Alkami Technology (NASDAQ:ALKT) Stock Price Down 5.1% – Here’s What Happened

Alkami Technology, Inc. (NASDAQ:ALKT) shares were down 5.1% during mid-day trading on Monday . The stock traded as low as $36.11 and last traded at $36.58. Approximately 603,997 shares changed hands during trading, an increase of 11% from the average daily volume of 545,008 shares. The stock had previously closed at $38.53.

Wall Street Analyst Weigh In

ALKT has been the subject of a number of research reports. The Goldman Sachs Group lifted their price objective 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. Needham & Company LLC lifted their price objective on Alkami Technology from $43.00 to $54.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Barclays raised their target price 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. Craig Hallum increased their price objective on shares of Alkami Technology from $38.00 to $45.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Finally, JPMorgan Chase & Co. boosted their target price on shares of Alkami Technology from $42.00 to $45.00 and gave the stock an “overweight” rating in a research note on Monday, December 9th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $40.88.

Alkami Technology Stock Down 5.3 %

The firm has a market cap of $3.67 billion, a price-to-earnings ratio of -77.66 and a beta of 0.46. The firm’s 50 day moving average price is $38.60 and its two-hundred day moving average price is $33.76. 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 Activity

In other Alkami Technology news, insider Stephen Bohanon sold 15,491 shares of the business’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $38.37, for a total transaction of $594,389.67. Following the transaction, the insider now owns 358,204 shares in the company, valued at approximately $13,744,287.48. The trade was a 4.15 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO W Bryan Hill sold 99,755 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $41.89, for a total value of $4,178,736.95. Following the completion of the sale, the chief financial officer now directly owns 371,648 shares of the company’s stock, valued at $15,568,334.72. This represents a 21.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 6,417,380 shares of company stock valued at $248,273,935. Company insiders own 38.00% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Trust Point Inc. purchased a new stake in shares of Alkami Technology during the 3rd quarter worth approximately $1,029,000. Oppenheimer Asset Management Inc. acquired a new position in Alkami Technology during the third quarter worth $1,860,000. FMR LLC boosted its position in Alkami Technology by 10.2% during the third quarter. FMR LLC now owns 1,523,747 shares of the company’s stock worth $48,059,000 after purchasing an additional 141,319 shares in the last quarter. Geode Capital Management LLC grew its holdings in Alkami Technology by 16.4% in the third quarter. Geode Capital Management LLC now owns 1,231,987 shares of the company’s stock valued at $38,865,000 after purchasing an additional 173,394 shares during the last quarter. Finally, Fifth Third Wealth Advisors LLC acquired a new stake in Alkami Technology in the third quarter valued at $1,115,000. Hedge funds and other 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.