays lifted their price target on shares of Alkami Technology from $35.00 to $41.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 31st. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $37.44.

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.