Alkami Technology (NASDAQ:ALKT) Shares Down 5% - Time to Sell?

Alkami Technology, Inc. (NASDAQ:ALKT - Get Free Report)'s share price fell 5% on Friday . The company traded as low as $26.95 and last traded at $27.01. 308,465 shares changed hands during mid-day trading, a decline of 65% from the average session volume of 872,849 shares. The stock had previously closed at $28.44.

Analyst Ratings Changes

A number of brokerages have weighed in on ALKT. Barclays decreased their price objective on shares of Alkami Technology from $35.00 to $30.00 and set an "equal weight" rating for the company in a research report on Monday, April 14th. The Goldman Sachs Group decreased their price objective on shares of Alkami Technology from $39.00 to $32.00 and set a "neutral" rating for the company in a research report on Monday, March 3rd. JMP Securities reiterated a "market outperform" rating and issued a $46.00 price objective on shares of Alkami Technology in a research report on Thursday, May 1st. Needham & Company LLC decreased 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 report on Thursday, May 1st. Finally, 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 research report on Thursday, May 1st. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $39.88.

Alkami Technology Stock Performance

The company has a current ratio of 3.52, a quick ratio of 3.52 and a debt-to-equity ratio of 0.05. The firm's 50-day moving average is $27.85 and its two-hundred day moving average is $31.11. The stock has a market cap of $2.80 billion, a price-to-earnings ratio of -57.85 and a beta of 0.58.

Insider Buying and Selling at Alkami Technology

In other news, Director Joseph P. Payne purchased 8,200 shares of the company's stock in a transaction dated Thursday, May 15th. The stock was acquired at an average price of $30.46 per share, with a total value of $249,772.00. Following the purchase, the director now directly owns 21,128 shares in the company, valued at approximately $643,558.88. This represents a 63.43% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO W Bryan Hill sold 20,365 shares of the stock in a transaction that occurred 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 now directly owns 430,255 shares of the company's stock, 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 quarter, insiders sold 27,690 shares of company stock worth $785,288. Insiders own 18.10% of the company's stock.

Institutional Trading of Alkami Technology

Several hedge funds have recently made changes to their positions in the company. Essex Investment Management Co. LLC purchased a new position in shares of Alkami Technology during the 4th quarter worth approximately $34,000. Perkins Coie Trust Co boosted its position in shares of Alkami Technology by 62.5% during the 1st quarter. Perkins Coie Trust Co now owns 1,300 shares of the company's stock worth $34,000 after purchasing an additional 500 shares during the period. Versant Capital Management Inc purchased a new position in shares of Alkami Technology during the 1st quarter worth approximately $36,000. Amalgamated Bank boosted its position in shares of Alkami Technology by 50.8% during the 1st quarter. Amalgamated Bank now owns 2,091 shares of the company's stock worth $55,000 after purchasing an additional 704 shares during the period. Finally, Summit Securities Group LLC purchased a new position in shares of Alkami Technology during the 1st quarter worth approximately $59,000. Hedge funds and other institutional investors 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.