Alkami Technology (NASDAQ:ALKT) Price Target Raised to $24.00 at JPMorgan Chase & Co.

Key Points

• JPMorgan raised Alkami Technology’s price target from $19 to $24 and maintained an “overweight” rating, implying 16.5% upside from the previous close.
• Analyst sentiment remains mixed: Needham raised its target to $25 with a “buy” rating, while the overall consensus is “Hold” with a $23.80 target based on three buys, three holds, and one sell.
• Alkami’s latest quarterly revenue rose 15.8% year over year to $129.84 million, exceeding estimates, but its $0.08 per-share loss missed expectations and the company continues to report negative margins and return on equity.

Alkami Technology (NASDAQ:ALKT - Get Free Report) had its price objective boosted by research analysts at JPMorgan Chase & Co. from $19.00 to $24.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price target suggests a potential upside of 16.50% from the stock's previous close.

A number of other research analysts also recently issued reports on the company. Needham & Company LLC boosted their price target on Alkami Technology from $22.00 to $25.00 and gave the company a "buy" rating in a report on Monday. Weiss Ratings reissued a "sell (e+)" rating on shares of Alkami Technology in a research note on Friday, June 5th. Finally, Citizens Jmp reduced their price target on Alkami Technology from $28.00 to $23.00 and set a "market outperform" rating for the company in a report on Thursday, April 30th. Three investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $23.80.

Alkami Technology Stock Performance

Shares of Alkami Technology stock traded up $0.22 on Monday, reaching $20.60. 116,683 shares of the company traded hands, compared to its average volume of 1,793,619. The company has a 50 day moving average of $17.93 and a 200 day moving average of $17.14. Alkami Technology has a 52 week low of $13.98 and a 52 week high of $26.89. The firm has a market capitalization of $2.20 billion, a PE ratio of -48.95 and a beta of 0.58. The company has a debt-to-equity ratio of 0.98, a current ratio of 2.13 and a quick ratio of 2.13.

Alkami Technology (NASDAQ:ALKT - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.15 by ($0.23). Alkami Technology had a negative return on equity of 7.68% and a negative net margin of 9.21%.The company had revenue of $129.84 million for the quarter, compared to analysts' expectations of $128.70 million. During the same period last year, the company posted ($0.13) EPS. The business's revenue for the quarter was up 15.8% on a year-over-year basis. Equities analysts forecast that Alkami Technology will post 0.14 earnings per share for the current year.

Hedge Funds Weigh In On Alkami Technology

Hedge funds have recently bought and sold shares of the business. California State Teachers Retirement System grew its holdings in Alkami Technology by 1,664.8% during the 2nd quarter. California State Teachers Retirement System now owns 1,718,809 shares of the company's stock worth $31,145,000 after acquiring an additional 1,621,413 shares in the last quarter. JANA Partners Management LP lifted its position in shares of Alkami Technology by 24.2% during the second quarter. JANA Partners Management LP now owns 6,747,707 shares of the company's stock valued at $122,268,000 after buying an additional 1,316,319 shares during the last quarter. Headlands Technologies LLC boosted its holdings in shares of Alkami Technology by 186.2% in the 2nd quarter. Headlands Technologies LLC now owns 34,932 shares of the company's stock valued at $633,000 after buying an additional 22,728 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new position in shares of Alkami Technology in the 2nd quarter worth approximately $2,716,000. Finally, Bluefin Capital Management LLC purchased a new position in shares of Alkami Technology in the 2nd quarter worth approximately $2,677,000. Institutional investors own 54.97% of the company's stock.

About Alkami Technology

Alkami Technology, Inc is a provider of cloud-based digital banking and engagement solutions tailored for banks and credit unions. The company's platform offers a comprehensive suite of online and mobile banking features, including bill payment, peer-to-peer transfers, card management, streamlined account opening and real-time alerts, all designed to enhance the end-user experience and drive customer loyalty.

Built on a multi-tenant, software-as-a-service (SaaS) architecture hosted in the cloud, Alkami's platform leverages modern APIs and a partner ecosystem to integrate third-party fintech applications and services.

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