Bank of New York Mellon Corp Makes New Investment in Alkami Technology, Inc. $ALKT

Key Points

• Bank of New York Mellon acquired 397,443 Alkami Technology shares worth approximately $7.2 million, representing about 0.37% of the company. Institutional investors and hedge funds collectively own 54.97% of ALKT.
• Analyst sentiment is mixed: JPMorgan and Needham raised their price targets to $24 and $25, respectively, while the consensus rating remains “Hold” with an average target of $23.80.
• Alkami reported quarterly revenue of $129.84 million, up 15.8% year over year and above estimates, but posted an adjusted loss of $0.08 per share versus the expected $0.15 profit.

Bank of New York Mellon Corp acquired a new stake in Alkami Technology, Inc. (NASDAQ:ALKT - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 397,443 shares of the company's stock, valued at approximately $7,202,000. Bank of New York Mellon Corp owned about 0.37% of Alkami Technology as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. EverSource Wealth Advisors LLC lifted its holdings in Alkami Technology by 398.3% in the second quarter. EverSource Wealth Advisors LLC now owns 1,146 shares of the company's stock valued at $35,000 after buying an additional 916 shares during the period. Smartleaf Asset Management LLC raised its position in shares of Alkami Technology by 91.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,447 shares of the company's stock worth $34,000 after acquiring an additional 692 shares in the last quarter. Global Retirement Partners LLC bought a new position in shares of Alkami Technology in the 4th quarter worth about $37,000. Summit Securities Group LLC lifted its stake in shares of Alkami Technology by 84.2% in the 1st quarter. Summit Securities Group LLC now owns 1,842 shares of the company's stock valued at $29,000 after purchasing an additional 842 shares during the period. Finally, CWM LLC boosted its position in shares of Alkami Technology by 97.6% during the 4th quarter. CWM LLC now owns 1,942 shares of the company's stock valued at $45,000 after purchasing an additional 959 shares in the last quarter. 54.97% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently commented on ALKT shares. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Alkami Technology in a research report on Friday, June 5th. JPMorgan Chase & Co. increased their target price on shares of Alkami Technology from $19.00 to $24.00 and gave the stock an "overweight" rating in a research note on Monday, August 24th. Finally, Needham & Company LLC raised their price target on shares of Alkami Technology from $22.00 to $25.00 and gave the stock a "buy" rating in a report on Monday, August 24th. Three investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Alkami Technology presently has an average rating of "Hold" and a consensus target price of $23.80.

Alkami Technology Stock Up 1.1%

ALKT stock opened at $20.09 on Friday. The stock's 50 day simple moving average is $18.82 and its 200 day simple moving average is $17.34. The company has a market cap of $2.15 billion, a P/E ratio of -47.83 and a beta of 0.61. The company has a debt-to-equity ratio of 0.98, a quick ratio of 2.13 and a current ratio of 2.13. Alkami Technology, Inc. has a fifty-two week low of $13.98 and a fifty-two week high of $26.89.

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

Alkami Technology Company Profile

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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