Alkami Technology, Inc. (NASDAQ:ALKT) is seeing significant growth in short interest

Alkami Technology, Inc. (NASDAQ:ALKT – Get Rating ) was the recipient of a significant increase in short interest during the month of September. As of September 15th, there was short interest totaling 1,050,000 shares, an increase of 13.7% from the August 31st total of 923,200 shares. Based on an average trading volume of 308,700 shares, the days to cover ratio is currently 3.4 days. Approximately 3.1% of the company’s shares are short sold.

Wall Street analysts forecast growth

A number of brokerages have commented on ALKT. Needham & Company LLC upped their target price on shares of Alkami Technology from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, August 4th. Stephens initiated coverage on shares of Alkami Technology in a research report on Wednesday, September 14th. They issued an “overweight” rating and a $18.00 target price on the stock. Barclays boosted their price objective on shares of Alkami Technology from $15.00 to $16.00 and gave the company an “equal weight” rating in a research report on Thursday, August 4th. KeyCorp reduced their price objective on shares of Alkami Technology from $20.00 to $18.00 and set an “overweight” rating on the stock in a research report on Thursday, July 7th. Finally, Citigroup reduced their price objective on shares of Alkami Technology from $32.00 to $18.00 and set a “buy” rating on the stock in a research report on Tuesday, June 21st. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. The company has a consensus rating of “Moderate Buy” and a consensus target price of $21.67, based on data from MarketBeat.com.

Alkami Technology Price performance

NASDAQ:ALKT opened at $15.05 on Friday. Alkami Technology has a 52-week low of $9.23 and a 52-week high of $32.50. The firm has a market cap of $1.37 billion, a price-to-earnings ratio of -23.15 and a beta of 0.40. The firm’s 50-day simple moving average is $14.88, and its 200-day simple moving average is $13.67. The company has a debt-to-equity ratio of 0.25, a quick earnings ratio of 6.97 and a current ratio of 6.97.

Alkami Technology (NASDAQ:ALKT – Get Rating) last posted its quarterly earnings results on Wednesday, August 3rd. The company reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.01). The business had revenue of $50.53 million for 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 last year, the business reported ($0.12) earnings per share. As a group, sell-side analysts predict that Alkami Technology will post -0.74 earnings per share for the current year.

Institutional investors are weighing in on Alkami’s technology

A number of large investors have recently bought and sold shares of the company. Legal & General Group Plc boosted its stake in Alkami Technology by 20.5% in the second quarter. Legal & General Group Plc now owns 8,528 shares of the company’s stock valued at $118,000 after buying an additional 1,453 shares during the last quarter. Driehaus Capital Management LLC acquired a new stake in Alkami Technology in the second quarter worth about $7,665,000. State Street Corp boosted its stake in Alkami Technology by 8.3% in the second quarter. State Street Corp now owns 552,766 shares of the company’s stock valued at $7,678,000 after purchasing an additional 42,305 shares during the last quarter. UBS Asset Management Americas Inc. acquired a new stake in shares of Alkami Technology in the second quarter valued at approximately $389,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Alkami Technology in the second quarter valued at approximately $78,000. 52.74% of the stock now are owned by institutional investors and hedge funds.

Alkami Technology Company Profile

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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 revenue and improve operational efficiency, supported by a proprietary, cloud-based, multi-client architecture.

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