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

Alkami Technology, Inc. (NASDAQ:ALKT) was the target of a large growth in short interest during the month of March. As of March 31st, there was short interest totalling 4,400,000 shares, a growth of 34.6% from the March 15th total of 3,270,000 shares. Based on an average trading volume of 1,160,000 shares, the days-to-cover ratio is presently 3.8 days. Approximately 6.8% of the company’s shares are sold short.

Alkami Technology Stock Down 0.6 %

ALKT opened at $24.75 on Friday. The stock’s fifty day simple moving average is $27.18 and its 200 day simple moving average is $33.53. Alkami Technology has a 1-year low of $21.70 and a 1-year high of $42.29. The stock has a market cap of $2.55 billion, a PE ratio of -52.66 and a beta of 0.56. The company has a current ratio of 3.52, a quick ratio of 3.52 and a debt-to-equity ratio of 0.05.

Alkami Technology (NASDAQ:ALKT) last issued its quarterly earnings data on Thursday, February 27th. The company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.13). The company had revenue of $89.66 million during the quarter, compared to the consensus estimate of $89.63 million. Alkami Technology had a negative net margin of 14.55% and a negative return on equity of 11.31%. As a group, research analysts expect that Alkami Technology will post -0.34 earnings per share for the current year.

Insider Buying and Selling

In other Alkami Technology news, insider Douglas A. Linebarger sold 4,358 shares of Alkami Technology 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 sale, the insider now owns 244,404 shares of the company’s stock, valued at $7,432,325.64. This trade represents a 1.75 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO W Bryan Hill sold 17,409 shares of the company’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 $529,407.69. Following the transaction, the chief financial officer now directly owns 450,620 shares of the company’s stock, valued at $13,703,354.20. This represents a 3.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 38.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Alkami Technology

Large investors have recently made changes to their positions in the company. Essex Investment Management Co. LLC acquired a new position in Alkami Technology in the 4th quarter valued at $34,000. Perkins Coie Trust Co boosted its position in shares of Alkami Technology by 62.5% in the first quarter. Perkins Coie Trust Co now owns 1,300 shares of the company’s stock valued at $34,000 after acquiring an additional 500 shares during the period. Versant Capital Management Inc acquired a new position in shares of Alkami Technology in the first quarter valued at about $36,000. Quarry LP bought a new position in Alkami Technology during the fourth quarter worth about $61,000. Finally, NBC Securities Inc. raised its stake in Alkami Technology by 114,550.0% in the 1st quarter. NBC Securities Inc. now owns 2,293 shares of the company’s stock worth $60,000 after purchasing an additional 2,291 shares in the last quarter. Institutional investors own 54.97% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. The Goldman Sachs Group decreased their target price 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. Barclays decreased their price target on Alkami Technology from $35.00 to $30.00 and set an “equal weight” rating for the company in a research note on Monday, April 14th. Finally, Stephens raised Alkami Technology from an “equal weight” rating to an “overweight” rating and set a $40.00 price objective for the company in a report on Thursday, March 13th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, Alkami Technology has a consensus rating of “Moderate Buy” and a consensus target price of $40.38.

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.