Alkami Technology (NASDAQ:ALKT) Releases Quarterly Earnings Results, Beats Expectations By $0.02 EPS

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

Alkami Technology Stock Performance

Shares of ALKT traded down $1.62 during mid-day trading on Friday, hitting $32.24. The stock had a trading volume of 654,544 shares, 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 debt-to-equity ratio of 0.06, a quick ratio of 3.92 and a current ratio of 3.92. Alkami Technology has a 52 week low of $14.93 and a 52 week high of $36.00.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Barclays boosted their price objective on Alkami Technology from $31.00 to $35.00 and gave the company an “equal weight” rating in a report on Thursday. Needham & Company LLC lifted their target price on Alkami Technology from $32.00 to $43.00 and gave the company a “buy” rating in a research report on Thursday. The Goldman Sachs Group lifted their target price on Alkami Technology from $28.00 to $34.00 and gave the company a “neutral” rating in a research report on Thursday. Lake Street Capital lifted their target price on Alkami Technology from $30.00 to $36.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Craig Hallum lifted their target price on Alkami Technology from $31.00 to $38.00 and gave the company a “buy” rating in a research report on Thursday. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, Alkami Technology presently has an average rating of “Moderate Buy” and a consensus target price of $32.50.

Insider Buying and Selling at Alkami Technology

In other Alkami Technology news, insider Douglas A. Linebarger sold 71,030 shares of the business’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $26.83, for a total value of $1,905,734.90. Following the sale, the insider now directly owns 262,749 shares in the company, valued at $7,049,555.67. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, insider Douglas A. Linebarger sold 71,030 shares of the business’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $26.83, for a total transaction of $1,905,734.90. Following the sale, the insider now directly owns 262,749 shares in the company, valued at approximately $7,049,555.67. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Atlantic Genpar (Bermu General sold 1,542,821 shares of the business’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $26.53, for a total value of $40,931,041.13. Following the sale, the director now owns 17,186,985 shares in the company, valued at $455,970,712.05. The disclosure for this sale can be found here. Insiders have sold a total of 1,848,472 shares of company stock worth $49,241,550 over the last ninety days. 38.00% of the stock is currently owned by company insiders.

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.