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

Key Points

• Alkami Technology's stock reached a new 12-month low of $21.16, closing at $21.60 with a trading volume of 183,803 shares.
• Analysts have set varying target prices for the stock, with a consensus rating of "Moderate Buy" and an average target price of $39.25.
• Recent insider activity revealed that a director acquired shares while another sold over 7,000 shares, reflecting mixed signals on insider confidence.

Alkami Technology, Inc. (NASDAQ:ALKT - Get Free Report)'s stock price hit a new 52-week low during mid-day trading on Friday . The company traded as low as $21.16 and last traded at $21.60, with a volume of 183803 shares traded. The stock had previously closed at $22.29.

Analyst Ratings Changes

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

Alkami Technology Stock Performance

The company's 50-day simple moving average is $28.41 and its 200-day simple moving average is $28.79. The company has a current ratio of 2.68, a quick ratio of 2.68 and a debt-to-equity ratio of 1.17. The stock has a market capitalization of $2.25 billion, a price-to-earnings ratio of -56.86 and a beta of 0.57.

Insider Buying and Selling

In other Alkami Technology news, CFO W Bryan Hill sold 20,365 shares of the company's 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 transaction, the chief financial officer owned 430,255 shares in the company, valued at approximately $12,202,031.80. This represents a 4.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Douglas A. Linebarger sold 7,170 shares of the company's stock in a transaction 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 owned 238,172 shares in the company, valued at approximately $6,754,557.92. The trade was a 2.92% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 27,690 shares of company stock valued at $785,288 over the last ninety days. 18.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of ALKT. Vanguard Group Inc. lifted its position in shares of Alkami Technology by 6.7% during the first quarter. Vanguard Group Inc. now owns 7,949,573 shares of the company's stock valued at $208,676,000 after purchasing an additional 501,722 shares in the last quarter. Alliancebernstein L.P. lifted its position in shares of Alkami Technology by 5.8% during the first quarter. Alliancebernstein L.P. now owns 2,865,423 shares of the company's stock valued at $75,217,000 after purchasing an additional 158,094 shares in the last quarter. Champlain Investment Partners LLC lifted its position in shares of Alkami Technology by 64.0% during the first quarter. Champlain Investment Partners LLC now owns 2,583,053 shares of the company's stock valued at $67,805,000 after purchasing an additional 1,008,025 shares in the last quarter. Whale Rock Capital Management LLC bought a new position in shares of Alkami Technology during the fourth quarter valued at about $78,878,000. Finally, Riverbridge Partners LLC lifted its position in shares of Alkami Technology by 24.4% during the second quarter. Riverbridge Partners LLC now owns 2,098,790 shares of the company's stock valued at $63,258,000 after purchasing an additional 412,299 shares in the last quarter. Institutional investors and hedge funds 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.