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

Alkami Technology, Inc. (NASDAQ:ALKT - Get Free Report) saw a large 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. Approximately 1.5% of the company's shares are sold short. Based on an average trading volume of 713,100 shares, the short-interest ratio is currently 1.2 days.

Alkami Technology Price Performance

NASDAQ ALKT traded up $0.19 on Friday, reaching $39.47. The company had a trading volume of 330,678 shares, compared to its average volume of 522,103. The firm has a 50-day moving average of $35.69 and a 200-day moving average 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 quick ratio of 3.52, a current ratio of 3.52 and a debt-to-equity ratio of 0.05.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on ALKT. Craig Hallum upped their price objective on Alkami Technology from $38.00 to $45.00 and gave the stock a "buy" rating in a report on Thursday, October 31st. The Goldman Sachs Group boosted 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. Barclays boosted their target price on Alkami Technology from $35.00 to $41.00 and gave the stock an "equal weight" rating in a report on Thursday, October 31st. Finally, Lake Street Capital raised their price target on shares of Alkami Technology from $30.00 to $36.00 and gave the company a "buy" rating in a report on Thursday, August 1st. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $37.44.

Insider Buying and Selling at Alkami Technology

In related news, CEO Alex Shootman sold 37,758 shares of the firm's stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $29.75, for a total value of $1,123,300.50. Following the sale, the chief executive officer now directly owns 1,056,207 shares of the company's stock, valued at approximately $31,422,158.25. This trade represents a 3.45 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO W Bryan Hill sold 17,937 shares of the company'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 transaction of $566,629.83. Following the transaction, the chief financial officer now directly owns 471,403 shares of the company's stock, valued at $14,891,620.77. This trade represents a 3.67 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 6,360,428 shares of company stock worth $244,916,568. Insiders own 38.00% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ALKT. Franklin Resources Inc. lifted its holdings in Alkami Technology by 4.4% in the 3rd quarter. Franklin Resources Inc. now owns 1,804,825 shares of the company's stock worth $61,364,000 after buying an additional 75,469 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Alkami Technology by 16.4% during the third 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 last quarter. Bullseye Asset Management LLC lifted its stake in shares of Alkami Technology by 6.2% in the third quarter. Bullseye Asset Management LLC now owns 85,826 shares of the company's stock worth $2,707,000 after acquiring an additional 5,000 shares in the last quarter. Barclays PLC boosted its holdings in Alkami Technology by 108.2% in the third quarter. Barclays PLC now owns 95,391 shares of the company's stock valued at $3,009,000 after purchasing an additional 49,580 shares during the last quarter. Finally, Castleark Management LLC purchased a new stake in Alkami Technology during the 3rd quarter worth approximately $6,050,000. 54.97% of the stock is currently owned by hedge funds and other institutional investors.

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.