Alkami Technology, Inc. (NASDAQ:ALKT) Short Interest Update

Alkami Technology, Inc. (NASDAQ:ALKT) was the target of a large growth in short interest in the month of December. As of December 31st, there was short interest totalling 1,450,000 shares, a growth of 26.1% from the December 15th total of 1,150,000 shares. Currently, 2.3% of the shares of the stock are short sold. Based on an average daily trading volume, of 849,500 shares, the days-to-cover ratio is presently 1.7 days.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. JPMorgan Chase & Co. upped their price target on Alkami Technology from $42.00 to $45.00 and gave the stock an “overweight” rating in a report on Monday, December 9th. The Goldman Sachs Group raised their price target on Alkami Technology from $34.00 to $39.00 and gave the company a “neutral” rating in a research report on Friday, November 1st. JMP Securities boosted their price objective on shares of Alkami Technology from $38.00 to $41.00 and gave the stock a “market outperform” rating in a research report on Tuesday, October 29th. Craig Hallum raised their target price on shares of Alkami Technology from $38.00 to $45.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Finally, Needham & Company LLC lifted their target price 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. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $43.00.

Alkami Technology Price Performance

Alkami Technology stock opened at $34.74 on Thursday. The stock has a market capitalization of $3.49 billion, a P/E ratio of -73.91 and a beta of 0.48. Alkami Technology has a 12-month low of $22.65 and a 12-month 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. The firm’s 50-day moving average is $38.10 and its two-hundred day moving average is $34.57.

Insider Activity

In related news, 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 value of $93,750,000.00. Following the completion of the sale, the director now owns 13,055,049 shares in the company, valued at $489,564,337.50. This trade represents a 16.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO W Bryan Hill sold 100,000 shares of the company’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $36.31, for a total transaction of $3,631,000.00. Following the transaction, the chief financial officer now owns 471,403 shares in the company, valued at $17,116,642.93. The trade was a 17.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 6,517,380 shares of company stock valued at $251,616,935 in the last three months. 38.00% of the stock is currently owned by company insiders.

Institutional Trading of Alkami Technology

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Rhumbline Advisers lifted its stake in shares of Alkami Technology by 11.2% during the 2nd quarter. Rhumbline Advisers now owns 68,658 shares of the company’s stock worth $1,955,000 after purchasing an additional 6,928 shares during the period. Arizona State Retirement System increased its stake in Alkami Technology by 14.8% in the second quarter. Arizona State Retirement System now owns 13,543 shares of the company’s stock valued at $386,000 after purchasing an additional 1,750 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its position in Alkami Technology by 13.0% during the second quarter. Massachusetts Financial Services Co. MA now owns 1,570,179 shares of the company’s stock worth $44,719,000 after buying an additional 181,194 shares during the period. Dimensional Fund Advisors LP boosted its stake in Alkami Technology by 12.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,053,567 shares of the company’s stock worth $30,002,000 after buying an additional 120,468 shares during the last quarter. Finally, Renaissance Technologies LLC grew its holdings in Alkami Technology by 12.2% in the 2nd quarter. Renaissance Technologies LLC now owns 97,400 shares of the company’s stock valued at $2,774,000 after buying an additional 10,600 shares during the period. 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.