Alkami Technology (NASDAQ:ALKT) Stock Price Down 4.6% - Here's What Happened

Alkami Technology, Inc. (NASDAQ:ALKT - Get Free Report) shares were down 4.6% on Monday . The company traded as low as $34.06 and last traded at $35.88. Approximately 282,950 shares were traded during trading, a decline of 38% from the average daily volume of 455,454 shares. The stock had previously closed at $37.60.

Analyst Ratings Changes

A number of brokerages recently issued reports on ALKT. JMP Securities increased their price objective on Alkami Technology from $38.00 to $41.00 and gave the stock a "market outperform" rating in a report on Tuesday, October 29th. Craig Hallum increased their price target on Alkami Technology from $38.00 to $45.00 and gave the stock a "buy" rating in a research note on Thursday. Lake Street Capital lifted their price objective on shares of Alkami Technology from $30.00 to $36.00 and gave the company a "buy" rating in a research note on Thursday, August 1st. Barclays increased their target price on shares of Alkami Technology from $35.00 to $41.00 and gave the company an "equal weight" rating in a research report on Thursday. Finally, The Goldman Sachs Group boosted their price target on shares of Alkami Technology from $34.00 to $39.00 and gave the stock a "neutral" rating in a research report on Friday. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $37.44.

Alkami Technology Price Performance

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's 50 day moving average price is $33.24 and its 200-day moving average price is $30.37. The company has a market cap of $3.62 billion, a price-to-earnings ratio of -77.72 and a beta of 0.43.

Insiders Place Their Bets

In other news, CFO W Bryan Hill sold 55,046 shares of the firm's stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $31.19, for a total transaction of $1,716,884.74. Following the completion of the sale, the chief financial officer now directly owns 471,403 shares of the company's stock, valued at $14,703,059.57. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Alkami Technology news, CFO W Bryan Hill sold 55,046 shares of the company's stock in a transaction dated 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 completion of the sale, the chief financial officer now directly owns 471,403 shares of the company's stock, valued at approximately $14,703,059.57. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Brian R. Smith sold 83,333 shares of Alkami Technology stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $31.17, for a total transaction of $2,597,489.61. Following the completion of the transaction, the director now directly owns 784,549 shares in the company, valued at approximately $24,454,392.33. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 3,648,416 shares of company stock worth $113,920,758. 38.00% of the stock is owned by insiders.

Institutional Trading of Alkami Technology

Several large investors have recently added to or reduced their stakes in the company. Park Place Capital Corp purchased a new position in shares of Alkami Technology during the third quarter valued at $28,000. Blue Trust Inc. grew its stake in Alkami Technology by 507.0% during the 3rd quarter. Blue Trust Inc. now owns 1,214 shares of the company's stock valued at $38,000 after acquiring an additional 1,014 shares in the last quarter. Point72 Asset Management L.P. acquired a new position in shares of Alkami Technology in the 2nd quarter valued at about $40,000. Perkins Coie Trust Co purchased a new stake in shares of Alkami Technology in the second quarter worth approximately $85,000. Finally, Covestor Ltd boosted its holdings in shares of Alkami Technology by 6,300.0% during 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. 54.97% of the stock is owned by institutional investors and hedge funds.

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.