Alkami Technology, Inc. (NASDAQ:ALKT) Shares Sold by Millennium Management LLC

Millennium Management LLC cut its stake in Alkami Technology, Inc. (NASDAQ:ALKT - Free Report) by 25.1% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 424,238 shares of the company's stock after selling 142,319 shares during the period. Millennium Management LLC owned 0.42% of Alkami Technology worth $15,561,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of the business. Essex Investment Management Co. LLC purchased a new position in shares of Alkami Technology during the 4th quarter valued at approximately $34,000. Quarry LP purchased a new position in shares of Alkami Technology during the 4th quarter valued at approximately $61,000. Blue Trust Inc. increased its holdings in shares of Alkami Technology by 162.6% during the 4th quarter. Blue Trust Inc. now owns 3,188 shares of the company's stock valued at $117,000 after purchasing an additional 1,974 shares in the last quarter. Tower Research Capital LLC TRC increased its holdings in shares of Alkami Technology by 73.7% during the 4th quarter. Tower Research Capital LLC TRC now owns 4,031 shares of the company's stock valued at $148,000 after purchasing an additional 1,710 shares in the last quarter. Finally, Bank of Montreal Can acquired a new position in Alkami Technology during the fourth quarter worth $203,000. 54.97% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Alkami Technology

In other news, Director Joseph P. Payne bought 8,200 shares of the firm's stock in a transaction that occurred on Thursday, May 15th. The shares were purchased at an average price of $30.46 per share, for a total transaction of $249,772.00. Following the completion of the transaction, the director now owns 21,128 shares in the company, valued at $643,558.88. The trade was a 63.43% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Douglas A. Linebarger sold 4,358 shares of the company's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $30.41, for a total transaction of $132,526.78. Following the transaction, the insider now directly owns 244,404 shares of the company's stock, valued at approximately $7,432,325.64. This represents a 1.75% decrease in their position. The disclosure for this sale can be found here. 18.10% of the stock is currently owned by insiders.

Alkami Technology Stock Performance

Shares of ALKT traded down $0.31 during mid-day trading on Wednesday, reaching $28.94. 47,080 shares of the company's stock were exchanged, compared to its average volume of 849,651. The company has a debt-to-equity ratio of 0.05, a current ratio of 3.52 and a quick ratio of 3.52. The stock has a market capitalization of $2.98 billion, a PE ratio of -61.68 and a beta of 0.56. The business's fifty day simple moving average is $26.92 and its 200-day simple moving average is $32.09. Alkami Technology, Inc. has a 52-week low of $21.70 and a 52-week high of $42.29.

Alkami Technology (NASDAQ:ALKT - Get Free Report) last announced its earnings results on Thursday, February 27th. The company reported ($0.05) earnings per share 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 business had revenue of $89.66 million for the quarter, compared to analyst estimates of $89.63 million. On average, equities research analysts expect that Alkami Technology, Inc. will post -0.34 earnings per share for the current year.

Analysts Set New Price Targets

ALKT has been the subject of a number of research analyst reports. Stephens upgraded shares of Alkami Technology from an "equal weight" rating to an "overweight" rating and set a $40.00 price objective for the company in a research report on Thursday, March 13th. The Goldman Sachs Group dropped their price objective on shares of Alkami Technology from $39.00 to $32.00 and set a "neutral" rating for the company in a report on Monday, March 3rd. Needham & Company LLC dropped their price objective on shares of Alkami Technology from $54.00 to $40.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Barclays dropped their price objective on shares of Alkami Technology from $35.00 to $30.00 and set an "equal weight" rating for the company in a report on Monday, April 14th. Finally, JMP Securities reissued a "market outperform" rating and issued a $46.00 price objective on shares of Alkami Technology in a report on Thursday, May 1st. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, Alkami Technology has a consensus rating of "Moderate Buy" and a consensus price target of $39.88.

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.