Bakkt (NYSE:BKKT) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Bakkt (NYSE:BKKT) from a sell rating to a hold rating in a research report report published on Saturday morning.

Other analysts also recently issued reports about the company. Benchmark lowered their price target on Bakkt from $19.00 to $12.00 and set a “buy” rating for the company in a research report on Wednesday, August 12th. Weiss Ratings raised shares of Bakkt from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, July 2nd. One research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $12.00.

Bakkt Trading Down 6.8%

Shares of NYSE:BKKT opened at $7.13 on Friday. The company has a market cap of $318.07 million, a price-to-earnings ratio of -5.20 and a beta of 5.91. Bakkt has a 12 month low of $6.75 and a 12 month high of $49.79. The company has a 50-day moving average price of $8.00 and a 200 day moving average price of $9.03.

Bakkt (NYSE:BKKT) last issued its quarterly earnings data on Monday, August 10th. The company reported $1.94 earnings per share for the quarter, topping the consensus estimate of $0.03 by $1.91. The company had revenue of $170.15 million for the quarter, compared to analysts’ expectations of $373.27 million. Bakkt had a negative return on equity of 41.11% and a negative net margin of 2.78%.

Insider Buying and Selling

In related news, Director Michael Alfred acquired 180,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 9th. The stock was bought at an average price of $7.71 per share, for a total transaction of $1,387,800.00. Following the acquisition, the director directly owned 805,000 shares of the company’s stock, valued at $6,206,550. This represents a 28.80% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. 10.05% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Bakkt

Several large investors have recently added to or reduced their stakes in BKKT. Advisory Services Network LLC bought a new position in Bakkt in the 3rd quarter worth about $30,000. Essential Partners LLC purchased a new stake in shares of Bakkt in the first quarter valued at approximately $31,000. Legal & General Group Plc grew its stake in Bakkt by 110.7% in the third quarter. Legal & General Group Plc now owns 982 shares of the company’s stock worth $33,000 after purchasing an additional 516 shares in the last quarter. State of Wyoming bought a new position in Bakkt in the fourth quarter worth approximately $34,000. Finally, JPMorgan Chase & Co. increased its holdings in Bakkt by 3,275.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,498 shares of the company’s stock worth $35,000 after purchasing an additional 2,424 shares during the period. 11.11% of the stock is owned by hedge funds and other institutional investors.

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.