Bakkt (NYSE:BKKT) General Counsel Sells $68,930.80 in Stock

Bakkt Holdings, Inc. (NYSE:BKKT) General Counsel Marc D’annunzio sold 7,780 shares of the company’s stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $8.86, for a total transaction of $68,930.80. Following the completion of the transaction, the general counsel owned 110,059 shares in the company, valued at approximately $975,122.74. This represents a 6.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Marc D’annunzio also recently made the following trade(s):

• On Tuesday, February 24th, Marc D’annunzio sold 785 shares of Bakkt stock. The stock was sold at an average price of $10.09, for a total transaction of $7,920.65.

Bakkt Stock Performance

Shares of BKKT stock opened at $8.58 on Friday. The firm’s 50 day moving average price is $8.88 and its 200-day moving average price is $14.45. Bakkt Holdings, Inc. has a one year low of $6.87 and a one year high of $49.79. The firm has a market cap of $262.17 million, a P/E ratio of -1.67 and a beta of 5.86.

Analysts Set New Price Targets

BKKT has been the topic of a number of research reports. Benchmark reduced their target price on shares of Bakkt from $40.00 to $22.00 and set a “buy” rating on the stock in a report on Wednesday, March 18th. Weiss Ratings lowered shares of Bakkt from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday. Finally, Wall Street Zen lowered shares of Bakkt from a “sell” rating to a “strong sell” rating in a report on Saturday. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Bakkt has an average rating of “Hold” and an average target price of $22.00.

Institutional Investors Weigh In On Bakkt

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Renaissance Technologies LLC purchased a new position in shares of Bakkt in the 4th quarter valued at $5,643,000. Vanguard Group Inc. grew its position in shares of Bakkt by 131.2% in the 3rd quarter. Vanguard Group Inc. now owns 664,561 shares of the company’s stock valued at $22,362,000 after buying an additional 377,101 shares during the last quarter. Marshall Wace LLP purchased a new position in shares of Bakkt in the 3rd quarter valued at $11,775,000. UBS Group AG grew its position in shares of Bakkt by 638.5% in the 4th quarter. UBS Group AG now owns 264,462 shares of the company’s stock valued at $2,655,000 after buying an additional 228,653 shares during the last quarter. Finally, Private Advisor Group LLC purchased a new position in shares of Bakkt in the 3rd quarter valued at $5,308,000. 11.11% of the stock is currently owned by institutional investors and hedge funds.

Bakkt Company Profile

Bakkt Holdings, Inc is a digital asset platform that aims to bridge traditional finance and digital assets by offering institutional-grade custody, trading and settlement services. Established in 2018 by Intercontinental Exchange (ICE), the company initially made headlines with the launch of its physically settled Bitcoin futures contracts in 2019. Since then, Bakkt has expanded its product lineup to include spot trading of cryptocurrencies, a secure digital wallet for retail customers and a payment gateway that enables merchants to accept digital assets alongside fiat currencies.

The company’s core offering centers on its custody infrastructure, which is built to meet robust regulatory and security standards.