Bakkt Holdings, Inc. (NYSE:BKKT – Get Free Report) shares were down 3.7% on Thursday . The company traded as low as $7.57 and last traded at $7.6790. Approximately 731,715 shares traded hands during mid-day trading, a decline of 34% from the average session volume of 1,111,819 shares. The stock had previously closed at $7.97.
Analysts Set New Price Targets
Several research analysts have recently weighed in on the company. Wall Street Zen upgraded Bakkt from a “strong sell” rating to a “sell” rating in a report on Saturday, May 16th. Weiss Ratings upgraded shares of Bakkt from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, July 2nd. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $22.00.
View Our Latest Research Report on Bakkt
Bakkt Price Performance
Bakkt (NYSE:BKKT – Get Free Report) last released its quarterly earnings results on Monday, May 11th. The company reported ($0.41) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.31). The business had revenue of $243.59 million for the quarter, compared to analysts’ expectations of $297.94 million. Bakkt had a negative return on equity of 64.73% and a negative net margin of 8.37%.
Insider Transactions at Bakkt
In other news, CFO Karen Alexander sold 4,684 shares of the company’s stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $9.13, for a total value of $42,764.92. Following the transaction, the chief financial officer directly owned 55,771 shares in the company, valued at approximately $509,189.23. This represents a 7.75% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel Marc D’annunzio sold 7,780 shares of the firm’s stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $8.86, for a total value of $68,930.80. Following the transaction, the general counsel owned 110,059 shares of the company’s stock, valued at approximately $975,122.74. This represents a 6.60% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have purchased 865,000 shares of company stock worth $7,018,900. 10.05% of the stock is currently owned by insiders.
Hedge Funds Weigh In On Bakkt
Hedge funds and other institutional investors have recently bought and sold shares of the company. Essential Partners LLC acquired a new stake in shares of Bakkt during the first quarter worth about $31,000. Bank of America Corp DE increased its stake in 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 buying an additional 5,718 shares during the period. State of Wyoming lifted its holdings in Bakkt by 217.1% during the 1st quarter. State of Wyoming now owns 10,679 shares of the company’s stock worth $79,000 after buying an additional 7,311 shares in the last quarter. Cetera Investment Advisers acquired a new stake in Bakkt during the 1st quarter worth approximately $105,000. Finally, Bank of New York Mellon Corp boosted its position in Bakkt by 37.4% in the 1st quarter. Bank of New York Mellon Corp now owns 33,637 shares of the company’s stock valued at $248,000 after buying an additional 9,156 shares during the period. 11.11% of the stock is currently owned by hedge funds and other institutional investors.
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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