Alkami Technology (NASDAQ:ALKT) Hits New 1-Year Low – Here’s What Happened

Alkami Technology, Inc. (NASDAQ:ALKT)’s share price reached a new 52-week low during mid-day trading on Monday . The stock traded as low as $21.70 and last traded at $23.53, with a volume of 465198 shares changing hands. The stock had previously closed at $23.49.

Analysts Set New Price Targets

Several analysts have commented on ALKT shares. JPMorgan Chase & Co. boosted their price target on shares of Alkami Technology from $42.00 to $45.00 and gave the stock an “overweight” rating in a research note on Monday, December 9th. The Goldman Sachs Group dropped their price target on Alkami Technology from $39.00 to $32.00 and set a “neutral” rating for the company in a research note on Monday, March 3rd. Stephens raised Alkami Technology from an “equal weight” rating to an “overweight” rating and set a $40.00 price objective on the stock in a research note on Thursday, March 13th. Finally, Barclays decreased their price objective on Alkami Technology from $41.00 to $35.00 and set an “equal weight” rating on the stock in a report on Monday, March 3rd. Two analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Alkami Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $41.00.

Alkami Technology Price Performance

The firm has a market capitalization of $2.35 billion, a P/E ratio of -48.60 and a beta of 0.56. The company has a current ratio of 3.52, a quick ratio of 3.52 and a debt-to-equity ratio of 0.05. The firm has a 50 day moving average price of $29.61 and a 200-day moving average price of $34.10.

Alkami Technology (NASDAQ:ALKT) last posted its quarterly earnings data on Thursday, February 27th. The company reported ($0.05) earnings per share for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $89.66 million during the quarter, compared to analysts’ expectations of $89.63 million. On average, analysts expect that Alkami Technology, Inc. will post -0.34 earnings per share for the current year.

Insider Transactions at Alkami Technology

In related news, insider Douglas A. Linebarger sold 4,358 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $30.41, for a total value of $132,526.78. Following the transaction, the insider now owns 244,404 shares of the company’s stock, valued at $7,432,325.64. This represents a 1.75 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO W Bryan Hill sold 17,409 shares of the firm’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $30.41, for a total value of $529,407.69. Following the transaction, the chief financial officer now owns 450,620 shares in the company, valued at $13,703,354.20. The trade was a 3.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 121,767 shares of company stock worth $4,004,934. 38.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Alkami Technology

Hedge funds and other institutional investors have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. lifted its stake in Alkami Technology by 29.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 534,375 shares of the company’s stock worth $16,854,000 after acquiring an additional 120,845 shares during the period. FMR LLC raised its position in shares of Alkami Technology by 10.2% in the 3rd quarter. FMR LLC now owns 1,523,747 shares of the company’s stock valued at $48,059,000 after purchasing an additional 141,319 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Alkami Technology by 46.6% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,447 shares of the company’s stock valued at $298,000 after acquiring an additional 3,004 shares during the period. Walleye Capital LLC acquired a new position in shares of Alkami Technology in the third quarter valued at about $365,000. Finally, Captrust Financial Advisors raised its position in Alkami Technology by 70.9% during the 3rd quarter. Captrust Financial Advisors now owns 28,482 shares of the company’s stock worth $898,000 after buying an additional 11,813 shares during the last quarter. Institutional investors own 54.97% of the company’s stock.

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.