Alkami Technology (NASDAQ:ALKT) Sees Large Volume Increase – Here’s Why

Shares of Alkami Technology, Inc. (NASDAQ:ALKT) saw unusually-strong trading volume on Monday . Approximately 1,462,884 shares changed hands during trading, an increase of 123% from the previous session’s volume of 654,683 shares.The stock last traded at $25.32 and had previously closed at $25.26.

Analyst Upgrades and Downgrades

Several brokerages have commented on ALKT. JPMorgan Chase & Co. lifted their target price on Alkami Technology from $42.00 to $45.00 and gave the stock an “overweight” rating in a report on Monday, December 9th. Stephens raised Alkami Technology from an “equal weight” rating to an “overweight” rating and set a $40.00 price objective on the stock in a research note on Thursday, March 13th. Barclays cut their price objective on Alkami Technology from $41.00 to $35.00 and set an “equal weight” rating on the stock in a research note on Monday, March 3rd. Finally, The Goldman Sachs Group cut their price objective on Alkami Technology from $39.00 to $32.00 and set a “neutral” rating on the stock in a research note on Monday, March 3rd. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Alkami Technology has an average rating of “Moderate Buy” and a consensus price target of $41.00.

Alkami Technology Stock Performance

The firm has a market capitalization of $2.60 billion, a P/E ratio of -54.21 and a beta of 0.49. The stock has a fifty day simple moving average of $32.14 and a two-hundred day simple moving average of $34.54. The company has a debt-to-equity ratio of 0.05, a current ratio of 3.52 and a quick ratio of 3.52.

Alkami Technology (NASDAQ:ALKT) last issued its earnings results on Thursday, February 27th. The company reported ($0.05) earnings per share for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.13). The business had revenue of $89.66 million during the quarter, compared to the consensus estimate of $89.63 million. Alkami Technology had a negative return on equity of 11.31% and a negative net margin of 14.55%. On average, research analysts predict that Alkami Technology, Inc. will post -0.34 EPS for the current year.

Insiders Place Their Bets

In other news, insider Douglas A. Linebarger sold 4,358 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $30.41, for a total transaction of $132,526.78. Following the completion of the sale, the insider now owns 244,404 shares in the company, valued at $7,432,325.64. The trade was a 1.75 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO W Bryan Hill sold 100,000 shares of the business’s stock in a transaction that occurred 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 sale, the chief financial officer now owns 353,841 shares of the company’s stock, valued at approximately $11,828,904.63. This represents a 22.03 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 121,767 shares of company stock worth $4,004,934. 38.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Alkami Technology

Several hedge funds and other institutional investors have recently modified their holdings of ALKT. Principal Financial Group Inc. bought a new stake in shares of Alkami Technology during the third quarter valued at approximately $875,000. GSA Capital Partners LLP bought a new stake in shares of Alkami Technology during the third quarter valued at approximately $203,000. Victory Capital Management Inc. bought a new stake in Alkami Technology during the third quarter worth $979,000. Fifth Third Wealth Advisors LLC bought a new stake in Alkami Technology during the third quarter worth $1,115,000. Finally, Connor Clark & Lunn Investment Management Ltd. grew its holdings in Alkami Technology by 108.8% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 54,494 shares of the company’s stock worth $1,719,000 after buying an additional 28,395 shares in the last quarter. Institutional investors own 54.97% of the company’s stock.

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.