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

Alkami Technology, Inc. (NASDAQ:ALKT) was the recipient of a large increase in short interest in the month of October. As of October 31st, there was short interest totalling 1,230,000 shares, an increase of 20.6% from the October 15th total of 1,020,000 shares. Approximately 2.4% of the shares of the company are sold short. Based on an average trading volume of 638,600 shares, the days-to-cover ratio is currently 1.9 days.

Insider Buying and Selling at Alkami Technology

In other news, Director Atlantic Genpar (Bermu General sold 375,000 shares of Alkami Technology stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $37.50, for a total value of $14,062,500.00. Following the transaction, the director now owns 12,680,049 shares in the company, valued at approximately $475,501,837.50. This trade represents a 2.87 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Alex Shootman sold 37,758 shares of the business’s stock in a transaction 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 transaction, the chief executive officer now directly owns 1,056,207 shares of the company’s stock, valued at $31,422,158.25. This trade represents a 3.45 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 3,112,491 shares of company stock valued at $115,454,041 in the last three months. 38.00% of the stock is currently owned by company insiders.

Institutional Trading of Alkami Technology

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Trust Point Inc. bought a new position in shares of Alkami Technology in the 3rd quarter worth approximately $1,029,000. Driehaus Capital Management LLC grew its stake in Alkami Technology by 56.2% in the second quarter. Driehaus Capital Management LLC now owns 1,091,276 shares of the company’s stock worth $31,080,000 after purchasing an additional 392,483 shares during the period. Millennium Management LLC raised its holdings in 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 in the last quarter. Hodges Capital Management Inc. lifted its position in Alkami Technology by 24.0% during the second quarter. Hodges Capital Management Inc. now owns 211,500 shares of the company’s stock valued at $6,024,000 after buying an additional 40,949 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Alkami Technology by 45.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 173,294 shares of the company’s stock valued at $4,935,000 after buying an additional 54,453 shares in the last quarter. 54.97% of the stock is currently owned by hedge funds and other institutional investors.

Alkami Technology Trading Down 2.1 %

Shares of NASDAQ:ALKT traded down $0.79 on Friday, reaching $36.11. 328,216 shares of the company traded hands, compared to its average volume of 498,765. The business’s 50-day simple moving average is $34.09 and its 200 day simple moving average is $31.04. 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 $21.19 and a 52 week high of $41.36.

Analysts Set New Price Targets

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