Alkami Technology (NASDAQ:ALKT) Shares Gap Up – Here’s What Happened

Alkami Technology, Inc. (NASDAQ:ALKT) shares gapped up before the market opened on Thursday . The stock had previously closed at $24.28, but opened at $24.89. Alkami Technology shares last traded at $24.83, with a volume of 149,388 shares trading hands.

Wall Street Analyst Weigh In

ALKT has been the subject of several recent analyst reports. JPMorgan Chase & Co. upped their price target on Alkami Technology from $42.00 to $45.00 and gave the stock an “overweight” rating in a research note on Monday, December 9th. Stephens upgraded shares of Alkami Technology from an “equal weight” rating to an “overweight” rating and set a $40.00 price target on the stock in a report on Thursday. The Goldman Sachs Group decreased their price target on shares of Alkami Technology from $39.00 to $32.00 and set a “neutral” rating on the stock in a research note on Monday, March 3rd. Finally, Barclays dropped their price objective on shares of Alkami Technology from $41.00 to $35.00 and set an “equal weight” rating for the company 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. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $41.00.

Alkami Technology Trading Up 0.0 %

The company has a debt-to-equity ratio of 0.05, a quick ratio of 3.52 and a current ratio of 3.52. The stock’s fifty day moving average is $32.54 and its 200 day moving average is $34.63. The stock has a market cap of $2.58 billion, a P/E ratio of -53.74 and a beta of 0.49.

Alkami Technology (NASDAQ:ALKT) last announced its quarterly earnings results on Thursday, February 27th. The company reported ($0.05) EPS for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.13). Alkami Technology had a negative net margin of 14.55% and a negative return on equity of 11.31%. The business had revenue of $89.66 million during the quarter, compared to the consensus estimate of $89.63 million. As a group, equities research analysts predict that Alkami Technology, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Activity at Alkami Technology

In related news, insider Douglas A. Linebarger sold 4,358 shares of the stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $30.41, for a total value of $132,526.78. Following the sale, the insider now directly owns 244,404 shares of the company’s stock, valued at $7,432,325.64. This represents a 1.75 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO W Bryan Hill sold 100,000 shares of the stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $39.77, for a total transaction of $3,977,000.00. Following the completion of the sale, the chief financial officer now directly owns 353,841 shares in the company, valued at $14,072,256.57. This trade represents a 22.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 221,767 shares of company stock valued at $7,981,934. Insiders own 38.00% of the company’s stock.

Hedge Funds Weigh In On Alkami Technology

A number of institutional investors have recently modified their holdings of the stock. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Alkami Technology during the fourth quarter worth approximately $4,384,000. Jefferies Financial Group Inc. purchased a new position in shares of Alkami Technology during the fourth quarter worth approximately $2,704,000. Mackenzie Financial Corp increased its position in shares of Alkami Technology by 244.9% during the fourth quarter. Mackenzie Financial Corp now owns 26,509 shares of the company’s stock worth $972,000 after acquiring an additional 18,823 shares during the period. Public Employees Retirement System of Ohio increased its position in shares of Alkami Technology by 18.6% during the fourth quarter. Public Employees Retirement System of Ohio now owns 82,759 shares of the company’s stock worth $3,036,000 after acquiring an additional 12,952 shares during the period. Finally, Neo Ivy Capital Management purchased a new position in shares of Alkami Technology during the fourth quarter worth approximately $96,000. 54.97% of the stock is owned by hedge funds and other institutional investors.

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.