Short interest in Alkami Technology, Inc. (NASDAQ:ALKT) falls 28.7%

Alkami Technology, Inc. (NASDAQ:ALKT – Get Rating) was the target of a significant drop in short interest during the month of August. As of August 15, there was short interest on a total of 927,500 shares, a decrease of 28.7% from the July 31 total of 1,300,000 shares. Based on an average daily volume of 295,300 shares, the days covered ratio is currently 3.1 days. Approximately 2.7% of the company’s shares are sold short.

Buying and selling insider information

In related news, insider Stephen Bohanon sold 24,232 shares of the company in a transaction on Monday, June 6. The shares were sold at an average price of $13.81, for a total transaction of $334,643.92. Following the transaction, the insider now directly owns 382,567 shares in the company, valued at $5,283,250.27. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC’s website. In other Alkami Technology news, CFO W Bryan Hill sold 2,889 shares of the company in a transaction on Thursday, June 2. The shares were sold at an average price of $14.37, for a total value of $41,514.93. Following the transaction, the CFO now directly owns 195,685 shares of the company, valued at $2,811,993.45. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Additionally, whistleblower Stephen Bohanon sold 24,232 shares of the company in a transaction on Monday, June 6. The shares were sold at an average price of $13.81, for a total transaction of $334,643.92. Following the completion of the transaction, the insider now owns 382,567 shares of the company, valued at $5,283,250.27. Disclosure of this sale can be found here. Over the past ninety days, experts have sold 34,607 shares of the company worth $480,733. 40.00% of the shares are owned by insiders.

Institutional investors weigh in on Alkami technology

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Several institutional investors have recently made changes to their positions in the business. D1 Capital Partners LP increased its shareholding in Alkami Technology by 10.5% in the fourth quarter. D1 Capital Partners LP now owns 5,828,511 shares of the company valued at $116,920,000 after purchasing an additional 553,511 shares in the last quarter. Vanguard Group Inc. increased its stake in Alkami Technology stock by 3.4% in the first quarter. Vanguard Group Inc. now owns 2,841,483 shares of the company valued at $40,662,000 after purchasing an additional 92,155 shares last quarter. Massachusetts Financial Services Co. MA boosted its position in Alkami Technology by 2.8% during the first quarter. Massachusetts Financial Services Co. MA now owns 2,351,035 shares of the company valued at $33,643,000 after purchasing an additional 64,472 shares during the period. Long Path Partners Fund LP purchased a new stake in Alkami Technology during the first quarter valued at $25,297,000. Finally, FMR LLC strengthened its position in Alkami Technology by 1.3% during the second quarter. FMR LLC now owns 1,094,969 shares of the company valued at $15,209,000 after purchasing an additional 13,677 shares during the period. Hedge funds and other institutional investors own 49.50% of the company’s shares.

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Alkami technology price performance

Shares of NASDAQ:ALKT traded down $0.52 during trading on Friday, reaching $14.73. The company had a trading volume of 256,257 shares, compared to its average volume of 334,150. The company has a fifty day moving average of $14.15 and a two hundred day moving average of $13.64. The stock has a market capitalization of $1.34 billion, a P/E ratio of -22.66, and a beta of 0.53. Alkami Technology has a 12-month minimum of $9.23 and a 12-month maximum of $32.50. The firm has a current ratio of 6.97, a quick ratio of 6.97, and a debt-to-equity ratio of 0.25.

Alkami Technology (NASDAQ:ALKT – Get Rating) last issued its quarterly earnings results on Wednesday, August 3. The company reported EPS ($0.20) for the quarter, missing analyst consensus estimates of ($0.19) per ($0.01). The company had revenue of $50.53 million during the quarter, compared to the consensus estimate of $47.98 million. Alkami Technology had a negative return on equity of 15.72% and a negative net margin of 32.79%. During the same period of the previous year, the company earned ($0.12) EPS. Stock research analysts forecast Alkami Technology to post earnings per share of -0.74 for the current year.

Analysts set new price targets

Several research companies have been involved in ALKT. Citigroup lowered its price target on Alkami Technology shares from $32.00 to $18.00 and set a “buy” rating on the stock in a research note on Tuesday, June 21. KeyCorp lowered Alkami Technology’s share price target from $20.00 to $18.00 and set an “overweight” rating on the stock in a research report dated Thursday, July 7. Needham & Company LLC raised its target price on Alkami Technology stock from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, August 4. Ultimately, Barclays raised its price target on Alkami Technology shares from $15.00 to $16.00 and gave the company an “equal weight” rating in a research report on Thursday, August 4. One investment analyst rated the stock a hold rating and four issued a buy rating on the stock. According to MarketBeat data, the company has a “Moderate Buy” consensus rating and an average price target of $22.40.

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Alkami Technology Company Profile

(Get rating)

Alkami Technology, Inc offers a cloud-based digital banking platform in the United States. The company’s platform enables financial institutions to onboard and engage new users, accelerate revenues and improve operational efficiency, supported by a proprietary, cloud-based, multi-tenant architecture.

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