Royal Bank of Canada Reduces Stock Position in Alkami Technology, Inc. $ALKT

Key Points

• Royal Bank of Canada cut its Alkami Technology stake by 20.1% in the first quarter, selling 211,273 shares and retaining 841,626 shares worth about $13.19 million. Institutional investors collectively own 54.97% of ALKT.
• Despite RBC’s reduction, several institutions increased their holdings, including Millennium Management, which raised its position by 64.7%, and Goldman Sachs, which added 11.1%. Company insiders also purchased 1.975 million shares worth roughly $32.9 million over the last quarter.
• Analyst sentiment remains mixed: ALKT has a consensus “Hold” rating and a $22.20 price target, while the stock recently opened at $19.73 after trading between $13.98 and $26.89 over the past year.

Royal Bank of Canada cut its position in Alkami Technology, Inc. (NASDAQ:ALKT - Free Report) by 20.1% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 841,626 shares of the company's stock after selling 211,273 shares during the period. Royal Bank of Canada owned approximately 0.79% of Alkami Technology worth $13,190,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of ALKT. Amundi increased its holdings in Alkami Technology by 1.9% in the 1st quarter. Amundi now owns 29,040 shares of the company's stock worth $731,000 after buying an additional 548 shares during the period. Advisors Asset Management Inc. lifted its stake in Alkami Technology by 32.4% during the 1st quarter. Advisors Asset Management Inc. now owns 2,425 shares of the company's stock valued at $64,000 after acquiring an additional 594 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Alkami Technology by 19.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 36,081 shares of the company's stock valued at $947,000 after acquiring an additional 5,884 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of Alkami Technology by 64.7% in the 1st quarter. Millennium Management LLC now owns 698,677 shares of the company's stock valued at $18,340,000 after acquiring an additional 274,439 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in shares of Alkami Technology by 11.1% in the first quarter. Goldman Sachs Group Inc. now owns 720,770 shares of the company's stock worth $18,920,000 after acquiring an additional 71,949 shares during the period. 54.97% of the stock is currently owned by hedge funds and other institutional investors.

Alkami Technology Price Performance

NASDAQ:ALKT opened at $19.73 on Friday. The company has a debt-to-equity ratio of 0.98, a current ratio of 2.13 and a quick ratio of 2.13. The company has a 50 day moving average price of $17.13 and a 200-day moving average price of $17.21. Alkami Technology, Inc. has a 1-year low of $13.98 and a 1-year high of $26.89. The firm has a market cap of $2.11 billion, a price-to-earnings ratio of -46.98 and a beta of 0.58.

Insider Buying and Selling

In other news, Director Atlantic Genpar (Bermu General acquired 675,000 shares of the business's stock in a transaction on Thursday, May 14th. The stock was bought at an average price of $16.49 per share, with a total value of $11,130,750.00. Following the completion of the acquisition, the director owned 19,420,994 shares of the company's stock, valued at approximately $320,252,191.06. This represents a 3.60% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders have acquired a total of 1,975,000 shares of company stock worth $32,929,750 in the last quarter. 17.10% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Citizens Jmp decreased their target price on shares of Alkami Technology from $28.00 to $23.00 and set a "market outperform" rating for the company in a research report on Thursday, April 30th. JPMorgan Chase & Co. reduced their price objective on Alkami Technology from $20.00 to $19.00 and set an "overweight" rating for the company in a research note on Monday, June 22nd. Finally, Weiss Ratings reissued a "sell (e+)" rating on shares of Alkami Technology in a report on Friday, June 5th. Three analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $22.20.

Alkami Technology Profile

Alkami Technology, Inc is a provider of cloud-based digital banking and engagement solutions tailored for banks and credit unions. The company's platform offers a comprehensive suite of online and mobile banking features, including bill payment, peer-to-peer transfers, card management, streamlined account opening and real-time alerts, all designed to enhance the end-user experience and drive customer loyalty.

Built on a multi-tenant, software-as-a-service (SaaS) architecture hosted in the cloud, Alkami's platform leverages modern APIs and a partner ecosystem to integrate third-party fintech applications and services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source