Alkami Stock Down 50%, But This New $49 Million Stake Signals Conviction in a Turnaround
Key Points
Irenic Capital bought 2,106,448 Alkami shares in the fourth quarter.
The quarter-end position value increased by approximately $48.60 million.
Alkami is a new position.
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Irenic Capital Management LP disclosed a new stake in Alkami Technology (NASDAQ:ALKT) in its February 17, 2026, SEC filing, adding 2,106,448 shares in a trade estimated at approximately $48.60 million based on quarterly average pricing.
What happened
According to an SEC filing dated February 17, 2026, Irenic Capital Management LP initiated a new position in Alkami Technology (NASDAQ:ALKT), acquiring 2,106,448 shares. The end-of-quarter position value is approximately $48.60 million.
What else to know
- Top holdings after the filing:
- NYSE: ITGR: $99.109 million (13.7% of AUM)
- NASDAQ: SHC: $66.997 million (9.3% of AUM)
- NASDAQ: TBPH: $51.657 million (7.1% of AUM)
- NASDAQ: ALKT: $48.60 million (6.7% of AUM)
- NYSE: WK: $47.611 million (6.6% of AUM)
- As of February 17, 2026, Alkami shares were priced at $16.28, down 50% over the past year and trailing the S&P 500’s roughly 13% gain in the same period.
Company overview
| Metric | Value |
|---|---|
| Price (as of market close 2026-02-17) | $16.28 |
| Market capitalization | $1.71 billion |
| Revenue (TTM) | $412.50 million |
| Net income (TTM) | ($43.85 million) |
Company snapshot
- Alkami Technology offers a cloud-based digital banking platform, including Alkami Platform, Retail Banking Solutions, and Business Banking Solutions, delivering end-to-end software for financial institutions.
- The firm serves community banks, regional banks, credit unions, and both retail and business banking clients across the United States.
Alkami Technology, Inc. is a technology company specializing in cloud-based digital banking solutions for financial institutions. With a scalable platform and a focus on subscription-based revenue, Alkami enables clients to enhance user engagement and operational efficiency. The company’s competitive edge lies in its comprehensive product suite and ability to serve a diverse range of banking customers.
What this transaction means for investors
When a digital banking platform grows revenue more than 30% and still sees its stock cut in half, it raises an interesting question about what the market is seeing beyond the topline figures.
Alkami’s third-quarter results showed revenue up 31.5% year over year to $113.0 million, with annual recurring revenue reaching $449 million, also up 31%. Adjusted EBITDA nearly doubled from a year ago to $16.0 million, and the company launched 13 new financial institutions in the quarter.
Yet shares sit around $16, down roughly 50% over the past year. The gap between operating momentum and stock performance is exactly the kind of dislocation event-driven investors look for.
Within the portfolio, the new position sits below larger bets in Integer Holdings and Shockwave, but at 6.7% of assets (save for those tied to put options), it is meaningful. That suggests this is not a token tracking stake. It is a thesis.
For long-term investors, the key is execution. ARR growth, improving EBITDA, and sustained bank adoption matter more than quarterly volatility. If management continues scaling the platform and nudging margins higher, today’s price could look far more attractive in hindsight. The next test will be later this week, when the firm reports fourth-quarter earnings.
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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Workiva. The Motley Fool has a disclosure policy.
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