Alkami Technology (NASDAQ:ALKT) Sees Unusually-High Trading Volume – Here’s What Happened

Shares of Alkami Technology, Inc. (NASDAQ:ALKT) saw an uptick in trading volume on Tuesday . 289,933 shares traded hands during mid-day trading, a decline of 44% from the previous session’s volume of 513,337 shares.The stock last traded at $39.98 and had previously closed at $42.22.

Analysts Set New Price Targets

Several research firms have commented on ALKT. The Goldman Sachs Group lifted their price objective on shares of Alkami Technology from $34.00 to $39.00 and gave the stock a “neutral” rating in a research note on Friday, November 1st. Barclays lifted their target price on Alkami Technology from $35.00 to $41.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 31st. Lake Street Capital upped their price target on shares of Alkami Technology from $30.00 to $36.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Craig Hallum lifted their price objective on shares of Alkami Technology from $38.00 to $45.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Finally, JMP Securities increased their price objective on Alkami Technology from $38.00 to $41.00 and gave the stock a “market outperform” rating in a research note on Tuesday, October 29th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $37.44.

Alkami Technology Stock Down 5.2 %

The stock has a market capitalization of $4.02 billion, a PE ratio of -84.09 and a beta of 0.43. 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 company’s 50-day moving average is $35.34 and its 200 day moving average is $31.73.

Insider Activity

In other news, insider Douglas A. Linebarger sold 5,239 shares of the stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $38.02, for a total value of $199,186.78. Following the sale, the insider now owns 248,585 shares in the company, valued at $9,451,201.70. This represents a 2.06 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Atlantic L.P. General sold 2,500,000 shares of the firm’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $37.50, for a total transaction of $93,750,000.00. Following the transaction, the director now directly owns 13,055,049 shares of the company’s stock, valued at approximately $489,564,337.50. This trade represents a 16.07 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 3,296,566 shares of company stock valued at $122,693,836 over the last ninety days. 25.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Park Place Capital Corp acquired a new position in shares of Alkami Technology in the 3rd quarter valued at $28,000. Advisors Asset Management Inc. grew its position in shares of Alkami Technology by 117.9% during the 3rd quarter. Advisors Asset Management Inc. now owns 1,166 shares of the company’s stock valued at $37,000 after acquiring an additional 631 shares during the period. Blue Trust Inc. increased its stake in shares of Alkami Technology by 507.0% in the 3rd quarter. Blue Trust Inc. now owns 1,214 shares of the company’s stock valued at $38,000 after purchasing an additional 1,014 shares in the last quarter. Point72 Asset Management L.P. acquired a new position in Alkami Technology in the 2nd quarter worth about $40,000. Finally, Perkins Coie Trust Co purchased a new position in Alkami Technology during the second quarter worth approximately $85,000. 54.97% of the stock is currently owned by hedge funds and other institutional investors.

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.