Alkami Technology (NASDAQ:ALKT) Sees Strong Trading Volume – Here’s Why

Alkami Technology, Inc. (NASDAQ:ALKT) shares saw unusually-strong trading volume on Tuesday . Approximately 1,389,210 shares traded hands during trading, an increase of 127% from the previous session’s volume of 611,862 shares.The stock last traded at $23.56 and had previously closed at $23.87.

Analyst Ratings Changes

ALKT has been the topic of a number of research reports. Barclays cut their price target on Alkami Technology from $41.00 to $35.00 and set an “equal weight” rating on the stock in a report on Monday, March 3rd. The Goldman Sachs Group cut their target price 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. Finally, JPMorgan Chase & Co. raised their price target 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 five have given a buy rating to the company’s stock. According to MarketBeat.com, Alkami Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $41.14.

Alkami Technology Trading Up 0.4 %

The stock has a market capitalization of $2.45 billion, a P/E ratio of -51.09 and a beta of 0.49. The company has a current ratio of 3.52, a quick ratio of 3.52 and a debt-to-equity ratio of 0.05. The business has a 50-day moving average price of $33.53 and a two-hundred day moving average price of $34.89.

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

Insider Buying and Selling

In other Alkami Technology news, insider Douglas A. Linebarger sold 50,000 shares of the stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $40.05, for a total value of $2,002,500.00. Following the completion of the transaction, the insider now directly owns 191,668 shares in the company, valued at approximately $7,676,303.40. This trade represents a 20.69 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO W Bryan Hill sold 17,409 shares of Alkami Technology 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 $529,407.69. Following the sale, the chief financial officer now owns 450,620 shares in the company, valued at approximately $13,703,354.20. This represents a 3.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 271,767 shares of company stock worth $9,984,434 in the last three months. 38.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Alkami Technology

A number of hedge funds have recently bought and sold shares of the company. Essex Investment Management Co. LLC acquired a new position in shares of Alkami Technology during the fourth quarter valued at about $34,000. Advisors Asset Management Inc. raised its stake in Alkami Technology by 117.9% in the third 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 in the last quarter. Quarry LP purchased a new position in Alkami Technology in the 4th quarter worth approximately $61,000. Neo Ivy Capital Management bought a new stake in Alkami Technology during the fourth quarter worth about $96,000. Finally, Covestor Ltd grew its holdings in Alkami Technology by 6,300.0% in the third quarter. Covestor Ltd now owns 2,688 shares of the company’s stock worth $85,000 after purchasing an additional 2,646 shares during the period. 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.