Alkami Technology (NASDAQ:ALKT) Shares Down 4.6% – What’s Next?

Alkami Technology, Inc. (NASDAQ:ALKT) shares dropped 4.6% on Wednesday . The stock traded as low as $34.00 and last traded at $34.11. Approximately 214,223 shares traded hands during mid-day trading, a decline of 58% from the average daily volume of 514,586 shares. The stock had previously closed at $35.76.

Wall Street Analysts Forecast Growth

ALKT has been the subject of several research analyst reports. The Goldman Sachs Group boosted their price target on shares of Alkami Technology from $34.00 to $39.00 and gave the company a “neutral” rating in a report on Friday, November 1st. Craig Hallum raised their price target on Alkami Technology from $38.00 to $45.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Needham & Company LLC boosted their price objective on Alkami Technology from $43.00 to $54.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. JPMorgan Chase & Co. raised their target price on shares of Alkami Technology from $42.00 to $45.00 and gave the stock an “overweight” rating in a report on Monday, December 9th. Finally, Barclays upped their price target on shares of Alkami Technology from $35.00 to $41.00 and gave the company an “equal weight” rating in a report on Thursday, October 31st. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $43.00.

Alkami Technology Stock Performance

The stock’s 50-day moving average price is $37.82 and its 200 day moving average price is $34.76. The firm has a market cap of $3.55 billion, a P/E ratio of -75.11 and a beta of 0.48. The company has a debt-to-equity ratio of 0.05, a current ratio of 3.52 and a quick ratio of 3.52.

Insider Transactions at Alkami Technology

In other news, insider Douglas A. Linebarger sold 5,239 shares of Alkami Technology stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $38.02, for a total transaction of $199,186.78. Following the completion of the transaction, the insider now directly owns 248,585 shares in the company, valued at approximately $9,451,201.70. The trade was a 2.06 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO W Bryan Hill sold 100,000 shares of the stock in a transaction on Monday, January 13th. The shares were sold at an average price of $33.43, for a total value of $3,343,000.00. Following the completion of the sale, the chief financial officer now owns 353,841 shares in the company, valued at approximately $11,828,904.63. This trade represents a 22.03 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 6,517,380 shares of company stock worth $251,616,935 in the last three months. Insiders own 25.90% of the company’s stock.

Institutional Trading of Alkami Technology

A number of institutional investors and hedge funds have recently made changes to their positions in ALKT. Park Place Capital Corp bought a new position in Alkami Technology in the third quarter valued at about $28,000. Advisors Asset Management Inc. grew its holdings in shares of Alkami Technology by 117.9% during the 3rd quarter. Advisors Asset Management Inc. now owns 1,166 shares of the company’s stock valued at $37,000 after purchasing an additional 631 shares during the last quarter. Blue Trust Inc. increased its position in Alkami Technology by 507.0% during the 3rd quarter. Blue Trust Inc. now owns 1,214 shares of the company’s stock worth $38,000 after purchasing an additional 1,014 shares in the last quarter. Point72 Asset Management L.P. bought a new position in Alkami Technology in the 2nd quarter valued at approximately $40,000. Finally, Covestor Ltd boosted its position in Alkami Technology by 6,300.0% in the third quarter. Covestor Ltd now owns 2,688 shares of the company’s stock valued at $85,000 after buying an additional 2,646 shares in the last quarter. Institutional investors own 54.97% of the company’s stock.

About Alkami Technology

Alkami Technology, Inc offers cloud-based digital banking solutions in the United States. The company's Alkami Platform allows financial institutions to onboard and engage new users, accelerate revenues, and enhance operational efficiency, with the support of a proprietary, cloud-based, and multi-tenant architecture.