Alkami Technology, Inc. (NASDAQ:ALKT – Get Rating) saw a significant decline in short interest in October. As of October 15th, there was short interest totalling 1,350,000 shares, a decline of 8.2% from the September 30th total of 1,470,000 shares. Approximately 3.9% of the company’s stock are sold short. Based on an average trading volume of 309,600 shares, the short-interest ratio is currently 4.4 days.
Analyst Ratings Changes
ALKT has been the subject of several recent research reports. Needham & Company LLC boosted their target price on shares of Alkami Technology from $17.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, August 4th. Barclays boosted their target price on shares of Alkami Technology from $15.00 to $16.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 4th. KeyCorp decreased their target price on shares of Alkami Technology from $20.00 to $18.00 and set an “overweight” rating for the company in a research report on Thursday, July 7th. Finally, Stephens started coverage on shares of Alkami Technology in a report on Wednesday, September 14th. They set an “overweight” rating and a $18.00 price target on the stock. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $21.67.
Alkami Technology Stock Up 2.4 %
Alkami Technology stock opened at $15.58 on Friday. Alkami Technology has a fifty-two week low of $9.23 and a fifty-two week high of $32.50. The stock has a market cap of $1.42 billion, a PE ratio of -23.97 and a beta of 0.16. The firm’s 50-day simple moving average is $15.06 and its 200 day simple moving average is $13.85. The company has a debt-to-equity ratio of 0.25, a quick ratio of 6.97 and a current ratio of 6.97.
Alkami Technology (NASDAQ:ALKT – Get Rating) last released its earnings results on Wednesday, August 3rd. The company reported ($0.20) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.01). The company had revenue of $50.53 million during the quarter, compared to analysts’ expectations of $47.98 million. Alkami Technology had a negative net margin of 32.79% and a negative return on equity of 15.72%. During the same quarter in the previous year, the firm earned ($0.12) earnings per share. Research analysts predict that Alkami Technology will post -0.73 EPS for the current fiscal year.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Point72 Hong Kong Ltd purchased a new position in Alkami Technology in the first quarter valued at about $45,000. Amalgamated Bank bought a new stake in shares of Alkami Technology in the first quarter valued at approximately $65,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of Alkami Technology in the second quarter valued at approximately $78,000. Legal & General Group Plc raised its position in shares of 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 purchasing an additional 1,453 shares during the period. Finally, Credit Suisse AG raised its position in shares of Alkami Technology by 7.0% in the second quarter. Credit Suisse AG now owns 12,515 shares of the company’s stock valued at $174,000 after purchasing an additional 818 shares during the period. 52.74% of the stock is currently owned by hedge funds and other institutional investors.
About Alkami Technology
Alkami Technology, Inc offers a cloud-based digital banking platform in the United States. The company’s platform allows financial institutions to onboard and engage new users, accelerate revenues, and enhance operational efficiency, with the support of a proprietary, cloud-based, multi-tenant architecture.
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