Alkami Technology (NASDAQ:ALKT) Shares Gap Down – Should You Sell?

Alkami Technology, Inc. (NASDAQ:ALKT)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $18.09, but opened at $15.69. Alkami Technology shares last traded at $14.6260, with a volume of 1,208,139 shares changing hands.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on ALKT shares. JPMorgan Chase & Co. raised their price target on shares of Alkami Technology from $19.00 to $24.00 and gave the stock an “overweight” rating in a report on Monday, August 24th. Needham & Company LLC boosted their price objective on shares of Alkami Technology from $22.00 to $25.00 and gave the company a “buy” rating in a report on Monday, August 24th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Alkami Technology in a research report on Wednesday, September 2nd. Three equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Alkami Technology currently has an average rating of “Hold” and an average target price of $23.80.

Alkami Technology Stock Down 18.5%

The company has a quick ratio of 2.13, a current ratio of 2.13 and a debt-to-equity ratio of 0.98. The business has a 50-day simple moving average of $19.15 and a 200-day simple moving average of $17.60. The company has a market cap of $1.58 billion, a PE ratio of -35.15 and a beta of 0.61.

Alkami Technology (NASDAQ:ALKT) last released its quarterly earnings results on Wednesday, July 29th. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.23). The company had revenue of $129.84 million for the quarter, compared to analyst estimates of $128.70 million. Alkami Technology had a negative return on equity of 7.68% and a negative net margin of 9.21%.The firm’s revenue for the quarter was up 15.8% on a year-over-year basis. During the same quarter last year, the company earned ($0.13) EPS. Equities research analysts anticipate that Alkami Technology, Inc. will post 0.15 EPS for the current year.

Institutional Investors Weigh In On Alkami Technology

Several hedge funds and other institutional investors have recently bought and sold shares of the company. IFP Advisors Inc grew its position in 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 acquiring an additional 1,407 shares during the period. Corient Private Wealth LP increased its stake in Alkami Technology by 24.9% during the second quarter. Corient Private Wealth LP now owns 153,882 shares of the company’s stock worth $2,788,000 after acquiring an additional 30,698 shares during the last quarter. JANA Partners Management LP raised its position in Alkami Technology by 24.2% in the second quarter. JANA Partners Management LP now owns 6,747,707 shares of the company’s stock valued at $122,268,000 after purchasing an additional 1,316,319 shares during the period. Headlands Technologies LLC raised its position in Alkami Technology by 186.2% in the second quarter. Headlands Technologies LLC now owns 34,932 shares of the company’s stock valued at $633,000 after purchasing an additional 22,728 shares during the period. Finally, Susquehanna Fundamental Investments LLC acquired a new position in shares of Alkami Technology in the 2nd quarter valued at $2,716,000. 54.97% of the stock is currently owned by institutional investors and hedge funds.

Alkami Technology Company Profile

Alkami Technology, Inc provides cloud-based digital banking solutions for financial institutions in the United States. Its platform is designed primarily for community, regional and other banks and credit unions seeking to deliver online and mobile banking experiences to consumers and businesses.

The company’s products and services include digital account access, account opening, money movement and payments, card management, financial wellness tools, data and analytics, marketing and customer engagement capabilities, and solutions for commercial banking.