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

Bakkt Holdings, Inc. (NYSE:BKKT)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $21.41, but opened at $19.73. Bakkt shares last traded at $17.4070, with a volume of 790,303 shares changing hands.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Bakkt in a research note on Monday, December 29th. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Bakkt currently has an average rating of “Hold” and a consensus price target of $13.00.

Bakkt Trading Down 18.2%

The stock has a 50-day simple moving average of $14.53 and a two-hundred day simple moving average of $17.72. The firm has a market capitalization of $546.12 million, a P/E ratio of -3.42 and a beta of 5.92.

Institutional Investors Weigh In On Bakkt

Several institutional investors have recently added to or reduced their stakes in the business. Delta Investment Management LLC purchased a new position in shares of Bakkt during the 2nd quarter valued at approximately $159,000. NorthCrest Asset Manangement LLC purchased a new position in Bakkt during the third quarter valued at $2,356,000. Voya Investment Management LLC purchased a new stake in shares of Bakkt during the third quarter worth about $360,000. SBI Securities Co. Ltd. raised its position in shares of Bakkt by 66.9% during the 2nd quarter. SBI Securities Co. Ltd. now owns 5,144 shares of the company’s stock worth $72,000 after purchasing an additional 2,061 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of Bakkt by 81.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 4,533 shares of the company’s stock worth $153,000 after purchasing an additional 2,035 shares during the last quarter. 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.