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

Alkami Technology, Inc. (NASDAQ:ALKT) saw a significant increase in short interest during the month of December. As of December 15th, there was short interest totalling 1,150,000 shares, an increase of 37.2% from the November 30th total of 838,400 shares. Approximately 1.8% of the shares of the stock are short sold. Based on an average daily trading volume, of 820,300 shares, the short-interest ratio is currently 1.4 days.

Insider Activity at Alkami Technology

In related news, CFO W Bryan Hill sold 99,755 shares of Alkami Technology stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $41.89, for a total value of $4,178,736.95. Following the completion of the transaction, the chief financial officer now owns 371,648 shares in the company, valued at approximately $15,568,334.72. This trade represents a 21.16 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Atlantic L.P. General sold 2,500,000 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $37.50, for a total value of $93,750,000.00. Following the sale, the director now directly owns 13,055,049 shares in the company, valued at $489,564,337.50. The trade was a 16.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 6,417,380 shares of company stock valued at $248,273,935. Insiders own 38.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Driehaus Capital Management LLC lifted its holdings in shares of Alkami Technology by 56.2% in the 2nd quarter. Driehaus Capital Management LLC now owns 1,091,276 shares of the company’s stock worth $31,080,000 after buying an additional 392,483 shares during the period. JPMorgan Chase & Co. increased its position in Alkami Technology by 474.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 379,542 shares of the company’s stock valued at $11,971,000 after purchasing an additional 313,478 shares during the period. Millennium Management LLC raised its holdings in shares of Alkami Technology by 124.1% in the 2nd quarter. Millennium Management LLC now owns 514,677 shares of the company’s stock valued at $14,658,000 after purchasing an additional 284,977 shares in the last quarter. Castleark Management LLC purchased a new stake in shares of Alkami Technology in the 3rd quarter worth approximately $6,050,000. Finally, Loomis Sayles & Co. L P bought a new position in shares of Alkami Technology during the third quarter valued at approximately $6,032,000. Institutional investors own 54.97% of the company’s stock.

Alkami Technology Price Performance

Shares of ALKT stock opened at $38.53 on Friday. The company has a market capitalization of $3.87 billion, a P/E ratio of -81.98 and a beta of 0.46. The company’s 50-day simple moving average is $38.60 and its two-hundred day simple moving average is $33.66. Alkami Technology has a one year low of $22.62 and a one year high of $42.29. The company has a debt-to-equity ratio of 0.05, a current ratio of 3.52 and a quick ratio of 3.52.

Wall Street Analysts Forecast Growth

ALKT has been the topic of several recent research reports. Craig Hallum increased their price target on Alkami Technology from $38.00 to $45.00 and gave the company a “buy” rating in a report on Thursday, October 31st. JMP Securities increased their target price on shares of Alkami Technology from $38.00 to $41.00 and gave the company a “market outperform” rating in a research note on Tuesday, October 29th. JPMorgan Chase & Co. lifted their price target on shares of Alkami Technology from $42.00 to $45.00 and gave the stock an “overweight” rating in a research note on Monday, December 9th. Needham & Company LLC increased their price objective on shares of Alkami Technology from $43.00 to $54.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Finally, Barclays raised their price objective 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. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, Alkami Technology currently has an average rating of “Moderate Buy” and a consensus price target of $40.88.

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.