Bakkt (NYSE:BKKT) Shares Down 1.7% – What’s Next?

Bakkt Holdings, Inc. (NYSE:BKKT) shares fell 1.7% on Thursday . The stock traded as low as $8.23 and last traded at $8.2750. 1,429,820 shares were traded during trading, a decline of 14% from the average session volume of 1,666,617 shares. The stock had previously closed at $8.42.

Analyst Upgrades and Downgrades

BKKT has been the subject of a number of research reports. Wall Street Zen upgraded shares of Bakkt from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 16th. Weiss Ratings cut Bakkt from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, April 29th. Finally, Benchmark dropped their price objective on Bakkt from $40.00 to $22.00 and set a “buy” rating for the company in a research note on Wednesday, March 18th. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $22.00.

Bakkt Trading Down 1.7%

The stock’s 50 day moving average is $9.15 and its 200 day moving average is $10.45. The stock has a market capitalization of $369.15 million, a price-to-earnings ratio of -6.04 and a beta of 5.89.

Bakkt (NYSE:BKKT) last announced its earnings results on Monday, May 11th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.31). Bakkt had a negative return on equity of 64.73% and a negative net margin of 8.37%.The business had revenue of $243.59 million for the quarter, compared to analyst estimates of $297.94 million.

Insider Transactions at Bakkt

In related news, General Counsel Marc D’annunzio sold 7,780 shares of the business’s stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $8.86, for a total value of $68,930.80. Following the completion of the transaction, the general counsel owned 110,059 shares of the company’s stock, valued at approximately $975,122.74. The trade was a 6.60% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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. Also, CFO Karen Alexander sold 4,684 shares of the firm’s stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $9.13, for a total transaction of $42,764.92. Following the sale, the chief financial officer directly owned 55,771 shares in the company, valued at $509,189.23. This represents a 7.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders acquired a total of 865,000 shares of company stock valued at $7,018,900 in the last ninety days. Corporate insiders own 10.05% of the company’s stock.

Hedge Funds Weigh In On Bakkt

Several institutional investors and hedge funds have recently bought and sold shares of the stock. UBS Group AG increased its holdings in Bakkt by 638.5% during the 4th quarter. UBS Group AG now owns 264,462 shares of the company’s stock worth $2,655,000 after purchasing an additional 228,653 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Bakkt by 81.5% during the third quarter. JPMorgan Chase & Co. now owns 4,533 shares of the company’s stock worth $153,000 after acquiring an additional 2,035 shares during the period. Alpine Fox Capital LLC acquired a new stake in shares of Bakkt during the 3rd quarter worth approximately $1,346,000. Regal Partners Ltd bought a new stake in shares of Bakkt in the 3rd quarter worth approximately $217,000. Finally, Bank of America Corp DE boosted its position in Bakkt by 51.8% during the 1st quarter. Bank of America Corp DE now owns 16,758 shares of the company’s stock valued at $123,000 after purchasing an additional 5,718 shares during the period. Institutional investors and hedge funds own 11.11% of the company’s stock.

About Bakkt

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.