Bakkt (NYSE:BKKT) General Counsel Marc D’annunzio Sells 1,272 Shares of Stock

Bakkt Holdings, Inc. (NYSE:BKKT) General Counsel Marc D’Annunzio sold 1,272 shares of the stock in a transaction that occurred on Wednesday, September 23rd. The shares were sold at an average price of $8.61, for a total value of $10,951.92. Following the sale, the general counsel owned 107,006 shares of the company’s stock, valued at approximately $921,321.66. The trade was a 1.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Bakkt Trading Down 6.3%

BKKT traded down $0.57 during midday trading on Friday, reaching $8.51. The company’s stock had a trading volume of 1,004,057 shares, compared to its average volume of 1,510,321. The company has a fifty day simple moving average of $7.85 and a 200 day simple moving average of $8.49. The stock has a market cap of $383.32 million, a P/E ratio of 18.90 and a beta of 5.92. Bakkt Holdings, Inc. has a twelve month low of $6.71 and a twelve month high of $49.79.

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

Analyst Upgrades and Downgrades

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

Institutional Trading of Bakkt

Institutional investors and hedge funds have recently modified their holdings of the company. Bank of New York Mellon Corp bought a new position in Bakkt in the second quarter worth $550,000. Engineers Gate Manager LP increased its holdings in Bakkt by 37.5% in the 2nd quarter. Engineers Gate Manager LP now owns 23,574 shares of the company’s stock valued at $184,000 after buying an additional 6,431 shares during the period. Integrated Wealth Concepts LLC acquired a new position in shares of Bakkt in the 2nd quarter valued at $154,000. Aristides Capital LLC acquired a new position in shares of Bakkt in the 4th quarter valued at $177,000. Finally, Alpine Global Management LLC bought a new position in shares of Bakkt during the 4th quarter worth about $171,000. 11.11% of the stock is currently owned by institutional investors.

Bakkt Company Profile

Bakkt Holdings, Inc is a digital asset technology company that provides cryptocurrency services to institutions, businesses and consumers. The company’s platform supports the buying, selling and custody of digital assets, with an emphasis on security, compliance and integration with established financial and commercial platforms.

Bakkt’s services have included institutional crypto trading, digital-asset custody and technology that enables businesses to offer cryptocurrency access to their customers.