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

Alkami Technology, Inc. (NASDAQ:ALKT) was the target of a large growth in short interest in March. As of March 15th, there was short interest totalling 3,270,000 shares, a growth of 116.6% from the February 28th total of 1,510,000 shares. Approximately 5.0% of the shares of the stock are sold short. Based on an average daily trading volume, of 1,010,000 shares, the short-interest ratio is presently 3.2 days.

Alkami Technology Stock Down 1.7 %

ALKT opened at $26.41 on Friday. 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 company has a market capitalization of $2.70 billion, a PE ratio of -56.19 and a beta of 0.49. The stock’s fifty day moving average is $30.84 and its 200-day moving average is $34.26. Alkami Technology has a one year low of $22.65 and a one year high of $42.29.

Alkami Technology (NASDAQ:ALKT) last posted its quarterly earnings results on Thursday, February 27th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by ($0.13). Alkami Technology had a negative return on equity of 11.31% and a negative net margin of 14.55%. The business had revenue of $89.66 million during the quarter, compared to analyst estimates of $89.63 million. On average, equities analysts predict that Alkami Technology will post -0.34 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Stephens upgraded shares of Alkami Technology from an “equal weight” rating to an “overweight” rating and set a $40.00 price objective on the stock in a report on Thursday, March 13th. Barclays cut their price target on shares of Alkami Technology from $41.00 to $35.00 and set an “equal weight” rating on the stock in a research note on Monday, March 3rd. The Goldman Sachs Group decreased their price target on shares of Alkami Technology from $39.00 to $32.00 and set a “neutral” rating on the stock in a report on Monday, March 3rd. Finally, JPMorgan Chase & Co. upped their price objective on Alkami Technology from $42.00 to $45.00 and gave the stock an “overweight” rating in a report on Monday, December 9th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, Alkami Technology currently has an average rating of “Moderate Buy” and an average target price of $41.00.

Insider Buying and Selling

In related news, CFO W Bryan Hill sold 100,000 shares of Alkami Technology stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $33.43, for a total transaction of $3,343,000.00. Following the completion of the transaction, the chief financial officer now directly owns 353,841 shares in the company, valued at $11,828,904.63. The trade was a 22.03 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Douglas A. Linebarger sold 4,358 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $30.41, for a total value of $132,526.78. Following the completion of the sale, the insider now directly owns 244,404 shares in the company, valued at approximately $7,432,325.64. The trade was a 1.75 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 121,767 shares of company stock worth $4,004,934 in the last three months. Corporate insiders own 25.90% of the company’s stock.

Hedge Funds Weigh In On Alkami Technology

Hedge funds have recently modified their holdings of the stock. Essex Investment Management Co. LLC acquired a new stake in shares of Alkami Technology in the 4th quarter valued at $34,000. Advisors Asset Management Inc. raised its holdings in Alkami Technology by 117.9% during the third quarter. Advisors Asset Management Inc. now owns 1,166 shares of the company’s stock valued at $37,000 after buying an additional 631 shares in the last quarter. Quarry LP acquired a new stake in shares of Alkami Technology in the fourth quarter worth about $61,000. Neo Ivy Capital Management bought a new stake in shares of Alkami Technology during the 4th quarter worth about $96,000. Finally, Blue Trust Inc. increased its holdings in shares of Alkami Technology by 162.6% during the 4th quarter. Blue Trust Inc. now owns 3,188 shares of the company’s stock valued at $117,000 after acquiring an additional 1,974 shares during the last quarter. 54.97% of the stock is owned by institutional investors and hedge funds.

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.