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

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

Alkami Technology Stock Performance

ALKT stock traded down $1.62 during mid-day trading on Friday, reaching $32.24. 654,544 shares of the stock traded hands, compared to its average volume of 509,095. 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 52 week low of $14.93 and a 52 week high of $36.00. The business has a 50-day moving average of $29.32 and a two-hundred day moving average of $26.43.

Wall Street Analyst Weigh In

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

Insider Buying and Selling at Alkami Technology

In other news, CFO W Bryan Hill sold 100,000 shares of the company’s stock in a transaction dated 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 transaction, the chief financial officer now owns 505,877 shares of the company’s stock, valued at $14,569,257.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO W Bryan Hill sold 100,000 shares of the company’s stock in a transaction dated 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 transaction, the chief financial officer now owns 505,877 shares of the company’s stock, valued at $14,569,257.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Stephen Bohanon sold 22,171 shares of the company’s stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $26.88, for a total transaction of $595,956.48. Following the transaction, the insider now directly owns 407,940 shares of the company’s stock, valued at approximately $10,965,427.20. The disclosure for this sale can be found here. Insiders sold 1,848,472 shares of company stock worth $49,241,550 over the last ninety days. Company insiders own 38.00% of the company’s stock.

About Alkami Technology

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.