Alkami Technology (NASDAQ:ALKT) Sees Strong Trading Volume – Still a Buy?

Alkami Technology, Inc. (NASDAQ:ALKT) saw strong trading volume on Monday . 221,299 shares changed hands during mid-day trading, a decline of 50% from the previous session’s volume of 441,591 shares.The stock last traded at $37.79 and had previously closed at $36.34.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. Needham & Company LLC raised their target price on Alkami Technology from $32.00 to $43.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. JMP Securities raised their price target on shares of Alkami Technology from $35.00 to $38.00 and gave the company a “market outperform” rating in a research note on Thursday, August 1st. Barclays lifted their target price on shares of Alkami Technology from $31.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 1st. Lake Street Capital raised their target price on shares of Alkami Technology from $30.00 to $36.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Finally, The Goldman Sachs Group raised their target price on Alkami Technology from $28.00 to $34.00 and gave the stock a “neutral” rating in a research note on Thursday, August 1st. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, Alkami Technology presently has a consensus rating of “Moderate Buy” and an average target price of $33.89.

Alkami Technology Trading Down 0.4 %

The firm has a market capitalization of $3.71 billion, a price-to-earnings ratio of -63.42 and a beta of 0.46. The company has a debt-to-equity ratio of 0.05, a quick ratio of 3.75 and a current ratio of 3.75. The company has a 50-day moving average price of $32.02 and a 200-day moving average price of $29.39.

Alkami Technology (NASDAQ:ALKT) last announced its quarterly earnings results on Wednesday, July 31st. The company reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.03 by $0.02. Alkami Technology had a negative return on equity of 13.43% and a negative net margin of 17.47%. The firm had revenue of $82.16 million during the quarter, compared to the consensus estimate of $81.32 million. During the same period in the prior year, the company posted ($0.17) earnings per share. The firm’s quarterly revenue was up 24.9% compared to the same quarter last year. As a group, research analysts forecast that Alkami Technology, Inc. will post -0.36 EPS for the current fiscal year.

Insider Activity at Alkami Technology

In related news, insider Stephen Bohanon sold 35,893 shares of the business’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $33.60, for a total value of $1,206,004.80. Following the completion of the sale, the insider now directly owns 403,786 shares of the company’s stock, valued at $13,567,209.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CFO W Bryan Hill sold 55,046 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $31.19, for a total transaction of $1,716,884.74. Following the transaction, the chief financial officer now directly owns 471,403 shares in the company, valued at approximately $14,703,059.57. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Stephen Bohanon sold 35,893 shares of the company’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $33.60, for a total transaction of $1,206,004.80. Following the completion of the sale, the insider now owns 403,786 shares of the company’s stock, valued at approximately $13,567,209.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 3,648,416 shares of company stock valued at $113,920,758 in the last ninety days. Insiders own 38.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of ALKT. Wasatch Advisors LP purchased a new position in shares of Alkami Technology during the first quarter worth about $37,178,000. Driehaus Capital Management LLC lifted its position in Alkami Technology by 56.2% during the 2nd quarter. Driehaus Capital Management LLC now owns 1,091,276 shares of the company’s stock worth $31,080,000 after acquiring an additional 392,483 shares during the period. Millennium Management LLC grew its stake in shares of Alkami Technology by 124.1% in the 2nd quarter. Millennium Management LLC now owns 514,677 shares of the company’s stock valued at $14,658,000 after purchasing an additional 284,977 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Alkami Technology by 6.2% in the fourth quarter. Vanguard Group Inc. now owns 4,562,170 shares of the company’s stock valued at $110,633,000 after purchasing an additional 267,336 shares during the period. Finally, Jacobs Levy Equity Management Inc. purchased a new stake in shares of Alkami Technology during the first quarter worth approximately $5,569,000. 54.97% of the stock is owned by hedge funds and other institutional investors.

Alkami Technology Company Profile

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.