Michael Alfred Acquires 296,567 Shares of Bakkt (NYSE:BKKT) Stock

Bakkt Holdings, Inc. (NYSE:BKKT) Director Michael Alfred bought 296,567 shares of Bakkt stock in a transaction dated Tuesday, August 18th. The stock was purchased at an average cost of $7.12 per share, with a total value of $2,111,557.04. Following the completion of the acquisition, the director directly owned 1,201,567 shares in the company, valued at approximately $8,555,157.04. The trade was a 32.77% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website.

Michael Alfred also recently made the following trade(s):

• On Wednesday, June 10th, Michael Alfred purchased 100,000 shares of Bakkt stock. The shares were purchased at an average price of $7.83 per share, for a total transaction of $783,000.00.
• On Tuesday, June 9th, Michael Alfred purchased 180,000 shares of Bakkt stock. The shares were purchased at an average cost of $7.71 per share, for a total transaction of $1,387,800.00.

Bakkt Stock Down 3.6%

BKKT opened at $7.46 on Friday. Bakkt Holdings, Inc. has a 52 week low of $6.71 and a 52 week high of $49.79. The business’s 50 day moving average is $7.96 and its two-hundred day moving average is $8.90. The firm has a market cap of $332.79 million, a price-to-earnings ratio of 16.58 and a beta of 5.91.

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

Institutional Investors Weigh In On Bakkt

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. UBS Group AG grew its position in Bakkt by 638.5% during the fourth quarter. UBS Group AG now owns 264,462 shares of the company’s stock worth $2,655,000 after buying an additional 228,653 shares during the period. Delta Investment Management LLC boosted its stake in shares of Bakkt by 30.8% during the 4th quarter. Delta Investment Management LLC now owns 17,195 shares of the company’s stock worth $173,000 after acquiring an additional 4,044 shares in the last quarter. Bank of America Corp DE boosted its stake in shares of Bakkt by 51.8% during the 1st quarter. Bank of America Corp DE now owns 16,758 shares of the company’s stock worth $123,000 after acquiring an additional 5,718 shares in the last quarter. State of Wyoming grew its holdings in shares of Bakkt by 217.1% in the 1st quarter. State of Wyoming now owns 10,679 shares of the company’s stock worth $79,000 after acquiring an additional 7,311 shares during the period. Finally, Cetera Investment Advisers purchased a new position in Bakkt in the 1st quarter valued at approximately $105,000. Institutional investors and hedge funds own 11.11% of the company’s stock.

Analysts Set New Price Targets

BKKT has been the subject of a number of research reports. Benchmark reduced their target price on shares of Bakkt from $19.00 to $12.00 and set a “buy” rating for the company in a report on Wednesday, August 12th. Weiss Ratings upgraded Bakkt from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, July 2nd. Finally, Wall Street Zen raised Bakkt from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, Bakkt has an average rating of “Hold” and an average price target of $12.00.

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.