Short Interest in Alkami Technology, Inc. (NASDAQ:ALKT) Increases By 116.6%

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

Alkami Technology Price Performance

Shares of ALKT traded down $0.16 during midday trading on Monday, hitting $26.25. 1,458,569 shares of the company traded hands, compared to its average volume of 721,599. Alkami Technology has a one year low of $22.65 and a one year high of $42.29. The firm has a market cap of $2.68 billion, a P/E ratio of -55.85 and a beta of 0.49. 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 stock has a 50-day moving average of $30.66 and a 200-day moving average of $34.30.

Alkami Technology (NASDAQ:ALKT - Get Free Report) last posted its earnings results on Thursday, February 27th. The company reported ($0.05) earnings per share for the quarter, missing analysts' consensus estimates 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 firm had revenue of $89.66 million for the quarter, compared to the consensus estimate of $89.63 million. As a group, sell-side analysts predict that Alkami Technology will post -0.34 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on ALKT. Stephens raised Alkami Technology from an "equal weight" rating to an "overweight" rating and set a $40.00 target price on the stock in a research report on Thursday, March 13th. JPMorgan Chase & Co. boosted their target price on Alkami Technology from $42.00 to $45.00 and gave the stock an "overweight" rating in a research note on Monday, December 9th. The Goldman Sachs Group reduced their price target on shares of Alkami Technology from $39.00 to $32.00 and set a "neutral" rating for the company in a research report on Monday, March 3rd. Finally, Barclays reduced their price objective 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. According to data from MarketBeat, Alkami Technology has an average rating of "Moderate Buy" and a consensus price target of $41.00.

Insider Activity

In other news, insider Douglas A. Linebarger sold 4,358 shares of the firm's stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $30.41, for a total value of $132,526.78. Following the completion of the sale, the insider now directly owns 244,404 shares in the company, valued at $7,432,325.64. This trade represents a 1.75 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO W Bryan Hill sold 100,000 shares of the business's stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $33.43, for a total value of $3,343,000.00. Following the completion of the sale, the chief financial officer now directly owns 353,841 shares of the company's stock, valued at $11,828,904.63. The trade was a 22.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 121,767 shares of company stock worth $4,004,934 in the last quarter. 38.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Alkami Technology

Institutional investors and hedge funds have recently made changes to their positions in the business. Essex Investment Management Co. LLC purchased a new stake in shares of Alkami Technology in the 4th quarter valued at about $34,000. Advisors Asset Management Inc. increased its position in shares of Alkami Technology by 117.9% in 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 last quarter. Quarry LP purchased a new stake in Alkami Technology in the fourth quarter valued at approximately $61,000. Neo Ivy Capital Management bought a new stake in Alkami Technology during the fourth quarter valued at approximately $96,000. Finally, Blue Trust Inc. lifted its position in Alkami Technology by 162.6% during the fourth quarter. Blue Trust Inc. now owns 3,188 shares of the company's stock valued at $117,000 after purchasing an additional 1,974 shares during the last quarter. Hedge funds and other institutional investors own 54.97% of the company's stock.

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.