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

Alkami Technology, Inc. (NASDAQ:ALKT) was the recipient of a large increase in short interest in March. As of March 15th, there was short interest totalling 3,270,000 shares, an increase of 116.6% from the February 28th total of 1,510,000 shares. Approximately 5.0% of the company’s shares are sold short. Based on an average daily volume of 1,010,000 shares, the short-interest ratio is presently 3.2 days.

Analyst Ratings Changes

Several research firms have recently commented on ALKT. JPMorgan Chase & Co. boosted their price target on shares of Alkami Technology from $42.00 to $45.00 and gave the company an “overweight” rating in a report on Monday, December 9th. Stephens upgraded Alkami Technology from an “equal weight” rating to an “overweight” rating and set a $40.00 target price on the stock in a research note on Thursday, March 13th. The Goldman Sachs Group cut their price target on Alkami Technology from $39.00 to $32.00 and set a “neutral” rating for the company in a research note on Monday, March 3rd. Finally, Barclays reduced their price target on Alkami Technology from $41.00 to $35.00 and set an “equal weight” rating for the company in a report on Monday, March 3rd. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $41.00.

Insiders Place Their Bets

In related news, CFO W Bryan Hill sold 17,409 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $30.41, for a total transaction of $529,407.69. Following the completion of the sale, the chief financial officer now directly owns 450,620 shares in the company, valued at approximately $13,703,354.20. This trade represents a 3.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Douglas A. Linebarger sold 4,358 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $30.41, for a total transaction of $132,526.78. Following the transaction, the insider now directly owns 244,404 shares in the company, valued at $7,432,325.64. The trade was a 1.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 121,767 shares of company stock worth $4,004,934. Corporate insiders own 25.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its position in shares of Alkami Technology by 12.8% in the fourth quarter. Vanguard Group Inc. now owns 7,447,851 shares of the company’s stock valued at $273,187,000 after purchasing an additional 843,129 shares during the last quarter. Alliancebernstein L.P. boosted its stake in Alkami Technology by 5,747.1% during the 4th quarter. Alliancebernstein L.P. now owns 2,707,329 shares of the company’s stock valued at $99,305,000 after purchasing an additional 2,661,027 shares during the period. Whale Rock Capital Management LLC acquired a new stake in Alkami Technology in the 4th quarter valued at approximately $78,878,000. Driehaus Capital Management LLC increased its position in Alkami Technology by 16.7% in the 4th quarter. Driehaus Capital Management LLC now owns 2,093,426 shares of the company’s stock worth $76,787,000 after buying an additional 299,728 shares during the period. Finally, Franklin Resources Inc. lifted its holdings in shares of Alkami Technology by 0.4% during the fourth quarter. Franklin Resources Inc. now owns 1,811,795 shares of the company’s stock worth $66,457,000 after buying an additional 6,970 shares during the last quarter. Institutional investors own 54.97% of the company’s stock.

Alkami Technology Price Performance

Shares of NASDAQ:ALKT opened at $26.41 on Friday. The stock has a market capitalization of $2.70 billion, a P/E ratio of -56.19 and a beta of 0.49. The business has a 50-day moving average of $30.84 and a two-hundred day moving average of $34.29. Alkami Technology has a fifty-two week low of $22.65 and a fifty-two week 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.

Alkami Technology (NASDAQ:ALKT) last posted its earnings results on Thursday, February 27th. The company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.13). Alkami Technology had a negative return on equity of 11.31% and a negative net margin of 14.55%. The company had revenue of $89.66 million during the quarter, compared to analyst estimates of $89.63 million. On average, equities research analysts predict that Alkami Technology will post -0.34 EPS for the current fiscal year.

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.