Alkami Technology (NASDAQ:ALKT) Sets New 1-Year Low - Here's What Happened

Key Points

• Alkami Technology's stock price fell to a new 52-week low of $20.25, significantly down from a previous close of $20.88, with a trading volume of 345,161 shares.
• Analysts are divided on the stock's potential, with several firms cutting target prices significantly; Barclays reduced its target from $35 to $30, while Needham decreased theirs from $54 to $40.
• Insiders have recently sold a total of 27,690 shares worth approximately $785,288, contributing to a decline in their ownership stakes.

Alkami Technology, Inc. (NASDAQ:ALKT - Get Free Report)'s stock price reached a new 52-week low on Friday . The company traded as low as $20.39 and last traded at $20.25, with a volume of 345161 shares traded. The stock had previously closed at $20.88.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Barclays cut their target price on Alkami Technology from $35.00 to $30.00 and set an "equal weight" rating for the company in a research note on Monday, April 14th. Needham & Company LLC cut their price objective on shares of Alkami Technology from $54.00 to $40.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. JMP Securities reiterated a "market outperform" rating and issued a $46.00 target price on shares of Alkami Technology in a research report on Thursday, May 1st. JPMorgan Chase & Co. initiated coverage on shares of Alkami Technology in a research report on Wednesday, June 18th. They set an "overweight" rating and a $40.00 price target for the company. Finally, Lake Street Capital reduced their price objective on Alkami Technology from $47.00 to $41.00 and set a "buy" rating on the stock in a research note on Thursday, May 1st. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $39.25.

Alkami Technology Trading Down 2.5%

The company has a quick ratio of 2.68, a current ratio of 2.68 and a debt-to-equity ratio of 1.17. The company has a market capitalization of $2.12 billion, a PE ratio of -53.42 and a beta of 0.57. The stock's fifty day moving average price is $27.96 and its two-hundred day moving average price is $28.59.

Insiders Place Their Bets

In other news, insider Douglas A. Linebarger sold 7,170 shares of the business's stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $28.36, for a total transaction of $203,341.20. Following the transaction, the insider directly owned 238,172 shares of the company's stock, valued at approximately $6,754,557.92. The trade was a 2.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO W Bryan Hill sold 20,365 shares of Alkami Technology stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $28.36, for a total transaction of $577,551.40. Following the completion of the sale, the chief financial officer owned 430,255 shares in the company, valued at approximately $12,202,031.80. This trade represents a 4.52% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 27,690 shares of company stock worth $785,288. 18.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Alkami Technology

A number of institutional investors have recently bought and sold shares of the stock. LPL Financial LLC purchased a new position in Alkami Technology during the 4th quarter valued at about $1,527,000. Norges Bank purchased a new position in shares of Alkami Technology during the fourth quarter valued at approximately $2,920,000. Geode Capital Management LLC boosted its position in shares of Alkami Technology by 15.8% in the 4th quarter. Geode Capital Management LLC now owns 1,426,038 shares of the company's stock worth $52,320,000 after purchasing an additional 194,051 shares in the last quarter. Wells Fargo & Company MN grew its stake in shares of Alkami Technology by 71.3% in the 4th quarter. Wells Fargo & Company MN now owns 30,805 shares of the company's stock worth $1,130,000 after buying an additional 12,827 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new position in Alkami Technology during the 4th quarter valued at approximately $305,000. 54.97% of the stock is 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.

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