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Irenic Capital Management LP disclosed a new stake in Alkami Technology<\/strong> (NASDAQ:ALKT)<\/span> 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.<\/p>\n According to an SEC filing dated February 17, 2026, Irenic Capital Management LP initiated a new position in Alkami Technology<\/strong> (NASDAQ:ALKT)<\/span>, acquiring 2,106,448 shares. The end-of-quarter position value is approximately $48.60 million.<\/p>\n Top holdings after the filing:<\/p>\n NYSE: ITGR: $99.109 million (13.7% of AUM)<\/p>\n<\/li>\n NASDAQ: SHC: $66.997 million (9.3% of AUM)<\/p>\n<\/li>\n NASDAQ: TBPH: $51.657 million (7.1% of AUM)<\/p>\n<\/li>\n NASDAQ: ALKT: $48.60 million (6.7% of AUM)<\/p>\n<\/li>\n NYSE: WK: $47.611 million (6.6% of AUM)<\/p>\n<\/li>\n<\/ul>\n<\/li>\n As of February 17, 2026, Alkami shares were priced at $16.28, down 50% over the past year and trailing the S&P 500\u2019s roughly 13% gain in the same period.<\/p>\n<\/li>\n<\/ul>\n Metric<\/p>\n<\/th>\n Value<\/p>\n<\/th>\n<\/tr>\n<\/thead>\n Price (as of market close 2026-02-17)<\/p>\n<\/td>\n $16.28<\/p>\n<\/td>\n<\/tr>\n Market capitalization<\/p>\n<\/td>\n $1.71 billion<\/p>\n<\/td>\n<\/tr>\n Revenue (TTM)<\/p>\n<\/td>\n $412.50 million<\/p>\n<\/td>\n<\/tr>\n Net income (TTM)<\/p>\n<\/td>\n ($43.85 million)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n 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.<\/p>\n<\/li>\n The firm serves community banks, regional banks, credit unions, and both retail and business banking clients across the United States.<\/p>\n<\/li>\n<\/ul>\n 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\u2019s competitive edge lies in its comprehensive product suite and ability to serve a diverse range of banking customers.<\/p>\n 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.<\/p>\n Alkami\u2019s 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n 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\u2019s price could look far more attractive in hindsight. The next test will be later this week, when the firm reports fourth-quarter earnings.<\/p>\n<\/p><\/div>\n Before you buy stock in Alkami Technology, consider this:<\/p>\n The Motley Fool Stock Advisor<\/em> analyst team just identified what they believe are the\u00a010 best stocks<\/strong> for investors to buy now\u2026 and Alkami Technology wasn\u2019t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.<\/p>\n Consider when Netflix<\/strong> made this list on December 17, 2004… if you invested $1,000 at the time of our recommendation,\u00a0you\u2019d have $424,262<\/strong>!* Or when Nvidia<\/strong> made this list on April 15, 2005… if you invested $1,000 at the time of our recommendation, you\u2019d have $1,163,635<\/strong>!*<\/p>\n Now, it\u2019s worth noting\u00a0Stock Advisor\u2019s<\/em> total average return is 904% \u2014 a market-crushing outperformance compared to 194% for the S&P 500.\u00a0Don’t miss the latest top 10 list, available with\u00a0Stock Advisor<\/em>, and join an investing community built by individual investors for individual investors.<\/span><\/strong><\/span><\/p>\n See the 10 stocks \u00bb<\/strong><\/p>\n *Stock Advisor returns as of February 23, 2026. <\/em><\/p>\n 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.<\/em><\/p>\n Alkami Stock Down 50%, But This New $49 Million Stake Signals Conviction in a Turnaround was originally published by The Motley Fool<\/p>\n<\/p><\/div>\n\n
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