Alkami Technology (NASDAQ:ALKT) Stock Price Up 8.8% – Here’s Why

Alkami Technology, Inc. (NASDAQ:ALKT) shares rose 8.8% during trading on Monday. The stock traded as high as $13.36 and last traded at $13.4940. 509,969 shares changed hands during trading, a decline of 73% from the average daily volume of 1,862,495 shares. The stock had previously closed at $12.40.

Wall Street Analysts Forecast Growth

ALKT has been the subject of several recent research reports. KeyCorp cut Alkami Technology from an “overweight” rating to a “sector weight” rating in a research note on Thursday. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Alkami Technology in a research note on Wednesday, September 2nd. JPMorgan Chase & Co. cut their price objective on Alkami Technology from $14.00 to $13.00 and set an “underweight” rating on the stock in a research note on Thursday. Craig Hallum cut Alkami Technology from a “buy” rating to a “hold” rating and set a $16.00 target price on the stock. in a report on Thursday. Finally, Barclays decreased their price objective on shares of Alkami Technology from $21.00 to $15.00 and set an “equal weight” rating for the company in a research report on Monday, October 12th. One analyst has rated the stock with a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Alkami Technology presently has an average rating of “Reduce” and a consensus target price of $17.60.

Alkami Technology Trading Up 8.8%

The stock has a 50-day moving average of $16.62 and a two-hundred day moving average of $17.27. The company has a debt-to-equity ratio of 0.99, a quick ratio of 2.04 and a current ratio of 2.04. The company has a market cap of $1.44 billion, a P/E ratio of -39.63 and a beta of 0.52.

Alkami Technology (NASDAQ:ALKT) last released its quarterly earnings data on Wednesday, October 28th. The company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.26). Alkami Technology had a negative net margin of 7.24% and a negative return on equity of 4.75%. The firm had revenue of $134.91 million for the quarter, compared to the consensus estimate of $133.54 million. During the same quarter in the prior year, the business posted ($0.14) earnings per share. The firm’s revenue for the quarter was up 19.4% compared to the same quarter last year. On average, equities research analysts predict that Alkami Technology, Inc. will post 0.15 earnings per share for the current year.

Hedge Funds Weigh In On Alkami Technology

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. JANA Partners Management LP lifted its stake in shares of Alkami Technology by 24.2% in the 2nd quarter. JANA Partners Management LP now owns 6,747,707 shares of the company’s stock worth $122,268,000 after purchasing an additional 1,316,319 shares during the period. North Reef Capital Management LP increased its holdings in Alkami Technology by 264.3% during the first quarter. North Reef Capital Management LP now owns 7,650,000 shares of the company’s stock valued at $119,876,000 after buying an additional 5,550,000 shares during the last quarter. Janus Henderson Group PLC increased its holdings in Alkami Technology by 20.2% during the first quarter. Janus Henderson Group PLC now owns 3,855,334 shares of the company’s stock valued at $60,413,000 after buying an additional 646,898 shares during the last quarter. The Manufacturers Life Insurance Company bought a new position in Alkami Technology in the second quarter worth approximately $46,927,000. Finally, Irenic Capital Management LP raised its position in Alkami Technology by 27.0% in the first quarter. Irenic Capital Management LP now owns 2,675,151 shares of the company’s stock worth $41,920,000 after acquiring an additional 568,703 shares during the period. Institutional investors own 54.97% of the company’s stock.

About Alkami Technology

Alkami Technology, Inc provides cloud-based digital banking solutions for financial institutions, primarily community banks and credit unions in the United States. Its platform is designed to help institutions deliver digital experiences across online and mobile channels while managing customer relationships and banking operations.

The company’s products and services include digital account opening, online and mobile banking, payments, money movement, card management, financial wellness tools, data and analytics, marketing capabilities, and fraud prevention.