Alkami Technology (NASDAQ:ALKT) Sees Strong Trading Volume – What’s Next?

Alkami Technology, Inc. (NASDAQ:ALKT) shares saw strong trading volume on Tuesday . 289,933 shares changed hands during mid-day trading, a decline of 44% from the previous session’s volume of 513,337 shares.The stock last traded at $39.98 and had previously closed at $42.22.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on ALKT. The Goldman Sachs Group boosted their price objective on Alkami Technology from $34.00 to $39.00 and gave the company a “neutral” rating in a report on Friday, November 1st. Needham & Company LLC boosted their price target on Alkami Technology from $43.00 to $54.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Craig Hallum raised their price objective on Alkami Technology from $38.00 to $45.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Lake Street Capital increased their target price on shares of Alkami Technology from $30.00 to $36.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Finally, Barclays lifted their price target on shares of Alkami Technology from $35.00 to $41.00 and gave the company an “equal weight” rating in a report on Thursday, October 31st. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $37.44.

Alkami Technology Trading Down 1.0 %

The firm’s 50-day simple moving average is $35.52 and its 200 day simple moving average is $31.83. The stock has a market cap of $3.95 billion, a P/E ratio of -83.57 and a beta of 0.43. The company has a current ratio of 3.52, a quick ratio of 3.52 and a debt-to-equity ratio of 0.05.

Insider Buying and Selling

In related news, CFO W Bryan Hill sold 99,755 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $41.89, for a total value of $4,178,736.95. Following the completion of the transaction, the chief financial officer now owns 371,648 shares in the company, valued at $15,568,334.72. This represents a 21.16 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Alex Shootman sold 37,758 shares of the business’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $29.75, for a total transaction of $1,123,300.50. Following the sale, the chief executive officer now owns 1,056,207 shares in the company, valued at $31,422,158.25. This trade represents a 3.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 6,360,428 shares of company stock valued at $244,916,568 in the last three months. 25.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Driehaus Capital Management LLC lifted its position in 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 purchasing an additional 392,483 shares during the period. Millennium Management LLC lifted its holdings in shares of Alkami Technology by 124.1% in the second quarter. Millennium Management LLC now owns 514,677 shares of the company’s stock valued at $14,658,000 after buying an additional 284,977 shares during the period. Castleark Management LLC bought a new position in Alkami Technology during the third quarter valued at about $6,050,000. Loomis Sayles & Co. L P acquired a new position in Alkami Technology during the third quarter worth about $6,032,000. Finally, Massachusetts Financial Services Co. MA raised its position in Alkami Technology by 13.0% in the second quarter. Massachusetts Financial Services Co. MA now owns 1,570,179 shares of the company’s stock worth $44,719,000 after acquiring an additional 181,194 shares in the last quarter. 54.97% of the stock is currently owned by institutional investors.

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.