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

Alkami Technology, Inc. (NASDAQ:ALKT - Get Free Report) was the target of a large drop in short interest during the month of October. As of October 15th, there was short interest totalling 1,020,000 shares, a drop of 8.1% from the September 30th total of 1,110,000 shares. Based on an average daily volume of 561,500 shares, the short-interest ratio is presently 1.8 days. Currently, 2.0% of the shares of the company are short sold.

Insider Buying and Selling

In other Alkami Technology news, CFO W Bryan Hill sold 69,511 shares of the company's stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $33.34, for a total value of $2,317,496.74. Following the transaction, the chief financial officer now directly owns 489,340 shares of the company's stock, valued at $16,314,595.60. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, CEO Alex Shootman sold 37,758 shares of the business's stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $29.75, for a total value of $1,123,300.50. Following the completion of the sale, the chief executive officer now directly owns 1,056,207 shares in the company, valued at approximately $31,422,158.25. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO W Bryan Hill sold 69,511 shares of the firm's stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $33.34, for a total value of $2,317,496.74. Following the transaction, the chief financial officer now owns 489,340 shares in the company, valued at approximately $16,314,595.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 3,648,416 shares of company stock valued at $113,920,758. Insiders own 38.00% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Driehaus Capital Management LLC grew its holdings in Alkami Technology by 56.2% during the 2nd quarter. Driehaus Capital Management LLC now owns 1,091,276 shares of the company's stock worth $31,080,000 after acquiring an additional 392,483 shares during the last quarter. Millennium Management LLC grew its stake in shares of Alkami Technology by 124.1% in the second quarter. Millennium Management LLC now owns 514,677 shares of the company's stock worth $14,658,000 after purchasing an additional 284,977 shares during the last quarter. Vanguard Group Inc. increased its holdings in Alkami Technology by 6.2% in the fourth quarter. Vanguard Group Inc. now owns 4,562,170 shares of the company's stock valued at $110,633,000 after purchasing an additional 267,336 shares during the period. Jacobs Levy Equity Management Inc. bought a new position in Alkami Technology during the 1st quarter worth $5,569,000. Finally, Massachusetts Financial Services Co. MA lifted its holdings in Alkami Technology by 13.0% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 1,570,179 shares of the company's stock worth $44,719,000 after buying an additional 181,194 shares during the period. Institutional investors and hedge funds own 54.97% of the company's stock.

Analysts Set New Price Targets

ALKT has been the subject of a number of analyst reports. Barclays boosted their price target on Alkami Technology from $31.00 to $35.00 and gave the company an "equal weight" rating in a research note on Thursday, August 1st. Craig Hallum boosted their target price on shares of Alkami Technology from $31.00 to $38.00 and gave the company a "buy" rating in a research report on Thursday, August 1st. Lake Street Capital increased their price target on shares of Alkami Technology from $30.00 to $36.00 and gave the stock a "buy" rating in a research report on Thursday, August 1st. Needham & Company LLC boosted their price objective on shares of Alkami Technology from $32.00 to $43.00 and gave the company a "buy" rating in a research report on Thursday, August 1st. Finally, JMP Securities raised their target price on Alkami Technology from $38.00 to $41.00 and gave the company a "market outperform" rating in a report on Tuesday. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $34.22.

Alkami Technology Price Performance

Shares of NASDAQ:ALKT traded down $0.46 during trading on Wednesday, hitting $38.18. 446,099 shares of the company were exchanged, compared to its average volume of 450,604. Alkami Technology has a 1-year low of $17.32 and a 1-year high of $39.48. The company has a market capitalization of $3.78 billion, a P/E ratio of -70.70 and a beta of 0.46. The company has a quick ratio of 3.75, a current ratio of 3.75 and a debt-to-equity ratio of 0.05. The business's 50 day moving average is $32.88 and its 200-day moving average is $29.99.

Alkami Technology (NASDAQ:ALKT - Get Free Report) last issued its earnings results on Wednesday, July 31st. The company reported $0.05 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.03 by $0.02. The business had revenue of $82.16 million during the quarter, compared to analysts' expectations of $81.32 million. Alkami Technology had a negative return on equity of 13.43% and a negative net margin of 17.47%. The business's revenue for the quarter was up 24.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.17) EPS. Equities analysts forecast that Alkami Technology will post -0.36 earnings per share for the current year.

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.