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

Alkami Technology, Inc. (NASDAQ:ALKT) gapped down prior to trading on Monday . The stock had previously closed at $27.30, but opened at $24.71. Alkami Technology shares last traded at $24.76, with a volume of 399,711 shares traded.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. JPMorgan Chase & Co. boosted their price target on Alkami Technology from $42.00 to $45.00 and gave the company an “overweight” rating in a research note on Monday, December 9th. Barclays dropped their target price on shares of Alkami Technology from $41.00 to $35.00 and set an “equal weight” rating for the company in a research report on Monday, March 3rd. Finally, The Goldman Sachs Group cut their price target on shares of Alkami Technology from $39.00 to $32.00 and set a “neutral” rating for the company in a report on Monday, March 3rd. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Alkami Technology has a consensus rating of “Moderate Buy” and a consensus target price of $41.14.

Alkami Technology Stock Performance

The stock has a market cap of $2.43 billion, a price-to-earnings ratio of -50.55 and a beta of 0.49. The company has a quick ratio of 3.52, a current ratio of 3.52 and a debt-to-equity ratio of 0.05. The company has a 50 day simple moving average of $33.27 and a 200 day simple moving average of $34.82.

Alkami Technology (NASDAQ:ALKT) last released its quarterly earnings data on Thursday, February 27th. The company reported ($0.05) earnings per share (EPS) 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 company had revenue of $89.66 million for the quarter, compared to analyst estimates of $89.63 million. As a group, equities research analysts forecast that Alkami Technology, Inc. will post -0.34 EPS for the current year.

Insider Activity

In other Alkami Technology news, CFO W Bryan Hill sold 17,409 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $30.41, for a total transaction of $529,407.69. Following the sale, the chief financial officer now directly owns 450,620 shares of the company’s stock, valued at $13,703,354.20. The trade was a 3.72 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Douglas A. Linebarger sold 50,000 shares of the company’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $40.05, for a total transaction of $2,002,500.00. Following the completion of the transaction, the insider now owns 191,668 shares of the company’s stock, valued at approximately $7,676,303.40. This trade represents a 20.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 271,767 shares of company stock worth $9,984,434. Insiders own 38.00% of the company’s stock.

Institutional Trading of Alkami Technology

Institutional investors have recently modified their holdings of the business. Essex Investment Management Co. LLC bought a new position in Alkami Technology during the 4th quarter worth $34,000. Advisors Asset Management Inc. raised its position in shares of Alkami Technology by 117.9% during the third quarter. Advisors Asset Management Inc. now owns 1,166 shares of the company’s stock worth $37,000 after acquiring an additional 631 shares during the last quarter. Quarry LP acquired a new position in shares of Alkami Technology in the fourth quarter worth approximately $61,000. Covestor Ltd boosted its holdings in Alkami Technology by 6,300.0% in the third quarter. Covestor Ltd now owns 2,688 shares of the company’s stock valued at $85,000 after acquiring an additional 2,646 shares during the last quarter. Finally, Neo Ivy Capital Management bought a new stake in Alkami Technology in the fourth quarter valued at approximately $96,000. 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.