Alkami Stock Hits Three-Year Lows: Jana Doesn’t Get Buyout Wish
Activist investor Jana Partners has been pushing for a sale of Alkami Technology (NASDAQ: ALKT ) for months. The fintech declared this week that it was not selling, sending shares to lows last seen in May 2023. The hedge fund bought a stake in Alkami back in December and increased it to more than 10% in June, At the end of the second quarter, Jana owned more than 6.74 million shares of Alkami. At that time, Jana said Alkami should explore a sale, with multiple interested parties circling the company. Months later, Alkami announced Wednesday that the board concluded it will not sell, a move it argues will maximize shareholder value. "The Board unanimously determined that continuing to execute management’s long-range strategic plan as an independent, public company is in the best interests of the Company and its shareholders," the company said. Alkami reaffirmed full-year guidance for revenue of $528 million to $531 million and adjusted EBITDA of $96 million to $98 million. Read Also: Jana Partners Buys Stake in Data Center Stock Everpure, May Be Up Almost 100% Already Alkami Shares Sink News of the board’s decision sent Alkami shares lower on Wednesday. On Th
Activist investor Jana Partners has been pushing for a sale of Alkami Technology (NASDAQ: ALKT ) for months. The fintech declared this week that it was not selling, sending shares to lows last seen in May 2023. 74 million shares of Alkami. At that time, Jana said Alkami should explore a sale, with multiple interested parties circling the company.
Months later, Alkami announced Wednesday that the board concluded it will not sell, a move it argues will maximize shareholder value. "The Board unanimously determined that continuing to execute management’s long-range strategic plan as an independent, public company is in the best interests of the Company and its shareholders," the company said. Alkami reaffirmed full-year guidance for revenue of $528 million to $531 million and adjusted EBITDA of $96 million to $98 million. Read Also: Jana Partners Buys Stake in Data Center Stock Everpure, May Be Up Almost 100% Already Alkami Shares Sink News of the board’s decision sent Alkami shares lower on Wednesday.
76. The stock now trades at its lowest level since May 2023. 3 million at the time of writing. This means Jana is now down over $29 million since the end of the second quarter on what was their sixth-largest position.
4% of the company’s assets in the second quarter. Jana has not announced what it plans next for the company, which could include selling its stake after not getting the sale it wanted or pushing for changes to the company’s board of directors. Read Also: Jana Partners' Six Flags Bet With Travis Kelce: A Fumble so Far, but the Game Isn't Over Photo: Elena Berd/Shutterstock