Alkami Technology (NASDAQ:ALKT) Given Sell (D-) Rating at Weiss Ratings

Key Points

• Alkami Technology (NASDAQ:ALKT) received a Sell (D-) rating from Weiss Ratings, indicating a negative outlook from this analyst group.
• Despite the downgrading from Weiss, recently, JPMorgan Chase & Co. initiated coverage with an "overweight" rating and a price target of $40.00, suggesting potential upside.
• Insider trading activity shows a mixed sentiment, with CFO W. Bryan Hill selling 20,366 shares while a director increased their stake with the purchase of 229,391 shares.

Alkami Technology (NASDAQ:ALKT - Get Free Report)'s stock had its "sell (d-)" rating reaffirmed by stock analysts at Weiss Ratings in a research report issued to clients and investors on Wednesday,Weiss Ratings reports.

Separately, JPMorgan Chase & Co. assumed coverage on shares of Alkami Technology in a research report on Wednesday, June 18th. They issued an "overweight" rating and a $40.00 price objective for the company. Six investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $39.25.

Alkami Technology Trading Up 2.5%

ALKT traded up $0.58 on Wednesday, reaching $23.99. 557,492 shares of the company's stock were exchanged, compared to its average volume of 1,199,327. The company's 50 day moving average is $24.14 and its 200-day moving average is $26.57. The company has a market cap of $2.50 billion, a price-to-earnings ratio of -63.21 and a beta of 0.57. Alkami Technology has a twelve month low of $19.94 and a twelve month high of $42.29. The company has a debt-to-equity ratio of 1.17, a quick ratio of 2.68 and a current ratio of 2.68.

Insider Activity at Alkami Technology

In related news, CFO W Bryan Hill sold 20,366 shares of Alkami Technology stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $24.76, for a total transaction of $504,262.16. Following the sale, the chief financial officer directly owned 409,889 shares in the company, valued at $10,148,851.64. The trade was a 4.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Atlantic Genpar (Bermu General purchased 229,391 shares of the company's stock in a transaction on Wednesday, August 13th. The stock was acquired at an average price of $22.44 per share, for a total transaction of $5,147,534.04. Following the completion of the transaction, the director owned 12,033,436 shares of the company's stock, valued at $270,030,303.84. This represents a 1.94% increase in their position. The disclosure for this purchase can be found here. Insiders have purchased a total of 1,396,162 shares of company stock worth $29,692,440 over the last ninety days. 18.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Alkami Technology

A number of institutional investors have recently bought and sold shares of ALKT. GAMMA Investing LLC grew its stake in Alkami Technology by 1,386.9% during the 1st quarter. GAMMA Investing LLC now owns 10,973 shares of the company's stock valued at $288,000 after acquiring an additional 10,235 shares in the last quarter. Rhumbline Advisers lifted its holdings in shares of Alkami Technology by 17.4% during the 1st quarter. Rhumbline Advisers now owns 88,430 shares of the company's stock valued at $2,321,000 after buying an additional 13,078 shares during the last quarter. NBC Securities Inc. boosted its position in Alkami Technology by 114,550.0% during the first quarter. NBC Securities Inc. now owns 2,293 shares of the company's stock worth $60,000 after purchasing an additional 2,291 shares during the period. Harbor Capital Advisors Inc. lifted its holdings in shares of Alkami Technology by 101.1% during the first quarter. Harbor Capital Advisors Inc. now owns 13,529 shares of the company's stock worth $355,000 after buying an additional 6,802 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. lifted its holdings in shares of Alkami Technology by 2.0% during the first quarter. Oppenheimer Asset Management Inc. now owns 58,487 shares of the company's stock worth $1,535,000 after buying an additional 1,166 shares during the last quarter. Hedge funds and other institutional investors own 54.97% of the company's stock.

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.

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