The Manufacturers Life Insurance Company Buys Shares of 2,589,800 Alkami Technology, Inc. $ALKT

Key Points

• The Manufacturers Life Insurance Company acquired 2,589,800 Alkami Technology shares valued at approximately $46.9 million, giving it a 2.42% stake. Institutional investors and hedge funds collectively own 54.97% of the company.
• Analyst sentiment is mixed, with three Buy ratings, three Holds and one Sell. The consensus rating is Hold, with an average price target of $23.80 versus the stock’s reported $20.35 price.
• 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. The company continues to have negative net margins and return on equity.

The Manufacturers Life Insurance Company purchased a new position in shares of Alkami Technology, Inc. (NASDAQ:ALKT - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 2,589,800 shares of the company's stock, valued at approximately $46,927,000. The Manufacturers Life Insurance Company owned 2.42% of Alkami Technology as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of ALKT. Summit Securities Group LLC grew its holdings 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. Smartleaf Asset Management LLC raised its stake in Alkami Technology by 91.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,447 shares of the company's stock worth $34,000 after purchasing an additional 692 shares during the period. EverSource Wealth Advisors LLC raised its stake in Alkami Technology by 398.3% during the second quarter. EverSource Wealth Advisors LLC now owns 1,146 shares of the company's stock worth $35,000 after purchasing an additional 916 shares during the period. Optiver Holding B.V. acquired a new position in Alkami Technology in the 1st quarter valued at about $36,000. Finally, Essential Partners LLC boosted its holdings in Alkami Technology by 7,090.9% in the 1st quarter. Essential Partners LLC now owns 2,373 shares of the company's stock valued at $37,000 after purchasing an additional 2,340 shares during the last quarter. Institutional investors and hedge funds own 54.97% of the company's stock.

Wall Street Analysts Forecast Growth

ALKT has been the subject of a number of recent analyst reports. Weiss Ratings restated a "sell (e+)" rating on shares of Alkami Technology in a report on Friday, June 5th. Needham & Company LLC increased their price objective on Alkami Technology from $22.00 to $25.00 and gave the stock a "buy" rating in a research report on Monday. Citizens Jmp cut their target price on Alkami Technology from $28.00 to $23.00 and set a "market outperform" rating for the company in a research note on Thursday, April 30th. Finally, JPMorgan Chase & Co. lifted their target price on Alkami Technology from $19.00 to $24.00 and gave the company an "overweight" rating in a research report on Monday. Three equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $23.80.

Alkami Technology Stock Performance

NASDAQ:ALKT opened at $20.35 on Thursday. Alkami Technology, Inc. has a 52 week low of $13.98 and a 52 week high of $26.89. The company has a fifty day simple moving average of $18.23 and a two-hundred day simple moving average of $17.21. The company has a quick ratio of 2.13, a current ratio of 2.13 and a debt-to-equity ratio of 0.98. The company has a market cap of $2.18 billion, a price-to-earnings ratio of -48.45 and a beta of 0.58.

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

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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