Weiss Asset Management LP cut its position in shares of Bakkt Holdings, Inc. (NYSE:BKKT – Free Report) by 16.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 678,530 shares of the company’s stock after selling 134,110 shares during the quarter. Weiss Asset Management LP owned 2.22% of Bakkt worth $4,994,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Advisory Services Network LLC bought a new stake in Bakkt in the 3rd quarter valued at approximately $30,000. Legal & General Group Plc grew its stake in shares of Bakkt by 110.7% during the 3rd quarter. Legal & General Group Plc now owns 982 shares of the company’s stock worth $33,000 after acquiring an additional 516 shares in the last quarter. State of Wyoming acquired a new stake in shares of Bakkt in the fourth quarter valued at approximately $34,000. JPMorgan Chase & Co. raised its holdings in shares of Bakkt by 3,275.7% in the second quarter. JPMorgan Chase & Co. now owns 2,498 shares of the company’s stock valued at $35,000 after purchasing an additional 2,424 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. bought a new stake in shares of Bakkt in the third quarter worth $41,000. Institutional investors and hedge funds own 11.11% of the company’s stock.
Bakkt Stock Performance
Shares of NYSE BKKT opened at $7.47 on Monday. The stock has a 50 day moving average price of $8.92 and a 200 day moving average price of $10.14. The stock has a market capitalization of $333.15 million, a PE ratio of -5.45 and a beta of 5.89. Bakkt Holdings, Inc. has a 52 week low of $6.87 and a 52 week high of $49.79.
Analysts Set New Price Targets
BKKT has been the subject of several recent research reports. Weiss Ratings upgraded shares of Bakkt from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, July 2nd. Wall Street Zen upgraded shares of Bakkt from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 16th. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $22.00.
Get Our Latest Analysis on Bakkt
Insider Buying and Selling at Bakkt
In other news, General Counsel Marc D’annunzio sold 7,780 shares of Bakkt stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $8.86, for a total value of $68,930.80. Following the completion of the transaction, the general counsel owned 110,059 shares of the company’s stock, valued at $975,122.74. This trade represents a 6.60% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 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. Also, CFO Karen Alexander sold 4,684 shares of the business’s stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $9.13, for a total transaction of $42,764.92. Following the transaction, the chief financial officer owned 55,771 shares in the company, valued at $509,189.23. This represents a 7.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders bought a total of 865,000 shares of company stock worth $7,018,900 over the last quarter. 10.05% of the stock is currently owned by insiders.
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.
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