Hodges Capital Management Inc. Sells 132,651 Shares of Alkami Technology, Inc. $ALKT

Key Points

• Hodges Capital Management reduced its stake in Alkami Technology by 62.7% in the first quarter, selling 132,651 shares and leaving it with 78,919 shares valued at approximately $2,072,000.
• Institutional investors collectively hold 54.97% of Alkami's stock, with notable changes including a significant increase in holdings by GAMMA Investing LLC by 1,386.9%.
• JPMorgan Chase & Co. initiated coverage with an "overweight" rating and a target price of $40.00, contributing to Alkami's average target price of $39.25.

Hodges Capital Management Inc. cut its holdings in shares of Alkami Technology, Inc. (NASDAQ:ALKT - Free Report) by 62.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 78,919 shares of the company's stock after selling 132,651 shares during the period. Hodges Capital Management Inc. owned about 0.08% of Alkami Technology worth $2,072,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. George Kaiser Family Foundation bought a new stake in Alkami Technology during the first quarter worth $2,948,000. Amalgamated Bank lifted its stake in shares of Alkami Technology by 50.8% in the 1st quarter. Amalgamated Bank now owns 2,091 shares of the company's stock valued at $55,000 after acquiring an additional 704 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Alkami Technology by 6.7% in the 1st 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. lifted its stake in shares of Alkami Technology by 12.6% in the 1st 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 during the last quarter. Finally, GAMMA Investing LLC lifted its stake in shares of Alkami Technology by 1,386.9% in the 1st quarter. GAMMA Investing LLC now owns 10,973 shares of the company's stock valued at $288,000 after acquiring an additional 10,235 shares during the last quarter. 54.97% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CFO W Bryan Hill sold 20,366 shares of the firm's stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $24.76, for a total transaction of $504,262.16. Following the completion of the transaction, the chief financial officer directly owned 409,889 shares of the company's stock, valued at $10,148,851.64. This trade represents a 4.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Atlantic Genpar (Bermu General bought 650,000 shares of the stock in a transaction that occurred on Monday, August 11th. The shares were bought at an average cost of $20.70 per share, with a total value of $13,455,000.00. Following the completion of the transaction, the director owned 11,287,274 shares in the company, valued at $233,646,571.80. The trade was a 6.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 1,396,162 shares of company stock valued at $29,692,440 in the last three months. Insiders own 18.10% of the company's stock.

Alkami Technology Trading Up 2.4%

NASDAQ:ALKT traded up $0.61 during trading hours on Thursday, hitting $26.49. 400,172 shares of the company were exchanged, compared to its average volume of 1,199,016. The stock has a market capitalization of $2.76 billion, a price-to-earnings ratio of -69.66 and a beta of 0.58. The company has a current ratio of 2.68, a quick ratio of 2.68 and a debt-to-equity ratio of 1.17. Alkami Technology, Inc. has a one year low of $19.94 and a one year high of $42.29. The company has a fifty day simple moving average of $25.01 and a 200 day simple moving average of $26.71.

Wall Street Analysts Forecast Growth

Separately, JPMorgan Chase & Co. assumed coverage on Alkami Technology in a research note 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 assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $39.25.

Alkami Technology 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.