Alkami Technology (NASDAQ:ALKT) Trading Down 6.9% After Insider Selling

Alkami Technology, Inc. (NASDAQ:ALKTGet Rating) shares dropped 6.9% during mid-day trading on Thursday following insider selling activity. The company traded as low as $12.40 and last traded at $12.57. Approximately 5,988 shares were traded during trading, a decline of 98% from the average daily volume of 271,906 shares. The stock had previously closed at $13.50.

Specifically, Director Michael D. Hansen sold 73,302 shares of the business’s stock in a transaction dated Tuesday, November 8th. The shares were sold at an average price of $12.94, for a total transaction of $948,527.88. Following the transaction, the director now directly owns 371,072 shares in the company, valued at $4,801,671.68. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Alkami Technology news, Director Michael D. Hansen sold 73,302 shares of the company’s stock in a transaction dated Tuesday, November 8th. The shares were sold at an average price of $12.94, for a total transaction of $948,527.88. Following the transaction, the director now directly owns 371,072 shares in the company, valued at $4,801,671.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Michael D. Hansen sold 17,298 shares of the company’s stock in a transaction dated Thursday, November 10th. The stock was sold at an average price of $13.53, for a total transaction of $234,041.94. Following the transaction, the director now owns 294,374 shares in the company, valued at $3,982,880.22. The disclosure for this sale can be found here. Insiders have sold a total of 190,600 shares of company stock worth $2,580,570 over the last ninety days. 40.00% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

ALKT has been the topic of several recent analyst reports. Needham & Company LLC upped their target price on shares of Alkami Technology from $17.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, August 4th. Barclays upped their price target on shares of Alkami Technology from $15.00 to $16.00 and gave the company an “equal weight” rating in a report on Thursday, August 4th. Finally, Stephens started coverage on shares of Alkami Technology in a report on Wednesday, September 14th. They issued an “overweight” rating and a $18.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $21.67.

Alkami Technology Stock Down 8.7 %

The company has a market cap of $1.13 billion, a PE ratio of -16.99 and a beta of 0.30. The company has a quick ratio of 6.38, a current ratio of 6.38 and a debt-to-equity ratio of 0.25. The firm’s fifty day simple moving average is $14.86 and its 200-day simple moving average is $13.98.

Hedge Funds Weigh In On Alkami Technology

Institutional investors and hedge funds have recently modified their holdings of the company. Los Angeles Capital Management LLC lifted its stake in shares of Alkami Technology by 87.9% during the second quarter. Los Angeles Capital Management LLC now owns 127,891 shares of the company’s stock valued at $1,776,000 after buying an additional 59,824 shares during the period. SG Americas Securities LLC lifted its stake in shares of Alkami Technology by 38.4% during the second quarter. SG Americas Securities LLC now owns 57,951 shares of the company’s stock valued at $805,000 after buying an additional 16,076 shares during the period. Amalgamated Bank purchased a new position in shares of Alkami Technology during the first quarter valued at approximately $65,000. Royce & Associates LP lifted its stake in shares of Alkami Technology by 44.4% during the third quarter. Royce & Associates LP now owns 34,800 shares of the company’s stock valued at $524,000 after buying an additional 10,700 shares during the period. Finally, Jennison Associates LLC purchased a new position in shares of Alkami Technology during the third quarter valued at approximately $281,000. Hedge funds and other institutional investors own 52.74% of the company’s stock.

About Alkami Technology

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Alkami Technology, Inc offers a cloud-based digital banking platform in the United States. The company's platform allows financial institutions to onboard and engage new users, accelerate revenues, and enhance operational efficiency, with the support of a proprietary, cloud-based, multi-tenant architecture.

Further Reading

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