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

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

Alkami Technology Stock Performance

ALKT traded down $1.72 during trading hours on Monday, hitting $36.81. The company’s stock had a trading volume of 406,834 shares, compared to its average volume of 544,091. The company has a current ratio of 3.52, a quick ratio of 3.52 and a debt-to-equity ratio of 0.05. Alkami Technology has a fifty-two week low of $22.62 and a fifty-two week high of $42.29. The company has a 50-day simple moving average of $38.60 and a 200 day simple moving average of $33.76. The firm has a market capitalization of $3.70 billion, a PE ratio of -78.32 and a beta of 0.46.

Insider Buying and Selling

In other Alkami Technology news, Director Atlantic Genpar (Bermu General sold 375,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $37.50, for a total value of $14,062,500.00. Following the sale, the director now directly owns 12,680,049 shares of the company’s stock, valued at approximately $475,501,837.50. This trade represents a 2.87 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO W Bryan Hill sold 100,000 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $39.77, for a total value of $3,977,000.00. Following the transaction, the chief financial officer now directly owns 353,841 shares of the company’s stock, valued at approximately $14,072,256.57. The trade was a 22.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 6,417,380 shares of company stock valued at $248,273,935. Corporate insiders own 38.00% of the company’s stock.

Hedge Funds Weigh In On Alkami Technology

A number of institutional investors and hedge funds have recently bought and sold shares of ALKT. Trust Point Inc. acquired a new position in shares of Alkami Technology during the 3rd quarter valued at $1,029,000. Oppenheimer Asset Management Inc. bought a new position in shares of Alkami Technology during the 3rd quarter worth about $1,860,000. FMR LLC increased its stake in Alkami Technology by 10.2% in the third quarter. FMR LLC now owns 1,523,747 shares of the company’s stock valued at $48,059,000 after acquiring an additional 141,319 shares during the period. Geode Capital Management LLC lifted its stake in Alkami Technology by 16.4% during the third quarter. Geode Capital Management LLC now owns 1,231,987 shares of the company’s stock worth $38,865,000 after purchasing an additional 173,394 shares during the period. Finally, Fifth Third Wealth Advisors LLC acquired a new stake in Alkami Technology during the third quarter valued at approximately $1,115,000. Institutional investors own 54.97% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on ALKT. Barclays upped their price objective on Alkami Technology from $35.00 to $41.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 31st. Needham & Company LLC increased their price objective on Alkami Technology from $43.00 to $54.00 and gave the company a “buy” rating in a report on Thursday, October 31st. JPMorgan Chase & Co. increased 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. Craig Hallum boosted their price objective on shares of Alkami Technology from $38.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Finally, JMP Securities lifted their price objective on Alkami Technology from $38.00 to $41.00 and gave the company a “market outperform” rating in a report on Tuesday, October 29th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price 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.