Alkami Technology (NASDAQ:ALKT) Stock Price Up 8.6% Following Strong Earnings

Alkami Technology, Inc. (NASDAQ:ALKT) shares shot up 8.6% on Thursday following a better than expected earnings announcement. The stock traded as high as $26.57 and last traded at $26.50. 142,629 shares changed hands during trading, a decline of 53% from the average session volume of 306,694 shares. The stock had previously closed at $24.40.

The company reported $0.05 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.03. Alkami Technology had a negative return on equity of 15.31% and a negative net margin of 20.42%. The business had revenue of $76.10 million during the quarter, compared to analysts’ expectations of $75.57 million. During the same quarter in the prior year, the business posted ($0.16) earnings per share. The business’s quarterly revenue was up 26.8% on a year-over-year basis.

Analysts Set New Price Targets

ALKT has been the topic of a number of analyst reports. Needham & Company LLC lifted their price objective on Alkami Technology from $30.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday. William Blair reaffirmed an “outperform” rating on shares of Alkami Technology in a research report on Thursday, February 29th. TheStreet raised Alkami Technology from a “d” rating to a “c-” rating in a research report on Thursday, February 29th. KeyCorp lifted their price objective on Alkami Technology from $21.00 to $26.00 and gave the company an “overweight” rating in a research report on Monday, January 8th. Finally, Barclays lifted their price objective on Alkami Technology from $26.00 to $27.00 and gave the company an “equal weight” rating in a research report on Thursday, February 29th. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, Alkami Technology presently has an average rating of “Moderate Buy” and a consensus target price of $26.90.

Insider Buying and Selling

In other Alkami Technology news, insider Stephen Bohanon sold 29,052 shares of Alkami Technology stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $23.02, for a total value of $668,777.04. Following the sale, the insider now owns 434,823 shares of the company’s stock, valued at approximately $10,009,625.46. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Alkami Technology news, insider Stephen Bohanon sold 29,052 shares of Alkami Technology stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $23.02, for a total value of $668,777.04. Following the sale, the insider now owns 434,823 shares of the company’s stock, valued at approximately $10,009,625.46. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO W Bryan Hill sold 50,089 shares of Alkami Technology stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $23.91, for a total value of $1,197,627.99. Following the completion of the sale, the chief financial officer now directly owns 508,501 shares in the company, valued at approximately $12,158,258.91. The disclosure for this sale can be found here. In the last three months, insiders have sold 112,734 shares of company stock valued at $2,658,864. Corporate insiders own 38.00% of the company’s stock.

Institutional Trading of Alkami Technology

A number of large investors have recently added to or reduced their stakes in the company. Capital International Investors increased its position in shares of Alkami Technology by 15.6% during the 4th quarter. Capital International Investors now owns 4,679,907 shares of the company’s stock valued at $113,488,000 after purchasing an additional 632,061 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Alkami Technology by 6.2% during the 4th quarter. Vanguard Group Inc. now owns 4,562,170 shares of the company’s stock valued at $110,633,000 after purchasing an additional 267,336 shares during the last quarter. Massachusetts Financial Services Co. MA increased its position in shares of Alkami Technology by 10.7% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,244,783 shares of the company’s stock valued at $40,900,000 after purchasing an additional 217,123 shares during the last quarter. Wasatch Advisors LP bought a new position in shares of Alkami Technology during the 1st quarter valued at approximately $37,178,000. Finally, FMR LLC increased its position in shares of Alkami Technology by 1.8% during the 3rd quarter. FMR LLC now owns 1,182,327 shares of the company’s stock valued at $21,542,000 after purchasing an additional 21,086 shares during the last quarter. Institutional investors own 54.97% of the company’s stock.

Alkami Technology Trading Up 2.4 %

The stock has a market cap of $2.66 billion, a P/E ratio of -45.55 and a beta of 0.40. The company has a current ratio of 3.77, a quick ratio of 3.77 and a debt-to-equity ratio of 0.06. The company has a 50-day moving average price of $24.12 and a two-hundred day moving average price of $23.35.

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.