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

Alkami Technology, Inc. (NASDAQ:ALKT) saw a large increase in short interest in the month of October. As of October 31st, there was short interest totalling 1,230,000 shares, an increase of 20.6% from the October 15th total of 1,020,000 shares. Based on an average trading volume of 638,600 shares, the days-to-cover ratio is presently 1.9 days. Approximately 2.4% of the shares of the company are short sold.

Analyst Upgrades and Downgrades

ALKT has been the topic of a number of recent analyst reports. Needham & Company LLC increased their price target on shares of 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 increased their target price on shares of Alkami Technology from $30.00 to $36.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. The Goldman Sachs Group raised their target price on Alkami Technology from $34.00 to $39.00 and gave the company a “neutral” rating in a research report on Friday, November 1st. Craig Hallum upped their price target on Alkami Technology from $38.00 to $45.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Finally, Barclays upped their target price on 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 given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $37.44.

Insider Buying and Selling at Alkami Technology

In other Alkami Technology 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 transaction of $2,317,496.74. Following the completion of the transaction, the chief financial officer now owns 489,340 shares in the company, valued at approximately $16,314,595.60. This trade represents a 12.44 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Alex Shootman sold 37,758 shares of the business’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 completion of the transaction, the chief executive officer now directly owns 1,056,207 shares of the company’s stock, valued at approximately $31,422,158.25. This trade represents a 3.45 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 3,112,491 shares of company stock worth $115,454,041. 38.00% of the stock is currently owned by insiders.

Institutional Trading of Alkami Technology

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Trust Point Inc. purchased a new position in Alkami Technology in the 3rd quarter valued at approximately $1,029,000. Driehaus Capital Management LLC grew its stake in Alkami Technology by 56.2% during the 2nd quarter. Driehaus Capital Management LLC now owns 1,091,276 shares of the company’s stock worth $31,080,000 after purchasing an additional 392,483 shares in the last quarter. Millennium Management LLC increased its holdings in Alkami Technology by 124.1% during the 2nd quarter. Millennium Management LLC now owns 514,677 shares of the company’s stock worth $14,658,000 after purchasing an additional 284,977 shares during the period. Hodges Capital Management Inc. raised its position in Alkami Technology by 24.0% in the 2nd quarter. Hodges Capital Management Inc. now owns 211,500 shares of the company’s stock valued at $6,024,000 after purchasing an additional 40,949 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of Alkami Technology by 45.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 173,294 shares of the company’s stock valued at $4,935,000 after buying an additional 54,453 shares during the period. 54.97% of the stock is currently owned by hedge funds and other institutional investors.

Alkami Technology Stock Down 2.6 %

Shares of ALKT opened at $35.93 on Friday. The company has a current ratio of 3.52, a quick ratio of 3.52 and a debt-to-equity ratio of 0.05. The firm has a market cap of $3.61 billion, a P/E ratio of -76.45 and a beta of 0.43. The company’s 50-day moving average price is $34.22 and its 200 day moving average price is $31.13. Alkami Technology has a 12-month low of $21.19 and a 12-month high of $41.36.

Alkami Technology Company Profile

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.