Short Interest in Alkami Technology, Inc. (NASDAQ:ALKT) Grows By 26.1%

by · The Markets Daily

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

Analyst Ratings Changes

A number of brokerages have recently weighed in on ALKT. 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. Needham & Company LLC raised their price objective on Alkami Technology from $43.00 to $54.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. JPMorgan Chase & Co. boosted their target price 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. JMP Securities boosted their price target 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. Finally, Craig Hallum increased their price objective on shares of Alkami Technology from $38.00 to $45.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $43.00.

Read Our Latest Stock Report on Alkami Technology

Insider Activity at Alkami Technology

In other news, Director Atlantic Genpar (Bermu General sold 375,000 shares of the company’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $37.50, for a total transaction of $14,062,500.00. Following the transaction, the director now directly owns 12,680,049 shares of the company’s stock, valued at $475,501,837.50. This represents a 2.87 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO W Bryan Hill sold 100,000 shares of the stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $36.31, for a total transaction of $3,631,000.00. Following the completion of the transaction, the chief financial officer now directly owns 471,403 shares of the company’s stock, valued at approximately $17,116,642.93. This trade represents a 17.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 6,517,380 shares of company stock worth $251,616,935 in the last 90 days. 38.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Park Place Capital Corp acquired a new position in shares of Alkami Technology during the third quarter worth approximately $28,000. Advisors Asset Management Inc. raised its position in shares of Alkami Technology by 117.9% during the third quarter. Advisors Asset Management Inc. now owns 1,166 shares of the company’s stock worth $37,000 after purchasing an additional 631 shares during the period. Blue Trust Inc. raised its holdings in Alkami Technology by 507.0% during the 3rd quarter. Blue Trust Inc. now owns 1,214 shares of the company’s stock worth $38,000 after buying an additional 1,014 shares during the period. Point72 Asset Management L.P. purchased a new stake in shares of Alkami Technology in the 2nd quarter valued at approximately $40,000. Finally, Covestor Ltd boosted its position in shares of Alkami Technology by 6,300.0% in the third quarter. Covestor Ltd now owns 2,688 shares of the company’s stock worth $85,000 after buying an additional 2,646 shares during the period. 54.97% of the stock is owned by institutional investors and hedge funds.

Alkami Technology Stock Down 3.5 %

ALKT traded down $1.28 during trading on Friday, hitting $34.79. The company had a trading volume of 485,502 shares, compared to its average volume of 465,910. Alkami Technology has a 1-year low of $22.65 and a 1-year 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 company has a market cap of $3.50 billion, a PE ratio of -74.02 and a beta of 0.48. The business has a 50-day moving average of $37.46 and a 200-day moving average of $34.98.

Alkami Technology Company Profile

(Get Free Report)

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.

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