Polar Asset Management Partners Inc. Takes $2.44 Million Position 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. purchased a new stake in shares of Alkami Technology, Inc. (NASDAQ:ALKT - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 92,900 shares of the company's stock, valued at approximately $2,439,000. Polar Asset Management Partners Inc. owned about 0.09% of Alkami Technology as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently bought and sold shares of ALKT. George Kaiser Family Foundation acquired a new stake in shares of Alkami Technology in the first quarter valued at approximately $2,948,000. Amalgamated Bank increased 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 purchasing an additional 704 shares during the last quarter. Vanguard Group Inc. increased 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 purchasing an additional 501,722 shares during the last quarter. Corebridge Financial Inc. grew its position in Alkami Technology by 12.6% during the 1st quarter. Corebridge Financial Inc. now owns 29,714 shares of the company's stock worth $780,000 after acquiring an additional 3,325 shares during the last quarter. Finally, GAMMA Investing LLC grew its position in Alkami Technology by 1,386.9% during the 1st quarter. GAMMA Investing LLC now owns 10,973 shares of the company's stock worth $288,000 after acquiring an additional 10,235 shares during the last quarter. 54.97% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Alkami Technology news, Director Atlantic Genpar (Bermu General acquired 229,391 shares of the company's stock in a transaction that occurred on Wednesday, August 13th. The stock was bought at an average price of $22.44 per share, with a total value of $5,147,534.04. Following the completion of the purchase, the director owned 12,033,436 shares of the company's stock, valued at approximately $270,030,303.84. This represents a 1.94% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO W Bryan Hill sold 20,366 shares of the firm's stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $24.76, for a total value of $504,262.16. Following the sale, the chief financial officer owned 409,889 shares in the company, valued at $10,148,851.64. The trade was a 4.73% decrease in their position. The disclosure for this sale can be found here. Insiders have purchased a total of 1,396,162 shares of company stock worth $29,692,440 over the last 90 days. Corporate insiders own 18.10% of the company's stock.

Wall Street Analysts Forecast Growth

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

Alkami Technology Stock Performance

Shares of ALKT traded down $0.27 on Tuesday, reaching $25.56. 924,973 shares of the company's stock traded hands, compared to its average volume of 1,454,486. The company has a current ratio of 2.68, a quick ratio of 2.68 and a debt-to-equity ratio of 1.17. The stock has a market cap of $2.66 billion, a PE ratio of -67.26 and a beta of 0.58. The stock's 50 day simple moving average is $25.59 and its two-hundred day simple moving average is $26.87. Alkami Technology, Inc. has a 52-week low of $19.94 and a 52-week high of $42.29.

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.