By Ian Salisbury
Investors have been fleeing Alkami Technology recently. But the cloud-based digital banking platform recently got a big vote of confidence from one of its largest shareholders.
Shares of Alkami plunged nearly 22%, from $26.16 on July 30 to $20.49 on Aug. 1, after the company reported disappointing second-quarter earnings. While sales climbed 36% to $112 million, the company missed Wall Street's profit forecasts and issued a tepid revenue outlook.
Alkami reported second-quarter operating earnings of two cents a share, far below the eight cents that analysts expected, according to FactSet figures. And its third-quarter sales projection of $112.5 million to $114 million was below the $116.4 million average analyst forecast.
On Tuesday, Alkami shares traded at $22.30, down 17 cents, or about 0.8%, from the prior day. They are about 47% below their 52-week closing high of $42.22 hit in November.
At least one big investor is doubling down. From Aug. 11 to Aug. 13, investment firm General Atlantic bought 1.4 million shares at an average price of $21.16, according to recent filings with the Securities and Exchange Commission. The total cost of the shares was nearly $30 million, the filings suggest.
General Atlantic's recent purchases brought its total Akami holdings to just over 12 million shares, valued at $268 million, based on Alkami's current share price.
General Atlantic is a growth equity fund, originally created by Duty Free founder Chuck Feeney to fund his philanthropic endeavors. Today it oversees around $108 billion, largely in individually managed and pooled accounts from dozens of investors.
Alkami Technologies didn't respond to a request for comment. General Atlantic declined to comment.
The stake, which represents about 11.7% of shares outstanding, according to FactSet, makes General Atlantic Alkami's second-largest shareholder after S3 Ventures, a family office--backed venture capital firm based in Austin, Texas. S3's stake amounts to around 13.8%.
Write to Ian Salisbury at ian.salisbury@barrons.com
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August 22, 2025 21:31 ET (01:31 GMT)
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