Alkami Technology (NASDAQ:ALKT) Trading Down 5.1% - Here's What Happened

Alkami Technology, Inc. (NASDAQ:ALKT - Get Free Report) shares fell 5.1% on Monday . The company traded as low as $36.11 and last traded at $36.58. 603,997 shares changed hands during trading, an increase of 11% from the average session volume of 545,008 shares. The stock had previously closed at $38.53.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on ALKT shares. JMP Securities increased their target price on Alkami Technology from $38.00 to $41.00 and gave the company a "market outperform" rating in a report on Tuesday, October 29th. Barclays increased their price objective on Alkami Technology from $35.00 to $41.00 and gave the company an "equal weight" rating in a research note on Thursday, October 31st. Needham & Company LLC boosted their target price on shares of Alkami Technology from $43.00 to $54.00 and gave the company a "buy" rating in a research note on Thursday, October 31st. Craig Hallum raised their price target on shares of Alkami Technology from $38.00 to $45.00 and gave the stock a "buy" rating in a research note on Thursday, October 31st. Finally, The Goldman Sachs Group boosted their price objective on shares of Alkami Technology from $34.00 to $39.00 and gave the company a "neutral" rating in a research report on Friday, November 1st. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, Alkami Technology currently has an average rating of "Moderate Buy" and an average target price of $40.88.

Alkami Technology Trading Down 5.9 %

The company has a quick ratio of 3.52, a current ratio of 3.52 and a debt-to-equity ratio of 0.05. The stock has a market capitalization of $3.64 billion, a PE ratio of -77.13 and a beta of 0.46. The business's fifty day moving average is $38.60 and its 200-day moving average is $33.76.

Insider Activity

In related news, Director Atlantic Genpar (Bermu General sold 375,000 shares of the firm's stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $37.50, for a total value of $14,062,500.00. Following the transaction, the director now owns 12,680,049 shares in the company, valued at approximately $475,501,837.50. This trade represents a 2.87 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Douglas A. Linebarger sold 5,239 shares of the business's 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 sale, the insider now owns 248,585 shares of the company's stock, valued at approximately $9,451,201.70. This represents a 2.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 6,417,380 shares of company stock valued at $248,273,935 in the last ninety days. Company insiders own 38.00% of the company's stock.

Hedge Funds Weigh In On Alkami Technology

A number of hedge funds have recently made changes to their positions in the business. Driehaus Capital Management LLC boosted its position in shares of Alkami Technology by 56.2% in the second quarter. Driehaus Capital Management LLC now owns 1,091,276 shares of the company's stock worth $31,080,000 after buying an additional 392,483 shares during the period. JPMorgan Chase & Co. lifted its position in Alkami Technology by 474.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 379,542 shares of the company's stock worth $11,971,000 after acquiring an additional 313,478 shares in the last quarter. Millennium Management LLC boosted its holdings in Alkami Technology by 124.1% in the 2nd quarter. Millennium Management LLC now owns 514,677 shares of the company's stock worth $14,658,000 after acquiring an additional 284,977 shares during the period. Castleark Management LLC acquired a new stake in Alkami Technology in the third quarter valued at approximately $6,050,000. Finally, Loomis Sayles & Co. L P purchased a new stake in shares of Alkami Technology during the third quarter valued at approximately $6,032,000. 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.