Alkami Technology (NASDAQ:ALKT) Reaches New 12-Month Low – Here’s Why

Shares of Alkami Technology, Inc. (NASDAQ:ALKT) reached a new 52-week low on Thursday . The stock traded as low as $18.84 and last traded at $19.09, with a volume of 1695242 shares. The stock had previously closed at $19.51.

Analysts Set New Price Targets

Several research firms have recently issued reports on ALKT. The Goldman Sachs Group decreased their price objective on shares of Alkami Technology from $29.00 to $26.00 and set a “neutral” rating for the company in a report on Friday, October 31st. Barclays lowered their price objective on shares of Alkami Technology from $30.00 to $25.00 and set an “equal weight” rating on the stock in a research note on Friday, October 31st. Citizens Jmp reduced their target price on shares of Alkami Technology from $46.00 to $40.00 and set a “market outperform” rating for the company in a report on Friday, October 31st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Alkami Technology in a research report on Wednesday, October 8th. Finally, Zacks Research cut Alkami Technology from a “strong-buy” rating to a “hold” rating in a report on Tuesday. Six analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Alkami Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $36.00.

Alkami Technology Price Performance

The company has a market cap of $2.04 billion, a PE ratio of -45.23 and a beta of 0.55. The stock has a fifty day moving average price of $23.81 and a 200-day moving average price of $26.11. The company has a debt-to-equity ratio of 1.08, a current ratio of 2.17 and a quick ratio of 2.68.

Insider Transactions at Alkami Technology

In other news, CAO Prerna Sachdeva sold 2,967 shares of the company’s stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $24.76, for a total value of $73,462.92. Following the transaction, the chief accounting officer directly owned 66,061 shares of the company’s stock, valued at approximately $1,635,670.36. This represents a 4.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Atlantic Genpar (Bermu General bought 229,391 shares of the company’s stock in a transaction on Wednesday, August 13th. The stock was purchased at an average cost of $22.44 per share, for a total transaction of $5,147,534.04. Following the completion of the transaction, the director owned 12,033,436 shares in the company, valued at approximately $270,030,303.84. The trade was a 1.94% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders purchased 1,396,162 shares of company stock valued at $29,692,440 over the last three months. 18.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Alkami Technology

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Blue Trust Inc. increased its position in Alkami Technology by 27.6% during the second quarter. Blue Trust Inc. now owns 1,852 shares of the company’s stock worth $56,000 after acquiring an additional 401 shares during the period. Covestor Ltd raised its position in shares of Alkami Technology by 18.8% during the first quarter. Covestor Ltd now owns 3,252 shares of the company’s stock valued at $85,000 after buying an additional 514 shares during the last quarter. AlphaQuest LLC lifted its stake in shares of Alkami Technology by 54.5% in the third quarter. AlphaQuest LLC now owns 1,542 shares of the company’s stock valued at $38,000 after buying an additional 544 shares during the period. Amundi increased its stake in Alkami Technology by 1.9% during the first quarter. Amundi now owns 29,040 shares of the company’s stock valued at $731,000 after acquiring an additional 548 shares during the period. Finally, Advisors Asset Management Inc. grew its holdings in shares of Alkami Technology by 32.4% during the 1st quarter. Advisors Asset Management Inc. now owns 2,425 shares of the company’s stock worth $64,000 after purchasing an additional 594 shares in 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.