Short Interest in Alkami Technology, Inc. (NASDAQ:ALKT) Drops By 21.9%

Alkami Technology, Inc. (NASDAQ:ALKT) was the recipient of a large drop in short interest in the month of August. As of August 31st, there was short interest totalling 1,210,000 shares, a drop of 21.9% from the August 15th total of 1,550,000 shares. Approximately 2.4% of the company’s shares are short sold. Based on an average daily volume of 587,100 shares, the short-interest ratio is currently 2.1 days.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Needham & Company LLC raised their target price on shares of Alkami Technology from $32.00 to $43.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Craig Hallum boosted their target price on shares of Alkami Technology from $31.00 to $38.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Barclays raised their price target on Alkami Technology from $31.00 to $35.00 and gave the company an “equal weight” rating in a research note on Thursday, August 1st. The Goldman Sachs Group increased their price objective on Alkami Technology from $28.00 to $34.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. Finally, Lake Street Capital boosted their price objective on shares of Alkami Technology from $30.00 to $36.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $33.89.

Insider Buying and Selling

In related news, major shareholder George B. Kaiser sold 1,666,666 shares of Alkami Technology stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $31.17, for a total value of $51,949,979.22. Following the completion of the transaction, the insider now owns 8,419,784 shares in the company, valued at $262,444,667.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Alkami Technology news, Director Atlantic Genpar (Bermu General sold 1,666,667 shares of the company’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $31.17, for a total transaction of $51,950,010.39. Following the sale, the director now owns 15,555,049 shares in the company, valued at approximately $484,850,877.33. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder George B. Kaiser sold 1,666,666 shares of the stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $31.17, for a total value of $51,949,979.22. Following the completion of the sale, the insider now directly owns 8,419,784 shares in the company, valued at approximately $262,444,667.28. The disclosure for this sale can be found here. In the last quarter, insiders sold 3,593,370 shares of company stock valued at $112,203,873. Company insiders own 38.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Point72 Asset Management L.P. acquired a new stake in shares of Alkami Technology in the 2nd quarter valued at approximately $40,000. NBC Securities Inc. acquired a new stake in Alkami Technology in the fourth quarter valued at $43,000. Perkins Coie Trust Co acquired a new stake in shares of Alkami Technology during the 2nd quarter valued at approximately $85,000. nVerses Capital LLC purchased a new stake in shares of Alkami Technology during the 2nd quarter worth approximately $88,000. Finally, Quest Partners LLC acquired a new stake in shares of Alkami Technology in the 4th quarter worth approximately $113,000. 54.97% of the stock is currently owned by institutional investors and hedge funds.

Alkami Technology Stock Up 1.9 %

ALKT stock opened at $30.17 on Monday. Alkami Technology has a 12 month low of $16.49 and a 12 month high of $36.00. The company has a debt-to-equity ratio of 0.05, a current ratio of 3.75 and a quick ratio of 3.75. The company has a market cap of $2.94 billion, a price-to-earnings ratio of -50.28 and a beta of 0.47. The company has a fifty day moving average price of $31.83 and a 200 day moving average price of $27.79.

Alkami Technology (NASDAQ:ALKT) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $0.05 EPS for the quarter, beating the consensus estimate of $0.03 by $0.02. The firm had revenue of $82.16 million during the quarter, compared to the consensus estimate of $81.32 million. Alkami Technology had a negative return on equity of 13.43% and a negative net margin of 17.47%. The firm’s revenue was up 24.9% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.17) EPS. Sell-side analysts expect that Alkami Technology will post -0.36 earnings per share for the current year.

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.