Alkami Technology (NASDAQ:ALKT) Sees Unusually-High Trading Volume – Time to Buy?

Shares of Alkami Technology, Inc. (NASDAQ:ALKT) saw unusually-strong trading volume on Tuesday . Approximately 289,933 shares changed 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.

Analyst Ratings Changes

Several equities analysts recently issued reports on ALKT shares. Craig Hallum raised their price target on Alkami Technology from $38.00 to $45.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Barclays boosted their price objective on shares of Alkami Technology from $35.00 to $41.00 and gave the company an “equal weight” rating in a research report on Thursday, October 31st. Lake Street Capital raised their target price on Alkami Technology from $30.00 to $36.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. JMP Securities upped their price target 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. Finally, Needham & Company LLC raised their price objective on Alkami Technology from $43.00 to $54.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $37.44.

Alkami Technology Stock Performance

The business’s 50 day simple moving average is $35.34 and its two-hundred day simple moving average is $31.73. The firm has a market capitalization of $4.02 billion, a P/E 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.

Insider Activity at Alkami Technology

In other news, CFO W Bryan Hill sold 17,937 shares of Alkami Technology stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $31.59, for a total transaction of $566,629.83. Following the transaction, the chief financial officer now directly owns 471,403 shares of the company’s stock, valued at $14,891,620.77. The trade was a 3.67 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Stephen Bohanon sold 15,605 shares of the firm’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $31.59, for a total transaction of $492,961.95. Following the sale, the insider now owns 388,181 shares in the company, valued at approximately $12,262,637.79. The trade was a 3.86 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 3,296,566 shares of company stock valued at $122,693,836. 25.90% of the stock is owned by corporate insiders.

Institutional Trading of Alkami Technology

Hedge funds and other institutional investors have recently modified their holdings of the company. Trust Point Inc. purchased a new stake in shares of Alkami Technology during the third quarter worth about $1,029,000. Oppenheimer Asset Management Inc. bought a new stake in shares of Alkami Technology in the third quarter worth about $1,860,000. Fifth Third Wealth Advisors LLC purchased a new position in Alkami Technology during the 3rd quarter valued at approximately $1,115,000. Driehaus Capital Management LLC increased its stake in Alkami Technology by 56.2% in 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. Finally, Millennium Management LLC raised its holdings in shares of Alkami Technology by 124.1% during the 2nd 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 in the last quarter. 54.97% of the stock is 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.