Alkami Technology (NASDAQ:ALKT) Sets New 1-Year Low After Analyst Downgrade

Alkami Technology, Inc. (NASDAQ:ALKT)’s share price hit a new 52-week low during mid-day trading on Monday after JPMorgan Chase & Co. lowered their price target on the stock from $20.00 to $19.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Alkami Technology traded as low as $14.02 and last traded at $14.1120, with a volume of 364882 shares changing hands. The stock had previously closed at $14.68.

Other research analysts also recently issued reports about the company. Needham & Company LLC cut their price objective on Alkami Technology from $32.00 to $22.00 and set a “buy” rating for the company in a research report on Thursday, February 26th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Alkami Technology in a research report on Friday, June 5th. Citizens Jmp cut their target price on shares of Alkami Technology from $28.00 to $23.00 and set a “market outperform” rating for the company in a research note on Thursday, April 30th. Finally, Barclays reduced their target price on shares of Alkami Technology from $25.00 to $21.00 and set an “equal weight” rating on the stock in a report on Thursday, February 26th. Three analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $22.20.

Insider Transactions at Alkami Technology

In other Alkami Technology news, Director Atlantic Genpar (Bermu General purchased 675,000 shares of the business’s stock in a transaction that occurred on Thursday, May 14th. The shares were purchased at an average price of $16.49 per share, for a total transaction of $11,130,750.00. Following the completion of the acquisition, the director owned 19,420,994 shares of the company’s stock, valued at approximately $320,252,191.06. This represents a 3.60% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last three months, insiders have purchased 4,041,543 shares of company stock worth $67,594,674. 17.10% of the stock is currently owned by corporate insiders.

Institutional Trading of Alkami Technology

Several large investors have recently added to or reduced their stakes in ALKT. Amundi boosted its holdings in Alkami Technology by 1.9% in the first quarter. Amundi now owns 29,040 shares of the company’s stock worth $731,000 after purchasing an additional 548 shares during the period. Advisors Asset Management Inc. increased its stake in Alkami Technology by 32.4% during the first quarter. Advisors Asset Management Inc. now owns 2,425 shares of the company’s stock valued at $64,000 after purchasing an additional 594 shares during the last quarter. Legal & General Group Plc raised its holdings in shares of Alkami Technology by 0.8% during the third quarter. Legal & General Group Plc now owns 85,071 shares of the company’s stock worth $2,113,000 after purchasing an additional 691 shares during the period. Smartleaf Asset Management LLC raised its holdings in shares of Alkami Technology by 91.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,447 shares of the company’s stock worth $34,000 after purchasing an additional 692 shares during the period. Finally, Summit Securities Group LLC lifted its position in shares of Alkami Technology by 84.2% in the 1st quarter. Summit Securities Group LLC now owns 1,842 shares of the company’s stock worth $29,000 after buying an additional 842 shares during the last quarter. 54.97% of the stock is currently owned by institutional investors and hedge funds.

Alkami Technology Stock Performance

The stock’s 50-day moving average price is $16.52 and its 200-day moving average price is $18.30. The company has a current ratio of 2.30, a quick ratio of 2.30 and a debt-to-equity ratio of 0.96. The company has a market capitalization of $1.53 billion, a P/E ratio of -30.11 and a beta of 0.57.

Alkami Technology (NASDAQ:ALKT) last announced its quarterly earnings data on Wednesday, April 29th. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.30). The business had revenue of $126.14 million for the quarter, compared to the consensus estimate of $125.22 million. Alkami Technology had a negative net margin of 10.55% and a negative return on equity of 8.91%. Alkami Technology’s quarterly revenue was up 28.9% on a year-over-year basis. During the same period in the prior year, the company earned $0.08 EPS. As a group, equities analysts expect that Alkami Technology, Inc. will post 0.18 EPS for the current year.

About Alkami Technology

Alkami Technology, Inc is a provider of cloud-based digital banking and engagement solutions tailored for banks and credit unions. The company’s platform offers a comprehensive suite of online and mobile banking features, including bill payment, peer-to-peer transfers, card management, streamlined account opening and real-time alerts, all designed to enhance the end-user experience and drive customer loyalty.

Built on a multi-tenant, software-as-a-service (SaaS) architecture hosted in the cloud, Alkami’s platform leverages modern APIs and a partner ecosystem to integrate third-party fintech applications and services.