Bakkt Holdings, Inc. (NYSE:BKKT – Get Free Report) Director Michael Alfred bought 365,000 shares of the firm’s stock in a transaction that occurred on Friday, May 15th. The stock was bought at an average cost of $8.34 per share, for a total transaction of $3,044,100.00. Following the completion of the transaction, the director directly owned 405,000 shares of the company’s stock, valued at approximately $3,377,700. The trade was a 912.50% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.
Michael Alfred also recently made the following trade(s):
- On Monday, May 18th, Michael Alfred bought 220,000 shares of Bakkt stock. The stock was bought at an average cost of $8.20 per share, for a total transaction of $1,804,000.00.
Bakkt Stock Performance
BKKT opened at $9.69 on Wednesday. The company’s 50 day simple moving average is $8.64 and its 200 day simple moving average is $12.29. Bakkt Holdings, Inc. has a 1 year low of $6.87 and a 1 year high of $49.79. The stock has a market capitalization of $296.07 million, a PE ratio of -2.57 and a beta of 5.85.
Analyst Upgrades and Downgrades
Several equities research analysts recently issued reports on BKKT shares. Wall Street Zen raised shares of Bakkt from a “strong sell” rating to a “sell” rating in a research report on Saturday. Weiss Ratings cut shares of Bakkt from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, April 29th. Finally, Benchmark decreased their target price on shares of Bakkt from $40.00 to $22.00 and set a “buy” rating on the stock in a research report on Wednesday, March 18th. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $22.00.
Get Our Latest Research Report on Bakkt
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Legal & General Group Plc lifted its position in Bakkt by 110.7% during the third quarter. Legal & General Group Plc now owns 982 shares of the company’s stock valued at $33,000 after buying an additional 516 shares in the last quarter. Advisory Services Network LLC acquired a new position in Bakkt during the third quarter valued at approximately $30,000. Bank of America Corp DE lifted its position in Bakkt by 39.8% during the third quarter. Bank of America Corp DE now owns 4,169 shares of the company’s stock valued at $140,000 after buying an additional 1,187 shares in the last quarter. Northwestern Mutual Wealth Management Co. acquired a new position in Bakkt during the third quarter valued at approximately $41,000. Finally, BNP Paribas Financial Markets lifted its position in Bakkt by 268.3% during the third quarter. BNP Paribas Financial Markets now owns 2,158 shares of the company’s stock valued at $73,000 after buying an additional 1,572 shares in the last quarter. 11.11% of the stock is owned by institutional investors and hedge funds.
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.
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