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

Alkami Technology, Inc. (NASDAQ:ALKT) was the target of a significant decline in short interest during the month of November. As of November 15th, there was short interest totalling 847,900 shares, a decline of 31.1% from the October 31st total of 1,230,000 shares. Currently, 1.5% of the shares of the stock are sold short. Based on an average daily volume of 713,100 shares, the days-to-cover ratio is currently 1.2 days.

Alkami Technology Price Performance

ALKT opened at $39.28 on Friday. The firm has a market cap of $3.95 billion, a PE ratio of -83.57 and a beta of 0.43. The stock has a 50-day moving average price of $35.69 and a 200-day moving average price of $31.88. Alkami Technology has a 1 year low of $21.19 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.

Insider Buying and Selling at Alkami Technology

In other Alkami Technology news, insider Stephen Bohanon sold 15,605 shares of Alkami Technology stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $31.59, for a total transaction of $492,961.95. Following the completion of the sale, the insider now owns 388,181 shares of the company’s stock, valued at $12,262,637.79. The trade was a 3.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO W Bryan Hill sold 17,937 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $31.59, for a total value of $566,629.83. Following the completion of the sale, the chief financial officer now owns 471,403 shares of the company’s stock, valued at $14,891,620.77. The trade was a 3.67 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 6,360,428 shares of company stock worth $244,916,568 over the last three months. 38.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Alkami Technology

A number of institutional investors have recently made changes to their positions in the company. Park Place Capital Corp bought a new position in Alkami Technology in the 3rd quarter valued at approximately $28,000. Advisors Asset Management Inc. lifted its holdings 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 valued at $37,000 after purchasing an additional 631 shares in the last quarter. Blue Trust Inc. boosted its position in shares of Alkami Technology by 507.0% during the third quarter. Blue Trust Inc. now owns 1,214 shares of the company’s stock valued at $38,000 after buying an additional 1,014 shares during the last quarter. Point72 Asset Management L.P. bought a new stake in Alkami Technology in the 2nd quarter worth about $40,000. Finally, Covestor Ltd raised its position in Alkami Technology by 6,300.0% in the 3rd 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 last quarter. Hedge funds and other institutional investors own 54.97% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on ALKT. Barclays raised their price objective on Alkami Technology from $35.00 to $41.00 and gave the company an “equal weight” rating in a research note on Thursday, October 31st. Lake Street Capital raised their target price on Alkami Technology from $30.00 to $36.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. JMP Securities upped their price objective on shares of Alkami Technology from $38.00 to $41.00 and gave the stock a “market outperform” rating in a report on Tuesday, October 29th. The Goldman Sachs Group lifted their target price on shares of Alkami Technology from $34.00 to $39.00 and gave the company a “neutral” rating in a research note on Friday, November 1st. Finally, Needham & Company LLC boosted their price target on shares of Alkami Technology from $43.00 to $54.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, Alkami Technology has a consensus rating of “Moderate Buy” and an average price target of $37.44.

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.