Alkami Technology (NASDAQ:ALKT) Stock Price Down 9.7% - Should You Sell?

Key Points

• Alkami Technology's stock price fell by 9.7% during mid-day trading, closing at $23.61, marking a significant drop from its previous close of $26.16, with trading volume down by 15% from average levels.
• Several analysts have updated their ratings for Alkami Technology, with a consensus rating of "Moderate Buy" and an average price target of $39.25, despite some price target reductions from firms like Needham and Barclays.
• Insider trading activity included a sale of 7,170 shares by insider Douglas A. Linebarger, while Director Joseph P. Payne purchased 8,200 shares, indicating mixed trends in insider sentiment.

Alkami Technology, Inc. (NASDAQ:ALKT - Get Free Report) traded down 9.7% during mid-day trading on Thursday . The company traded as low as $23.72 and last traded at $23.61. 929,983 shares changed hands during trading, a decline of 15% from the average session volume of 1,094,050 shares. The stock had previously closed at $26.16.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. JMP Securities reissued a "market outperform" rating and set a $46.00 price objective on shares of Alkami Technology in a report on Thursday, May 1st. Needham & Company LLC lowered their price objective on Alkami Technology from $54.00 to $40.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. JPMorgan Chase & Co. began coverage on Alkami Technology in a research report on Wednesday, June 18th. They issued an "overweight" rating and a $40.00 price objective for the company. Barclays lowered their price objective on 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. Finally, Lake Street Capital lowered their price objective on 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 analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, Alkami Technology currently has a consensus rating of "Moderate Buy" and an average price target of $39.25.

Alkami Technology Price Performance

The company has a debt-to-equity ratio of 1.23, a quick ratio of 2.75 and a current ratio of 2.75. The company has a 50-day moving average price of $28.86 and a 200-day moving average price of $29.14. The company has a market capitalization of $2.32 billion, a price-to-earnings ratio of -59.16 and a beta of 0.59.

Insider Activity at Alkami Technology

In related 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 value of $203,341.20. Following the completion of the transaction, the insider directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Joseph P. Payne acquired 8,200 shares of the firm's stock in a transaction that occurred on 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 completion of the transaction, the director directly owned 21,128 shares in the company, valued at $643,558.88. This trade represents a 63.43% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders sold 27,690 shares of company stock worth $785,288. 18.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On Alkami Technology

Institutional investors have recently bought and sold shares of the company. CWM LLC raised its stake in shares of Alkami Technology by 176.2% during the 2nd quarter. CWM LLC now owns 942 shares of the company's stock worth $28,000 after purchasing an additional 601 shares in the last quarter. Perkins Coie Trust Co grew its holdings 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 in the last quarter. Versant Capital Management Inc acquired a new stake in shares of Alkami Technology during the 1st quarter worth $36,000. Amalgamated Bank boosted its stake in Alkami Technology by 50.8% in the first quarter. Amalgamated Bank now owns 2,091 shares of the company's stock valued at $55,000 after buying an additional 704 shares in the last quarter. Finally, Blue Trust Inc. boosted its stake in Alkami Technology by 27.6% in the second quarter. Blue Trust Inc. now owns 1,852 shares of the company's stock valued at $56,000 after buying an additional 401 shares in the last quarter. 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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