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

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

Insider Transactions at Alkami Technology

In other news, Director Atlantic L.P. General sold 2,500,000 shares of the company’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $37.50, for a total transaction of $93,750,000.00. Following the sale, the director now owns 13,055,049 shares of the company’s stock, valued at approximately $489,564,337.50. This represents a 16.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 value of $3,631,000.00. Following the sale, the chief financial officer now owns 471,403 shares in the company, valued at approximately $17,116,642.93. This trade represents a 17.50 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 6,517,380 shares of company stock worth $251,616,935. 38.00% of the stock is currently owned by insiders.

Institutional Trading of Alkami Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. increased its holdings in shares of Alkami Technology by 474.5% in the third 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. Trust Point Inc. acquired a new position in Alkami Technology in the 3rd quarter valued at $1,029,000. Oppenheimer Asset Management Inc. purchased a new position in Alkami Technology during the 3rd quarter worth $1,860,000. FMR LLC raised its position in Alkami Technology by 10.2% during the 3rd quarter. FMR LLC now owns 1,523,747 shares of the company’s stock worth $48,059,000 after buying an additional 141,319 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of Alkami Technology by 16.4% in the 3rd quarter. Geode Capital Management LLC now owns 1,231,987 shares of the company’s stock worth $38,865,000 after acquiring an additional 173,394 shares during the period. 54.97% of the stock is owned by hedge funds and other institutional investors.

Alkami Technology Price Performance

Shares of ALKT opened at $34.74 on Thursday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 3.52 and a current ratio of 3.52. Alkami Technology has a fifty-two week low of $22.65 and a fifty-two week high of $42.29. The firm has a 50-day simple moving average of $38.10 and a 200-day simple moving average of $34.57. The company has a market capitalization of $3.49 billion, a price-to-earnings ratio of -73.91 and a beta of 0.48.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. The Goldman Sachs Group raised their price objective on shares of Alkami Technology from $34.00 to $39.00 and gave the stock a “neutral” rating in a report on Friday, November 1st. Needham & Company LLC lifted their price target on shares of Alkami Technology from $43.00 to $54.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. JPMorgan Chase & Co. upped their price objective on shares of Alkami Technology from $42.00 to $45.00 and gave the company an “overweight” rating in a research note on Monday, December 9th. Barclays lifted their target price 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. Finally, JMP Securities upped their target price on Alkami Technology from $38.00 to $41.00 and gave the company a “market outperform” rating in a research report on Tuesday, October 29th. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, Alkami Technology has an average rating of “Moderate Buy” and an average target price of $43.00.

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.