NorthCrest Asset Manangement LLC Buys Shares of 70,000 Bakkt Holdings, Inc. $BKKT

NorthCrest Asset Manangement LLC purchased a new position in Bakkt Holdings, Inc. (NYSE:BKKT) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 70,000 shares of the company’s stock, valued at approximately $2,356,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. Delta Investment Management LLC acquired a new stake in shares of Bakkt in the second quarter valued at about $159,000. Geode Capital Management LLC raised its holdings in Bakkt by 33.1% in the 2nd quarter. Geode Capital Management LLC now owns 247,177 shares of the company’s stock valued at $3,448,000 after acquiring an additional 61,408 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Bakkt by 11.8% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 94,734 shares of the company’s stock worth $821,000 after purchasing an additional 10,018 shares during the last quarter. Invesco Ltd. grew its position in shares of Bakkt by 21.2% in the second quarter. Invesco Ltd. now owns 25,553 shares of the company’s stock valued at $356,000 after purchasing an additional 4,473 shares in the last quarter. Finally, Cetera Investment Advisers purchased a new position in Bakkt during the second quarter worth approximately $153,000. 11.11% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Bakkt in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $13.00.

Bakkt Stock Up 10.4%

Shares of NYSE BKKT opened at $21.41 on Tuesday. The firm has a market cap of $667.63 million, a PE ratio of -4.17 and a beta of 5.92. The business has a 50 day moving average price of $14.53 and a two-hundred day moving average price of $17.72. Bakkt Holdings, Inc. has a fifty-two week low of $6.81 and a fifty-two week high of $49.79.

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.