Congress Asset Management Co. Purchases 95,449 Shares of Alkami Technology, Inc. $ALKT

Key Points

• Congress Asset Management increased its Alkami Technology position by 22.9% in the third quarter, adding 95,449 shares for a total of 511,425 shares valued at approximately $7.0 million. Hedge funds and other institutional investors own 54.97% of the company.
• Alkami reported quarterly revenue of $129.84 million, up 15.8% year over year and slightly above estimates, but posted an adjusted loss of $0.08 per share that missed consensus by $0.23. The stock opened at $14.15, near its one-year low of $13.20.
• Analyst opinion is mixed: three analysts rate the stock Buy, three Hold, and two Sell. The consensus rating is Hold, with a target price of $22.00.

Congress Asset Management Co. raised its position in Alkami Technology, Inc. (NASDAQ:ALKT - Free Report) by 22.9% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 511,425 shares of the company's stock after buying an additional 95,449 shares during the period. Congress Asset Management Co. owned about 0.48% of Alkami Technology worth $7,001,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the company. IFP Advisors Inc raised its holdings in Alkami Technology by 46,900.0% in the 2nd quarter. IFP Advisors Inc now owns 1,410 shares of the company's stock worth $26,000 after purchasing an additional 1,407 shares during the period. Summit Securities Group LLC grew its position in shares of Alkami Technology by 84.2% in the first 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. Optiver Holding B.V. purchased a new stake in shares of Alkami Technology during the first quarter worth about $36,000. Essential Partners LLC raised its position in shares of Alkami Technology by 7,090.9% during the 1st quarter. Essential Partners LLC now owns 2,373 shares of the company's stock worth $37,000 after purchasing an additional 2,340 shares during the last quarter. Finally, Fifth Third Bancorp raised its position in shares of Alkami Technology by 456.7% during the 1st quarter. Fifth Third Bancorp now owns 6,190 shares of the company's stock worth $97,000 after purchasing an additional 5,078 shares during the last quarter. 54.97% of the stock is owned by hedge funds and other institutional investors.

Alkami Technology Price Performance

ALKT stock opened at $14.15 on Thursday. The company has a debt-to-equity ratio of 0.98, a current ratio of 2.13 and a quick ratio of 2.13. The firm has a market capitalization of $1.51 billion, a P/E ratio of -33.69 and a beta of 0.60. The business's 50-day moving average is $18.36 and its two-hundred day moving average is $17.32. Alkami Technology, Inc. has a 1 year low of $13.20 and a 1 year high of $24.47.

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). 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 analyst estimates of $128.70 million. During the same period in the prior year, the firm posted ($0.13) earnings per share. The business's quarterly revenue was up 15.8% compared to the same quarter last year. Analysts anticipate that Alkami Technology, Inc. will post 0.15 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. Citigroup reiterated a "market outperform" rating on shares of Alkami Technology in a research note on Thursday, September 24th. Citizens Jmp reaffirmed a "market outperform" rating and issued a $24.00 price target on shares of Alkami Technology in a research note on Thursday, September 24th. Needham & Company LLC increased their target price on shares of Alkami Technology from $22.00 to $25.00 and gave the company a "buy" rating in a research report on Monday, August 24th. JPMorgan Chase & Co. lowered Alkami Technology from an "overweight" rating to an "underweight" rating and lowered their price objective for the stock from $24.00 to $14.00 in a research note on Thursday, September 24th. Finally, Weiss Ratings reissued a "sell (e+)" rating on shares of Alkami Technology in a research note on Wednesday, September 2nd. Three research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $22.00.

Alkami Technology Profile

Alkami Technology, Inc is a financial technology company that provides cloud-based digital banking solutions to banks and credit unions. Its platform is designed to help financial institutions deliver online and mobile banking services while managing customer engagement, account access and daily banking activities through digital channels.

The company's products and services include digital account opening, consumer and business banking capabilities, payments, card management, money movement, financial wellness tools, data and analytics, marketing and customer relationship management.

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