Polar Asset Management Partners Inc. Acquires New Shares in Alkami Technology, Inc. $ALKT

Key Points

• Polar Asset Management Partners Inc. has acquired 92,900 shares in Alkami Technology, Inc. for approximately $2.44 million, representing about 0.09% of the company.
• Institutional investors currently own 54.97% of Alkami Technology's stock, highlighting strong interest from larger investment firms.
• JPMorgan Chase recently initiated coverage on Alkami Technology with an "overweight" rating and a price target of $40.00, estimating a moderate buy consensus from analysts.

Polar Asset Management Partners Inc. bought a new stake in shares of Alkami Technology, Inc. (NASDAQ:ALKT - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The firm bought 92,900 shares of the company's stock, valued at approximately $2,439,000. Polar Asset Management Partners Inc. owned 0.09% of Alkami Technology as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of ALKT. Whale Rock Capital Management LLC purchased a new stake in shares of Alkami Technology during the 4th quarter valued at about $78,878,000. Praesidium Investment Management Company LLC purchased a new stake in shares of Alkami Technology during the 1st quarter valued at about $40,223,000. Champlain Investment Partners LLC grew its stake in Alkami Technology by 64.0% during the 1st quarter. Champlain Investment Partners LLC now owns 2,583,053 shares of the company's stock valued at $67,805,000 after purchasing an additional 1,008,025 shares in the last quarter. Ameriprise Financial Inc. grew its stake in Alkami Technology by 61.6% during the 1st quarter. Ameriprise Financial Inc. now owns 1,952,063 shares of the company's stock valued at $51,242,000 after purchasing an additional 743,884 shares in the last quarter. Finally, Long Path Partners LP grew its stake in Alkami Technology by 304.4% during the 1st quarter. Long Path Partners LP now owns 685,532 shares of the company's stock valued at $17,995,000 after purchasing an additional 516,034 shares in the last quarter. 54.97% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Alkami Technology

In other news, CAO Prerna Sachdeva sold 2,967 shares of Alkami Technology stock in a transaction that occurred on Tuesday, September 2nd. The stock was 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 owned 66,061 shares in the company, valued at approximately $1,635,670.36. This trade represents a 4.30% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO W Bryan Hill sold 20,366 shares of Alkami Technology stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $24.76, for a total value of $504,262.16. Following the completion of the transaction, the chief financial officer owned 409,889 shares of the company's stock, valued at approximately $10,148,851.64. The trade was a 4.73% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders bought 1,396,162 shares of company stock worth $29,692,440. 18.10% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Separately, JPMorgan Chase & Co. assumed coverage on Alkami Technology in a research note on Wednesday, June 18th. They set an "overweight" rating and a $40.00 price objective for the company. Six investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $39.25.

Alkami Technology Stock Performance

Shares of ALKT traded up $0.23 during mid-day trading on Thursday, hitting $25.42. The stock had a trading volume of 312,940 shares, compared to its average volume of 1,205,053. The company has a market cap of $2.65 billion, a PE ratio of -66.96 and a beta of 0.58. The company's fifty day simple moving average is $25.51 and its two-hundred day simple moving average is $26.86. The company has a quick ratio of 2.68, a current ratio of 2.68 and a debt-to-equity ratio of 1.17. Alkami Technology, Inc. has a fifty-two week low of $19.94 and a fifty-two week high of $42.29.

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.