Irenic Capital Management LP Takes $48.60 Million Position in Alkami Technology, Inc. $ALKT

Irenic Capital Management LP bought a new stake in shares of Alkami Technology, Inc. (NASDAQ:ALKT) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 2,106,448 shares of the company’s stock, valued at approximately $48,596,000. Alkami Technology comprises approximately 3.3% of Irenic Capital Management LP’s investment portfolio, making the stock its 4th biggest holding. Irenic Capital Management LP owned approximately 2.01% of Alkami Technology as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. General Atlantic L.P. grew its holdings in shares of Alkami Technology by 24.3% during the third quarter. General Atlantic L.P. now owns 11,991,480 shares of the company’s stock valued at $297,868,000 after purchasing an additional 2,346,162 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Alkami Technology by 5.7% during the fourth quarter. Vanguard Group Inc. now owns 8,414,419 shares of the company’s stock valued at $194,121,000 after purchasing an additional 456,275 shares during the last quarter. Westfield Capital Management Co. LP grew its holdings in shares of Alkami Technology by 33.1% during the fourth quarter. Westfield Capital Management Co. LP now owns 4,118,355 shares of the company’s stock valued at $95,010,000 after purchasing an additional 1,023,297 shares during the last quarter. ArrowMark Colorado Holdings LLC grew its holdings in shares of Alkami Technology by 56.3% during the third quarter. ArrowMark Colorado Holdings LLC now owns 3,872,873 shares of the company’s stock valued at $96,202,000 after purchasing an additional 1,394,617 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its position in shares of Alkami Technology by 13.3% during the third quarter. Alliancebernstein L.P. now owns 3,679,746 shares of the company’s stock worth $91,405,000 after buying an additional 430,632 shares during the period. 54.97% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on ALKT. Barclays reduced their price objective on Alkami Technology from $25.00 to $21.00 and set an “equal weight” rating for the company in a research report on Thursday, February 26th. Needham & Company LLC reduced 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. JPMorgan Chase & Co. reduced their price objective on Alkami Technology from $38.00 to $22.00 and set an “overweight” rating for the company in a research report on Wednesday, February 18th. Citizens Jmp reduced their price objective on Alkami Technology from $28.00 to $23.00 and set a “market outperform” rating for the company in a research report on Thursday, April 30th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Alkami Technology in a research report on Friday, June 5th. Three analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $22.80.

Alkami Technology Stock Performance

Shares of NASDAQ ALKT opened at $15.09 on Thursday. The company has a market cap of $1.61 billion, a PE ratio of -32.11 and a beta of 0.58. The company has a current ratio of 2.30, a quick ratio of 2.30 and a debt-to-equity ratio of 0.96. Alkami Technology, Inc. has a 12-month low of $14.11 and a 12-month high of $31.08. The stock has a 50 day simple moving average of $16.60 and a 200-day simple moving average of $18.39.

Alkami Technology (NASDAQ:ALKT) last released its earnings results 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 firm had revenue of $126.14 million during the quarter, compared to analyst estimates of $125.22 million. Alkami Technology had a negative return on equity of 8.91% and a negative net margin of 10.55%.The business’s revenue for the quarter was up 28.9% on a year-over-year basis. During the same quarter last year, the company earned $0.08 earnings per share. On average, equities research analysts forecast that Alkami Technology, Inc. will post 0.18 EPS for the current year.

Insiders Place Their Bets

In other news, Director Atlantic Genpar (Bermu General bought 675,000 shares of the business’s stock in a transaction on Thursday, May 14th. The stock was purchased at an average cost of $16.49 per share, for a total transaction of $11,130,750.00. Following the completion of the transaction, the director directly owned 19,420,994 shares of the company’s stock, valued at approximately $320,252,191.06. This trade represents a 3.60% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders purchased 4,041,543 shares of company stock valued at $67,594,674 in the last three months. Corporate insiders own 17.10% of the company’s stock.

Alkami Technology Company Profile

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.