Alkami Technology, Inc. (NASDAQ:ALKT) Short Interest Up 37.8% in June

Alkami Technology, Inc. (NASDAQ:ALKT) was the recipient of a large growth in short interest in the month of June. As of June 15th, there was short interest totalling 1,140,000 shares, a growth of 37.8% from the May 31st total of 827,500 shares. Based on an average trading volume of 419,900 shares, the days-to-cover ratio is presently 2.7 days. Currently, 2.1% of the company’s stock are sold short.

Analyst Upgrades and Downgrades

ALKT has been the subject of several research reports. JMP Securities reiterated a “market outperform” rating and set a $30.00 price target on shares of Alkami Technology in a report on Monday, April 15th. Craig Hallum boosted their target price on Alkami Technology from $30.00 to $31.00 and gave the stock a “buy” rating in a report on Thursday, May 2nd. Finally, Needham & Company LLC restated a “buy” rating and issued a $32.00 target price on shares of Alkami Technology in a report on Tuesday, June 25th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Alkami Technology has a consensus rating of “Moderate Buy” and an average price target of $27.56.

Insiders Place Their Bets

In other Alkami Technology news, insider Stephen Bohanon sold 12,450 shares of the firm’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $28.66, for a total transaction of $356,817.00. Following the completion of the sale, the insider now directly owns 449,552 shares in the company, valued at approximately $12,884,160.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Stephen Bohanon sold 12,450 shares of Alkami Technology stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $28.66, for a total transaction of $356,817.00. Following the completion of the sale, the insider now directly owns 449,552 shares in the company, valued at approximately $12,884,160.32. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO W Bryan Hill sold 100,000 shares of Alkami Technology stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $28.80, for a total value of $2,880,000.00. Following the sale, the chief financial officer now owns 505,877 shares of the company’s stock, valued at $14,569,257.60. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,848,472 shares of company stock worth $49,241,550. 38.00% of the stock is currently owned by company insiders.

Institutional Trading of Alkami Technology

Institutional investors and hedge funds have recently modified their holdings of the company. NBC Securities Inc. bought a new stake in shares of Alkami Technology during the fourth quarter valued at approximately $43,000. Beaird Harris Wealth Management LLC grew its position in Alkami Technology by 31.7% in the third quarter. Beaird Harris Wealth Management LLC now owns 2,075 shares of the company’s stock valued at $38,000 after acquiring an additional 500 shares during the period. Quest Partners LLC bought a new stake in Alkami Technology in the fourth quarter valued at $113,000. Acadian Asset Management LLC bought a new stake in Alkami Technology in the first quarter valued at $140,000. Finally, Harvest Fund Management Co. Ltd grew its position in Alkami Technology by 253.0% in the fourth quarter. Harvest Fund Management Co. Ltd now owns 7,597 shares of the company’s stock valued at $182,000 after acquiring an additional 5,445 shares during the period. 54.97% of the stock is currently owned by institutional investors.

Alkami Technology Stock Performance

ALKT opened at $28.48 on Friday. The stock has a market cap of $2.78 billion, a PE ratio of -47.47 and a beta of 0.46. The company has a current ratio of 3.92, a quick ratio of 3.92 and a debt-to-equity ratio of 0.06. Alkami Technology has a 1 year low of $14.93 and a 1 year high of $29.28. The stock’s 50 day simple moving average is $26.45 and its 200-day simple moving average is $25.08.

Alkami Technology (NASDAQ:ALKT) last released its quarterly earnings data on Wednesday, May 1st. The company reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.02 by $0.03. The business had revenue of $76.10 million for the quarter, compared to analysts’ expectations of $75.57 million. Alkami Technology had a negative return on equity of 15.31% and a negative net margin of 20.42%. Alkami Technology’s quarterly revenue was up 26.8% on a year-over-year basis. During the same period in the previous year, the business posted ($0.16) earnings per share. Sell-side analysts forecast that Alkami Technology will post -0.38 EPS for the current year.

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.