Alkami Technology (NASDAQ:ALKT) Posts Earnings Results, Beats Estimates By $0.02 EPS

Alkami Technology (NASDAQ:ALKT) issued its quarterly earnings data on Wednesday. The company reported $0.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.02, Briefing.com reports. The firm had revenue of $82.16 million during the quarter, compared to analyst estimates of $81.32 million. Alkami Technology had a negative return on equity of 13.47% and a negative net margin of 17.47%. The business’s quarterly revenue was up 24.9% compared to the same quarter last year. During the same quarter last year, the business posted ($0.17) earnings per share. Alkami Technology updated its FY 2024 guidance to EPS and its Q3 2024 guidance to EPS.

Alkami Technology Trading Down 4.8 %

Shares of NASDAQ:ALKT traded down $1.62 during trading hours on Friday, hitting $32.24. 654,544 shares of the company’s stock traded hands, compared to its average volume of 509,095. The business has a fifty day moving average price of $29.32 and a 200-day moving average price of $26.43. The company has a quick ratio of 3.92, a current ratio of 3.92 and a debt-to-equity ratio of 0.06. Alkami Technology has a 1 year low of $14.93 and a 1 year high of $36.00.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Craig Hallum raised their price objective on Alkami Technology from $31.00 to $38.00 and gave the company a “buy” rating in a research report on Thursday. Needham & Company LLC lifted their price target on Alkami Technology from $32.00 to $43.00 and gave the stock a “buy” rating in a research report on Thursday. Barclays lifted their price target on Alkami Technology from $31.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Thursday. JMP Securities lifted their price target on Alkami Technology from $35.00 to $38.00 and gave the stock a “market outperform” rating in a research report on Thursday. Finally, The Goldman Sachs Group lifted their price target on Alkami Technology from $28.00 to $34.00 and gave the stock a “neutral” rating in a research report on Thursday. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Alkami Technology presently has an average rating of “Moderate Buy” and an average price target of $32.50.

Insider Activity

In other news, CFO W Bryan Hill sold 100,000 shares of Alkami Technology stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $28.80, for a total transaction of $2,880,000.00. Following the completion of the sale, the chief financial officer now owns 505,877 shares of the company’s stock, valued at $14,569,257.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Stephen Bohanon sold 12,450 shares of Alkami Technology stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $28.66, for a total transaction of $356,817.00. Following the completion of the sale, the insider now owns 449,552 shares of the company’s stock, valued at $12,884,160.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO W Bryan Hill sold 100,000 shares of the business’s stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $28.80, for a total transaction of $2,880,000.00. Following the completion of the transaction, the chief financial officer now directly owns 505,877 shares of the company’s stock, valued at approximately $14,569,257.60. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,848,472 shares of company stock valued at $49,241,550. Corporate insiders own 38.00% of the company’s stock.

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.