Positioning no disclosures inside 60 days, left as found
Options put/call open interest 0.31, read 2026-11-02
Ethical does not pass the values gate
Price13.35 USD
Fair value19.79
Ethical score70.0/100
Value readUndervaluedas of 5 Nov 2026
Our investment reviews on this name
2026-11-04Read Distribution13.46-0.8% to today ✓Accumulation gives way to Distribution after an 11% slide in 9 days
2026-10-26Read Accumulation15.10-11.6% to today Distribution gives way to Accumulation after a 20% slide in 5 weeks
2026-09-21Read Distribution18.94-29.5% to today ✓Markup gives way to Distribution after a 6% slide in 4 weeks
2026-08-21Read Markup20.21-33.9% to today Accumulation gives way to Markup after a 33% rise in 7 weeks
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Alkami Technology, Inc. holds its Distribution at $13.35. The statistical read favours the buyers, held for 1 days.
As held on the ledger · 2026-11-05
Phase
Distribution · caution
Quantitative state
The statistical read favours the buyers, held for 1 days
Price at the screen
$13.35
Valuation
N/A trailing · 12.14 forward price to earnings
Values screen
FAIL· score 70.0
Beta
0.51
The Workings
Five Screens, Shown in Full
Does not pass. Debt ratio
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
43.50%
Below 33%
Interest-bearing debt is 43.5% of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
4.21%
Below 33%
Cash held in interest-bearing accounts and securities is 4.2% of assets, under the one-third limit.
Pass
Receivables
12.70%
Below 49%
Money owed to the company is 12.7% of assets, under the 49% limit.
Pass
Revenue purity
0.94%
Below 5%
Only 0.9% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
Alkami Technology,'s business is in a permissible area, but its interest-bearing debt is about 44% of the company, well over the ~33% line, so it does not pass on the financial screens.
Read as at 2026-11-05. It updates when the underlying figures move, and past reads are kept below.
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What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads Undervalued vs our fair value, as of 5 Nov 2026: it trades at roughly a 33% discount to our $19.79 fair value, 19.40% revenue growth.
Fair value range in USD, drawn from the 2026-11-05 screen. The gold marker is the market price at the same screen. A 32.5% discount to the base estimate.
Where our models see it going: fair-value estimate $19.79, with a range of $17.68 to $26.52, dated to the 2026-11-05 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Digital Banking Tools That Still Lose Money
Picture a US bank trying to keep customers from switching to an app that actually works. Alkami builds the cloud platform that handles onboarding and daily banking for smaller financial institutions. Revenue is growing at 29 percent a year, yet the business still posts an 11 percent negative profit margin and a negative 14 percent return on equity, so the numbers have not yet turned into cash.
We pass because the opportunity rating is none despite the 41 percent gap between the current price and our fair value. Forward earnings sit at 15.8 times, the moat is unknown, and seven analysts offer no consensus. Growth alone does not clear the bar when profits remain absent and the competitive edge is unproven.
Risk sits in the continued losses and the question of whether smaller banks will keep paying up once bigger platforms copy the features. The ethical screen passes cleanly, but that does not remove the execution gap. Analysis, not advice.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The things to watch: it's a small-cap, so the share price can swing harder than the market.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
ALKT trades on Nasdaq. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The framework has shifted from accumulation to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 10.9% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are down 49%. Our forward projection puts the odds of a 10% gain over the next month near 20%. The street (9 analysts) rates it buy, with a mean price target of $22.
2026-10-28Accumulation$15.10+0.0%Entry 18
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are down 49%. Our forward projection puts the odds of a 10% gain over the next month near 20%. The street (9 analysts) rates it buy, with a mean price target of $22. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-27Accumulation$15.10+0.0%Entry 17
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are down 49%. Our forward projection puts the odds of a 10% gain over the next month near 20%. The street (9 analysts) rates it buy, with a mean price target of $22. It reported earnings in this window, a natural checkpoint for the thesis.
The framework has shifted from distribution to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are down 49%. Our forward projection puts the odds of a 10% gain over the next month near 20%. The street (9 analysts) rates it buy, with a mean price target of $22. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-25Distribution$15.10+0.0%Entry 15
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 49%. Our forward projection puts the odds of a 10% gain over the next month near 20%. The street (9 analysts) rates it buy, with a mean price target of $22. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-24Distribution$15.10+0.0%Entry 14
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 49%. Our forward projection puts the odds of a 10% gain over the next month near 20%. The street (9 analysts) rates it buy, with a mean price target of $22. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-23Distribution$15.10+0.0%Entry 13
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 49%. Our forward projection puts the odds of a 10% gain over the next month near 20%. The street (9 analysts) rates it buy, with a mean price target of $22. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-22Distribution$15.10+6.1%Entry 12
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved up 6.1% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 49%. Our forward projection puts the odds of a 10% gain over the next month near 20%. The street (9 analysts) rates it buy, with a mean price target of $22. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-21Distribution$14.23+0.0%Entry 11
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 49%. Our forward projection puts the odds of a 10% gain over the next month near 20%. The street (9 analysts) rates it buy, with a mean price target of $22. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-19Distribution$14.23-0.4%Entry 10
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.4% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 49%. Our forward projection puts the odds of a 10% gain over the next month near 20%. The street (9 analysts) rates it buy, with a mean price target of $22.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
