Harbor Capital Advisors Inc. Grows Holdings in Alkami Technology, Inc. $ALKT

Key Points

• Harbor Capital Advisors Inc. increased its stake in Alkami Technology by 370.5% during the 2nd quarter, now owning 63,660 shares valued at approximately $1.9 million.
• JPMorgan Chase & Co. has initiated coverage on Alkami Technology with an "overweight" rating and a price target of $40.00, as the stock holds a consensus rating of "Moderate Buy".
• Significant insider trading activity has occurred, with the CFO selling over 20,000 shares and a director acquiring 650,000 shares, reflecting a mix of confidence and strategic adjustments among executive leadership.

Harbor Capital Advisors Inc. boosted its holdings in Alkami Technology, Inc. (NASDAQ:ALKT - Free Report) by 370.5% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 63,660 shares of the company's stock after buying an additional 50,131 shares during the quarter. Harbor Capital Advisors Inc. owned approximately 0.06% of Alkami Technology worth $1,919,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. George Kaiser Family Foundation purchased a new position in Alkami Technology in the first quarter valued at $2,948,000. Amalgamated Bank raised its stake in 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 acquiring an additional 704 shares in the last quarter. Vanguard Group Inc. lifted its position in Alkami Technology by 6.7% in the first quarter. Vanguard Group Inc. now owns 7,949,573 shares of the company's stock valued at $208,676,000 after acquiring an additional 501,722 shares during the last quarter. Corebridge Financial Inc. boosted its stake in Alkami Technology by 12.6% in the first quarter. Corebridge Financial Inc. now owns 29,714 shares of the company's stock valued at $780,000 after acquiring an additional 3,325 shares in the last quarter. Finally, GAMMA Investing LLC grew its holdings in shares of Alkami Technology by 1,386.9% during the first quarter. GAMMA Investing LLC now owns 10,973 shares of the company's stock worth $288,000 after purchasing an additional 10,235 shares during the last quarter. Hedge funds and other institutional investors own 54.97% of the company's stock.

Insider Transactions at Alkami Technology

In other news, Director Atlantic Genpar (Bermu General purchased 229,391 shares of the company's stock in a transaction on Wednesday, August 13th. The stock was bought at an average cost of $22.44 per share, for a total transaction of $5,147,534.04. Following the completion of the purchase, the director directly owned 12,033,436 shares of the company's stock, valued at $270,030,303.84. The trade was a 1.94% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Prerna Sachdeva sold 2,967 shares of Alkami Technology stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $24.76, for a total value of $73,462.92. Following the completion of the transaction, the chief accounting officer directly owned 66,061 shares in the company, valued at $1,635,670.36. This represents a 4.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders bought a total of 1,396,162 shares of company stock worth $29,692,440 in the last ninety days. Insiders own 18.10% of the company's stock.

Wall Street Analyst Weigh In

Separately, JPMorgan Chase & Co. assumed coverage on shares of Alkami Technology in a research report on Wednesday, June 18th. They issued an "overweight" rating and a $40.00 price target for the company. Six equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, Alkami Technology currently has a consensus rating of "Moderate Buy" and an average target price of $39.25.

Alkami Technology Trading Down 4.7%

NASDAQ ALKT traded down $1.24 during mid-day trading on Friday, reaching $25.29. 2,436,954 shares of the stock were exchanged, compared to its average volume of 1,200,554. The stock has a market capitalization of $2.63 billion, a PE ratio of -66.55 and a beta of 0.58. The company has a debt-to-equity ratio of 1.17, a quick ratio of 2.68 and a current ratio of 2.68. Alkami Technology, Inc. has a 1-year low of $19.94 and a 1-year high of $42.29. The business's fifty day simple moving average is $24.87 and its 200 day simple moving average is $26.64.

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.