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

Alkami Technology, Inc. (NASDAQ:ALKT - Get Free Report) was the target of a large growth in short interest in December. As of December 15th, there was short interest totalling 1,150,000 shares, a growth of 37.2% from the November 30th total of 838,400 shares. Based on an average trading volume of 820,300 shares, the days-to-cover ratio is presently 1.4 days. Approximately 1.8% of the shares of the stock are short sold.

Alkami Technology Trading Down 3.4 %

Alkami Technology stock traded down $1.37 during midday trading on Friday, hitting $38.53. 629,136 shares of the stock were exchanged, compared to its average volume of 544,830. The stock has a market capitalization of $3.87 billion, a PE ratio of -81.98 and a beta of 0.46. The company has a fifty day simple moving average of $38.60 and a two-hundred day simple moving average of $33.71. The company has a quick ratio of 3.52, a current ratio of 3.52 and a debt-to-equity ratio of 0.05. Alkami Technology has a 52 week low of $22.62 and a 52 week high of $42.29.

Wall Street Analysts Forecast Growth

ALKT has been the subject of several research analyst reports. JMP Securities boosted their price objective on shares of Alkami Technology from $38.00 to $41.00 and gave the stock a "market outperform" rating in a research report on Tuesday, October 29th. Craig Hallum boosted their target price on Alkami Technology from $38.00 to $45.00 and gave the stock a "buy" rating in a research report on Thursday, October 31st. Needham & Company LLC raised their price target on Alkami Technology from $43.00 to $54.00 and gave the company a "buy" rating in a report on Thursday, October 31st. The Goldman Sachs Group lifted their price objective on Alkami Technology from $34.00 to $39.00 and gave the stock a "neutral" rating in a research report on Friday, November 1st. Finally, Barclays upped their target price on shares of Alkami Technology from $35.00 to $41.00 and gave the company an "equal weight" rating in a research report on Thursday, October 31st. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $40.88.

Insider Transactions at Alkami Technology

In related news, CFO W Bryan Hill sold 100,000 shares of Alkami Technology 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 completion of the transaction, the chief financial officer now directly owns 471,403 shares of the company's stock, valued at $17,116,642.93. The trade was a 17.50 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Atlantic L.P. General sold 2,500,000 shares of the company's stock in a transaction dated 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 transaction, the director now owns 13,055,049 shares in the company, valued at approximately $489,564,337.50. This trade represents a 16.07 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 6,417,380 shares of company stock valued at $248,273,935 in the last three months. 38.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Alkami Technology

Several hedge funds have recently bought and sold shares of the company. JPMorgan Chase & Co. increased its position in shares of Alkami Technology by 474.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 379,542 shares of the company's stock valued at $11,971,000 after buying an additional 313,478 shares in the last quarter. Principal Financial Group Inc. bought a new stake in shares of Alkami Technology in the third quarter worth about $875,000. Franklin Resources Inc. raised its position in shares of Alkami Technology by 4.4% during the third quarter. Franklin Resources Inc. now owns 1,804,825 shares of the company's stock worth $61,364,000 after purchasing an additional 75,469 shares during the period. Geode Capital Management LLC raised 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 purchasing an additional 173,394 shares during the period. Finally, Bullseye Asset Management LLC lifted its holdings in shares of Alkami Technology by 6.2% during the 3rd quarter. Bullseye Asset Management LLC now owns 85,826 shares of the company's stock valued at $2,707,000 after purchasing an additional 5,000 shares in the last quarter. 54.97% of the stock is currently owned by institutional investors and hedge funds.

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.