Alkami Technology (NASDAQ:ALKT) Shares Down 5% - Here's What Happened

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

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on ALKT. JMP Securities reissued a "market outperform" rating and issued a $46.00 target price on shares of Alkami Technology in a research note on Thursday, May 1st. The Goldman Sachs Group lowered their price objective on Alkami Technology from $39.00 to $32.00 and set a "neutral" rating on the stock in a research note on Monday, March 3rd. Barclays dropped their target price on Alkami Technology from $35.00 to $30.00 and set an "equal weight" rating for the company in a report on Monday, April 14th. Lake Street Capital lowered their price target on Alkami Technology from $47.00 to $41.00 and set a "buy" rating on the stock in a research report on Thursday, May 1st. Finally, Needham & Company LLC lowered their price target on Alkami Technology from $54.00 to $40.00 and set a "buy" rating on the stock in a research report on Thursday, May 1st. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to MarketBeat.com, Alkami Technology has a consensus rating of "Moderate Buy" and a consensus target price of $39.88.

Alkami Technology Stock Down 6.2%

The business has a 50-day simple moving average of $27.76 and a two-hundred day simple moving average of $31.25. The stock has a market capitalization of $2.75 billion, a P/E ratio of -56.77 and a beta of 0.58. The company has a quick ratio of 3.52, a current ratio of 3.52 and a debt-to-equity ratio of 0.05.

Insider Activity

In other Alkami Technology news, CFO W Bryan Hill sold 20,365 shares of the firm's stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $28.36, for a total value of $577,551.40. Following the completion of the sale, the chief financial officer now owns 430,255 shares in the company, valued at approximately $12,202,031.80. This trade represents a 4.52% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Joseph P. Payne acquired 8,200 shares of the stock in a transaction on Thursday, May 15th. The stock was bought at an average price of $30.46 per share, with a total value of $249,772.00. Following the transaction, 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 disclosure for this purchase can be found here. Over the last ninety days, insiders sold 27,690 shares of company stock worth $785,288. 18.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Alkami Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bosun Asset Management LLC increased its position in Alkami Technology by 1.4% in the 4th quarter. Bosun Asset Management LLC now owns 23,151 shares of the company's stock valued at $849,000 after acquiring an additional 313 shares in the last quarter. Perkins Coie Trust Co increased its position in Alkami Technology by 62.5% in the 1st quarter. Perkins Coie Trust Co now owns 1,300 shares of the company's stock valued at $34,000 after acquiring an additional 500 shares in the last quarter. Covestor Ltd increased its position in Alkami Technology by 18.8% in the 1st quarter. Covestor Ltd now owns 3,252 shares of the company's stock valued at $85,000 after acquiring an additional 514 shares in the last quarter. Amundi increased its position in Alkami Technology by 1.9% in the 1st quarter. Amundi now owns 29,040 shares of the company's stock valued at $731,000 after acquiring an additional 548 shares in the last quarter. Finally, Advisors Asset Management Inc. increased its position in Alkami Technology by 32.4% in the 1st quarter. Advisors Asset Management Inc. now owns 2,425 shares of the company's stock valued at $64,000 after acquiring an additional 594 shares in the last quarter. Institutional investors and hedge funds 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.