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

Alkami Technology, Inc. (NASDAQ:ALKT)’s share price rose 8.8% during trading on Monday. The company traded as high as $13.36 and last traded at $13.4940. Approximately 509,969 shares changed hands during mid-day 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 Analyst Weigh In

Several analysts have issued reports on ALKT shares. KeyCorp lowered Alkami Technology from an “overweight” rating to a “sector weight” rating in a report on Thursday. JPMorgan Chase & Co. decreased 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. William Blair cut Alkami Technology from an “outperform” rating to a “market perform” rating in a research report on Thursday. Needham & Company LLC cut their price objective on Alkami Technology from $25.00 to $20.00 and set a “buy” rating for the company in a research note on Thursday. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Alkami Technology in a report on Wednesday, September 2nd. One equities research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average price target of $17.60.

Alkami Technology Price Performance

The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 0.99. The company has a market capitalization of $1.44 billion, a PE ratio of -39.63 and a beta of 0.52. The firm’s 50 day simple moving average is $16.62 and its 200 day simple moving average is $17.27.

Alkami Technology (NASDAQ:ALKT) last announced its earnings results on Wednesday, October 28th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.26). The firm had revenue of $134.91 million during the quarter, compared to analysts’ expectations of $133.54 million. Alkami Technology had a negative net margin of 7.24% and a negative return on equity of 4.75%. The company’s revenue was up 19.4% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.14) EPS. As a group, research analysts anticipate that Alkami Technology, Inc. will post 0.15 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. IFP Advisors Inc raised its holdings in shares of Alkami Technology by 46,900.0% in the second quarter. IFP Advisors Inc now owns 1,410 shares of the company’s stock worth $26,000 after buying an additional 1,407 shares during the period. Summit Securities Group LLC grew its position in Alkami Technology by 84.2% in the 1st quarter. Summit Securities Group LLC now owns 1,842 shares of the company’s stock valued at $29,000 after acquiring an additional 842 shares during the last quarter. Sterling Capital Management LLC grew its position in Alkami Technology by 779.9% in the 3rd quarter. Sterling Capital Management LLC now owns 2,103 shares of the company’s stock valued at $29,000 after acquiring an additional 1,864 shares during the last quarter. Optiver Holding B.V. bought a new stake in shares of Alkami Technology during the first quarter worth $36,000. Finally, Essential Partners LLC lifted its position in shares of Alkami Technology by 7,090.9% during the first quarter. Essential Partners LLC now owns 2,373 shares of the company’s stock worth $37,000 after purchasing an additional 2,340 shares during the last quarter. Hedge funds and other 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.