Zacks Investment Research Lowers Alkami Technology (NASDAQ:ALKT) to Sell

Zacks Investment Research lowered shares of Alkami Technology (NASDAQ:ALKTGet Rating) from a hold rating to a sell rating in a report released on Tuesday morning, 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. “

Several other research firms have also recently issued reports on ALKT. KeyCorp decreased their price target on Alkami Technology from $35.00 to $20.00 and set an overweight rating on the stock in a report on Tuesday, January 25th. Needham & Company LLC dropped their target price 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. Finally, Barclays decreased their target price on Alkami Technology from $17.00 to $15.00 in a report on Monday, May 9th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of Hold and a consensus target price of $24.25.

Alkami Technology stock opened at $10.82 on Tuesday. The company has a debt-to-equity ratio of 0.07, a current ratio of 9.78 and a quick ratio of 9.78. The stock has a fifty day moving average price of $12.86 and a two-hundred day moving average price of $17.59. Alkami Technology has a 52-week low of $9.23 and a 52-week high of $38.63. The firm has a market capitalization of $978.89 million and a P/E ratio of -18.65.

Alkami Technology (NASDAQ:ALKTGet Rating) last announced its earnings results on Thursday, May 5th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.06) by $0.01. The company had revenue of $44.79 million for the quarter, compared to analysts’ expectations of $43.90 million. Alkami Technology had a negative return on equity of 13.11% and a negative net margin of 30.15%. The business’s revenue for the quarter was up 34.7% on a year-over-year basis. During the same quarter in the prior year, the business earned ($1.30) earnings per share. On average, equities research analysts predict that Alkami Technology will post -0.48 EPS for the current fiscal year.

In other news, Director Michael D. Hansen sold 4,313 shares of the stock in a transaction on Sunday, May 15th. The stock was sold at an average price of $10.51, for a total transaction of $45,329.63. Following the sale, the director now directly owns 284,779 shares of the company’s stock, valued at approximately $2,993,027.29. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Over the last three months, insiders have sold 7,042 shares of company stock worth $76,028.

A number of institutional investors have recently bought and sold shares of ALKT. Royal Bank of Canada raised its position in Alkami Technology by 116.4% in the third quarter. Royal Bank of Canada now owns 1,032 shares of the company’s stock valued at $26,000 after purchasing an additional 555 shares during the last quarter. Altshuler Shaham Ltd bought a new position in Alkami Technology in the third quarter valued at about $31,000. Point72 Hong Kong Ltd acquired a new stake in shares of Alkami Technology in the first quarter valued at about $45,000. Lindbrook Capital LLC acquired a new stake in shares of Alkami Technology in the fourth quarter valued at about $52,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Alkami Technology in the fourth quarter valued at about $113,000. Hedge funds and other institutional investors own 49.50% 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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