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
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.
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.
Alkami Technology Company Profile
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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