Alkami Technology, Inc. (NASDAQ:ALKT) Short Interest Up 20.6% in October

Alkami Technology, Inc. (NASDAQ:ALKT) saw a large increase in short interest during 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 company’s stock are short sold. Based on an average daily trading volume, of 638,600 shares, the days-to-cover ratio is currently 1.9 days.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on ALKT. The Goldman Sachs Group increased their target price 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. Craig Hallum upped their price objective on shares of Alkami Technology from $38.00 to $45.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Barclays lifted their target price on shares of Alkami Technology from $35.00 to $41.00 and gave the stock an “equal weight” rating in a report on Thursday, October 31st. Needham & Company LLC upped their price target on shares of Alkami Technology from $43.00 to $54.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Finally, JMP Securities boosted their price objective on Alkami Technology from $38.00 to $41.00 and gave the stock a “market outperform” rating in a research report on Tuesday, October 29th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $37.44.

Insider Activity

In related news, CFO W Bryan Hill sold 69,511 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $33.34, for a total value of $2,317,496.74. Following the completion of the transaction, the chief financial officer now owns 489,340 shares of the company’s stock, valued at approximately $16,314,595.60. This trade represents a 12.44 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Douglas A. Linebarger sold 5,239 shares of the company’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $38.02, for a total value of $199,186.78. Following the transaction, the insider now directly owns 248,585 shares in the company, valued at $9,451,201.70. The trade was a 2.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 3,112,491 shares of company stock worth $115,454,041. 38.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Trust Point Inc. acquired a new position in shares of Alkami Technology in the 3rd quarter valued at approximately $1,029,000. Driehaus Capital Management LLC raised its holdings in shares of Alkami Technology by 56.2% during the second 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 period. Millennium Management LLC lifted its position in Alkami Technology by 124.1% in the 2nd quarter. Millennium Management LLC now owns 514,677 shares of the company’s stock valued at $14,658,000 after acquiring an additional 284,977 shares in the last quarter. Hodges Capital Management Inc. boosted its stake in Alkami Technology by 24.0% in the 2nd quarter. Hodges Capital Management Inc. now owns 211,500 shares of the company’s stock worth $6,024,000 after purchasing an additional 40,949 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in 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 worth $4,935,000 after purchasing an additional 54,453 shares in the last quarter. 54.97% of the stock is owned by institutional investors and hedge funds.

Alkami Technology Stock Performance

Shares of NASDAQ ALKT traded down $0.79 during midday trading on Friday, hitting $36.11. The stock had a trading volume of 328,216 shares, compared to its average volume of 498,765. 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 fifty-two week low of $21.19 and a fifty-two week high of $41.36. The company’s 50-day simple moving average is $34.09 and its 200 day simple moving average is $31.04.

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.