Alkami Technology (NASDAQ:ALKT) Sees Strong Trading Volume – Time to Buy?

Alkami Technology, Inc. (NASDAQ:ALKT) saw strong trading volume on Thursday . 751,941 shares were traded during mid-day trading, an increase of 62% from the previous session’s volume of 463,578 shares.The stock last traded at $37.74 and had previously closed at $39.86.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on ALKT. Needham & Company LLC lifted their target price on shares of Alkami Technology from $43.00 to $54.00 and gave the company a “buy” rating in a report on Thursday, October 31st. The Goldman Sachs Group lifted their price objective on Alkami Technology from $34.00 to $39.00 and gave the company a “neutral” rating in a research note on Friday, November 1st. JMP Securities boosted their target price on Alkami Technology from $38.00 to $41.00 and gave the stock a “market outperform” rating in a report on Tuesday, October 29th. Craig Hallum raised their price target on Alkami Technology from $38.00 to $45.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Finally, Barclays lifted their price target 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. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $37.44.

Alkami Technology Stock Down 5.1 %

The company’s 50 day moving average price is $33.47 and its two-hundred day moving average price is $30.53. 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 market cap of $3.80 billion, a PE ratio of -80.26 and a beta of 0.43.

Insider Activity at Alkami Technology

In related news, insider Stephen Bohanon sold 35,893 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $33.60, for a total transaction of $1,206,004.80. Following the completion of the transaction, the insider now directly owns 403,786 shares in the company, valued at approximately $13,567,209.60. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, insider Stephen Bohanon sold 35,893 shares of the company’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $33.60, for a total value of $1,206,004.80. Following the completion of the transaction, the insider now owns 403,786 shares of the company’s stock, valued at approximately $13,567,209.60. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Alex Shootman sold 37,758 shares of the stock in a transaction on Monday, September 9th. The stock was sold at an average price of $29.75, for a total value of $1,123,300.50. Following the completion of the sale, the chief executive officer now owns 1,056,207 shares of the company’s stock, valued at $31,422,158.25. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 3,565,083 shares of company stock worth $111,323,268. Corporate insiders own 38.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ALKT. Vanguard Group Inc. boosted its stake in Alkami Technology by 1.9% during the first quarter. Vanguard Group Inc. now owns 4,650,560 shares of the company’s stock valued at $114,264,000 after buying an additional 88,390 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in shares of Alkami Technology by 13.0% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 1,570,179 shares of the company’s stock worth $44,719,000 after purchasing an additional 181,194 shares during the period. Driehaus Capital Management LLC lifted its stake in shares of Alkami Technology by 56.2% during the 2nd quarter. Driehaus Capital Management LLC now owns 1,091,276 shares of the company’s stock worth $31,080,000 after acquiring an additional 392,483 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Alkami Technology by 12.9% in the second quarter. Dimensional Fund Advisors LP now owns 1,053,567 shares of the company’s stock worth $30,002,000 after purchasing an additional 120,468 shares during the last quarter. Finally, Millennium Management LLC increased its position in shares of Alkami Technology by 124.1% during the second quarter. Millennium Management LLC now owns 514,677 shares of the company’s stock worth $14,658,000 after acquiring an additional 284,977 shares during the period. 54.97% of the stock is currently owned by 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.