Alkami Technologies (NASDAQ: ALKT – Get Rating) was the recipient of a notable increase in short interest in September. As of Sept. 15, short interest totaled 1,050,000 shares, an increase of 13.7% from 923,200 shares on Aug. 31. Based on an average volume of 308,700 shares, the current day multiple is 3.4 days. About 3.1% of the company’s shares were sold short.
Wall Street analysts predict growth
Several brokerages commented on ALKT. Needham & Company LLC raised its price target on Alkami Technology stock to $20.00 from $17.00 and gave the company a “buy” rating in a research note on Thursday, Aug. 4. Stephens first reported on Alkami Technology stock in a research note on Wednesday, Sept. 14. They issued an “overweight” rating and $18.00 price target on the stock. Barclays raised its price target on Alkami Technology stock to $16.00 from $15.00 in a research note on Thursday, Aug. 4, with an “equal weight” rating on the company. KeyCorp lowered its price target on Alkami Technology stock to $18.00 from $20.00 and rated the stock an “overweight” in a research note on Thursday, July 7. Finally, Citigroup lowered its price target on Alkami Technology stock to $18.00 from $32.00 and gave the stock a “buy” rating in a research note on Tuesday, June 21. One analyst has a hold rating on the stock, and five analysts have a buy rating on the stock. The company has a “Moderate Buy” consensus rating and a consensus price target of $21.67, according to MarketBeat.com.
Alkami Technology Price Performance
Nasdaq: ALKT opened Friday at $15.05. Alkami Technology’s 52-week low was $9.23 and its 52-week high was $32.50. The company has a market cap of $1.37 billion, a price-to-earnings ratio of -23.15, and a beta of 0.40. The company’s 50-day simple moving average is $14.88 and its 200-day simple moving average is $13.67. The company’s gearing ratio is 0.25, its quick ratio is 6.97, and its current ratio is 6.97.
Alkami Technology (NASDAQ: ALKT – Get Rating) last released its quarterly earnings results on Wednesday, Aug. 3. The company reported earnings per share of ($0.20) for the quarter, missing analysts’ consensus estimate of ($0.19) ($0.01). Revenue for the business for the quarter was $50.53 million, compared with the consensus estimate of $47.98 million. Alkami Technology’s return on equity was negative 15.72% and its net profit margin was negative 32.79%. In the same period last year, the company reported earnings per share ($0.12). As a group, sell-side analysts are forecasting -0.74 earnings per share for Alkami Technology for the current year.
Institutional Investor Views on Alkami Technology
Some large investors have recently bought and sold the company’s stock. Legal & General Group Plc increased 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, worth $118,000, after purchasing an additional 1,453 shares in the previous quarter. Driehaus Capital Management LLC acquired a new stake in Alkami Technology for approximately $7,665,000 in the second quarter. State Street increased its stake in Alkami Technology by 8.3% in the second quarter. State Street Corporation now owns 552,766 shares of the company’s stock, valued at $7,678,000, after purchasing an additional 42,305 shares in the previous quarter. UBS Asset Management Americas acquired a new stake in Alkami Technology for about $389,000 in the second quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Alkami Technology in the second quarter for approximately $78,000. 52.74% of the stock is currently held by institutional investors and hedge funds.
About Alkami Technologies
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Alkami Technology, Inc provides a cloud-based digital banking platform in the United States. The company’s platform, backed by a proprietary, cloud-based, multi-tenant architecture, allows financial institutions to onboard and attract new users, accelerate revenue and improve operational efficiency.
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