Alkami Technology (NASDAQ:ALKT) Trading Up 5.9% - Here's Why

Alkami Technology, Inc. (NASDAQ:ALKT - Get Free Report)'s stock price shot up 5.9% on Friday . The stock traded as high as $30.77 and last traded at $30.67. 742,288 shares were traded during trading, an increase of 25% from the average session volume of 591,715 shares. The stock had previously closed at $28.96.

Wall Street Analyst Weigh In

A number of brokerages have commented on ALKT. The Goldman Sachs Group decreased their price objective on Alkami Technology from $39.00 to $32.00 and set a "neutral" rating for the company in a research report on Monday. JPMorgan Chase & Co. boosted their target price on Alkami Technology from $42.00 to $45.00 and gave the company an "overweight" rating in a research note on Monday, December 9th. Finally, Barclays lowered their price target on Alkami Technology from $41.00 to $35.00 and set an "equal weight" rating for the company in a research note on Monday. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $41.14.

Alkami Technology Stock Down 2.6 %

The stock has a market capitalization of $2.89 billion, a P/E ratio of -61.31 and a beta of 0.47. 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 business has a 50-day simple moving average of $34.67 and a two-hundred day simple moving average of $35.04.

Alkami Technology (NASDAQ:ALKT - Get Free Report) last posted its quarterly earnings data on Thursday, February 27th. The company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.13). The company 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%. Equities research analysts forecast that Alkami Technology, Inc. will post -0.34 earnings per share for the current fiscal year.

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Insider Transactions at Alkami Technology

In other news, insider Douglas A. Linebarger sold 50,000 shares of the firm's 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 owns 191,668 shares in the company, valued at $7,676,303.40. This trade represents a 20.69 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO W Bryan Hill sold 100,000 shares of the firm's stock in a transaction on Monday, January 13th. The shares were sold at an average price of $33.43, for a total transaction of $3,343,000.00. Following the completion of the transaction, the chief financial officer now directly owns 353,841 shares of the company's stock, valued at $11,828,904.63. This represents a 22.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 250,000 shares of company stock valued at $9,322,500 over the last three months. 38.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Alkami Technology

Large investors have recently added to or reduced their stakes in the business. Essex Investment Management Co. LLC bought a new position in shares of Alkami Technology in the fourth quarter valued at about $34,000. Advisors Asset Management Inc. lifted its position in Alkami Technology by 117.9% during the third quarter. Advisors Asset Management Inc. now owns 1,166 shares of the company's stock worth $37,000 after purchasing an additional 631 shares during the period. Quarry LP acquired a new stake in Alkami Technology during the fourth quarter worth about $61,000. Neo Ivy Capital Management bought a new position in Alkami Technology in the 4th quarter valued at about $96,000. Finally, Covestor Ltd lifted its holdings in shares of Alkami Technology by 6,300.0% during the 3rd quarter. Covestor Ltd now owns 2,688 shares of the company's stock worth $85,000 after acquiring 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.