Alkami Technology (NASDAQ:ALKT) Trading Down 4.4% - Here's Why

Alkami Technology, Inc. (NASDAQ:ALKT - Get Free Report) shares traded down 4.4% on Monday . The stock traded as low as $25.63 and last traded at $25.68. 632,590 shares traded hands during mid-day trading, a decline of 22% from the average session volume of 809,090 shares. The stock had previously closed at $26.87.

Analysts Set New Price Targets

ALKT has been the topic of several research reports. Lake Street Capital dropped their price objective on shares of Alkami Technology from $47.00 to $41.00 and set a "buy" rating on the stock in a report on Thursday. The Goldman Sachs Group cut their price target on Alkami Technology from $39.00 to $32.00 and set a "neutral" rating on the stock in a report on Monday, March 3rd. JMP Securities restated a "market outperform" rating and set a $46.00 price objective on shares of Alkami Technology in a report on Thursday. Needham & Company LLC cut their target price on Alkami Technology from $54.00 to $40.00 and set a "buy" rating on the stock in a report on Thursday. Finally, Stephens upgraded shares of Alkami Technology from an "equal weight" rating to an "overweight" rating and set a $40.00 price target for the company in a research note on Thursday, March 13th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $39.88.

Alkami Technology Stock Performance

The company has a 50-day moving average of $26.06 and a 200-day moving average of $33.09. The company has a market cap of $2.74 billion, a PE ratio of -56.65 and a beta of 0.56. The company has a quick ratio of 3.52, a current ratio of 3.52 and a debt-to-equity ratio of 0.05.

Alkami Technology (NASDAQ:ALKT - Get Free Report) last posted its earnings results on Thursday, February 27th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by ($0.13). Alkami Technology had a negative return on equity of 11.31% and a negative net margin of 14.55%. The firm had revenue of $89.66 million during the quarter, compared to the consensus estimate of $89.63 million. As a group, analysts anticipate that Alkami Technology, Inc. will post -0.34 earnings per share for the current year.

Insider Buying and Selling at Alkami Technology

In other news, CFO W Bryan Hill sold 17,409 shares of the company's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $30.41, for a total value of $529,407.69. Following the completion of the transaction, the chief financial officer now directly owns 450,620 shares of the company's stock, valued at $13,703,354.20. This represents a 3.72 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Douglas A. Linebarger sold 4,358 shares of Alkami Technology stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $30.41, for a total value of $132,526.78. Following the sale, the insider now owns 244,404 shares in the company, valued at $7,432,325.64. This trade represents a 1.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 18.10% of the company's stock.

Institutional Trading of Alkami Technology

A number of large investors have recently added to or reduced their stakes in ALKT. Barclays PLC grew its position in shares of Alkami Technology by 108.2% during the 3rd quarter. Barclays PLC now owns 95,391 shares of the company's stock valued at $3,009,000 after acquiring an additional 49,580 shares during the period. Franklin Resources Inc. boosted its position in Alkami Technology by 4.4% during the third quarter. Franklin Resources Inc. now owns 1,804,825 shares of the company's stock worth $61,364,000 after purchasing an additional 75,469 shares during the period. Principal Financial Group Inc. purchased a new position in shares of Alkami Technology in the third quarter worth about $875,000. JPMorgan Chase & Co. raised its position in shares of Alkami Technology by 474.5% in the third quarter. JPMorgan Chase & Co. now owns 379,542 shares of the company's stock valued at $11,971,000 after purchasing an additional 313,478 shares during the period. Finally, Diversified Trust Co purchased a new stake in shares of Alkami Technology during the 4th quarter valued at approximately $595,000. Hedge funds and other 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.