Alkami Technology (NASDAQ:ALKT) Rating Increased to Hold at Zacks Investment Research

Alkami Technology (NASDAQ:ALKT – Get Rating) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a report released on Tuesday, Zacks.com reports.

According to Zacks, “Alkami Technology Inc. is a cloud-based digital banking solutions provider principally for U.S.-based financial institutions. Alkami Technology Inc. is based in PLANO, Texas. “

ALKT has been the subject of several other reports. KeyCorp reduced their price objective on Alkami Technology from $35.00 to $20.00 and set an “overweight” rating for the company in a report on Tuesday, January 25th. Barclays cut their target price on Alkami Technology from $33.00 to $19.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 19th. Finally, Needham & Company LLC cut their price objective on Alkami Technology from $40.00 to $22.00 and set a “buy” rating on the stock in a research report on Thursday, February 24th. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $36.63.

Shares of Alkami Technology stock traded down $0.30 during trading on Tuesday, hitting $12.55. The stock had a trading volume of 389,917 shares, compared to its average volume of 326,171. The stock has a market capitalization of $1.13 billion and a price-to-earnings ratio of -5.16. The company has a debt-to-equity ratio of 0.07, a quick ratio of 10.40 and a current ratio of 10.40. Alkami Technology has a 12 month low of $11.60 and a 12 month high of $48.28. The company’s 50-day moving average price is $13.87.

Alkami Technology (NASDAQ:ALKT – Get Rating) last posted its quarterly earnings results on Wednesday, February 23rd. The company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.02). Alkami Technology had a negative net margin of 30.77% and a negative return on equity of 19.88%. The business had revenue of $42.44 million for the quarter, compared to analysts’ expectations of $41.00 million. The business’s revenue for the quarter was up 27.3% compared to the same quarter last year. On average, sell-side analysts expect that Alkami Technology will post -0.48 earnings per share for the current fiscal year.

A number of large investors have recently bought and sold shares of the business. Royal Bank of Canada grew its stake in Alkami Technology by 116.4% during the 3rd quarter. Royal Bank of Canada now owns 1,032 shares of the company’s stock worth $26,000 after purchasing an additional 555 shares in the last quarter. Altshuler Shaham Ltd purchased a new stake in Alkami Technology during the 3rd quarter valued at approximately $31,000. Lindbrook Capital LLC purchased a new stake in Alkami Technology during the 4th quarter valued at approximately $52,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in Alkami Technology during the 4th quarter valued at approximately $113,000. Finally, Legal & General Group Plc increased its position in Alkami Technology by 882.6% during the 4th quarter. Legal & General Group Plc now owns 7,075 shares of the company’s stock worth $142,000 after purchasing an additional 6,355 shares during the period. Institutional investors own 45.18% of the company’s stock.

About Alkami Technology (Get Rating)

Alkami Technology, Inc offers a cloud-based digital banking platform in the United States. The company's platform allows financial institutions to onboard and engage new users, accelerate revenues, and enhance operational efficiency, with the support of a proprietary, cloud-based, multi-tenant architecture.

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