Citigroup Cuts Bakkt (NYSE:BKKT) Price Target to $0.30

Bakkt (NYSE:BKKT) had its target price trimmed by Citigroup from $0.50 to $0.30 in a research report sent to investors on Wednesday morning, Benzinga reports. The brokerage currently has a sell rating on the stock.

Separately, Rosenblatt Securities reaffirmed a buy rating and set a $0.75 target price on shares of Bakkt in a research note on Tuesday.

Bakkt Stock Performance

BKKT opened at $0.46 on Wednesday. The stock has a market cap of $126.29 million, a price-to-earnings ratio of -0.55 and a beta of 4.19. The stock’s 50 day moving average price is $0.89 and its 200-day moving average price is $1.24. Bakkt has a one year low of $0.41 and a one year high of $2.75.

Insider Activity at Bakkt

In other news, major shareholder Intercontinental Exchange, Inc purchased 2,762,009 shares of the stock in a transaction that occurred on Monday, March 4th. The stock was purchased at an average price of $0.87 per share, for a total transaction of $2,402,947.83. Following the completion of the acquisition, the insider now owns 7,476,345 shares of the company’s stock, valued at $6,504,420.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, major shareholder Intercontinental Exchange, Inc bought 2,762,009 shares of the stock in a transaction on Monday, March 4th. The stock was bought at an average price of $0.87 per share, for a total transaction of $2,402,947.83. Following the completion of the acquisition, the insider now directly owns 7,476,345 shares in the company, valued at $6,504,420.15. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel Marc D’annunzio sold 50,247 shares of the company’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $0.88, for a total value of $44,217.36. Following the sale, the general counsel now owns 566,630 shares of the company’s stock, valued at approximately $498,634.40. The disclosure for this sale can be found here. Over the last quarter, insiders sold 112,383 shares of company stock worth $117,525. Company insiders own 1.93% of the company’s stock.

Institutional Trading of Bakkt

A number of hedge funds have recently bought and sold shares of the stock. HighPoint Advisor Group LLC purchased a new stake in Bakkt during the fourth quarter worth $201,000. Quadrature Capital Ltd purchased a new stake in Bakkt during the fourth quarter worth $89,000. Vanguard Group Inc. lifted its holdings in Bakkt by 7.3% during the fourth quarter. Vanguard Group Inc. now owns 3,409,602 shares of the company’s stock worth $7,603,000 after buying an additional 231,374 shares during the period. GSA Capital Partners LLP purchased a new stake in Bakkt during the fourth quarter worth $60,000. Finally, Horizon Kinetics Asset Management LLC lifted its holdings in Bakkt by 79.5% during the fourth quarter. Horizon Kinetics Asset Management LLC now owns 927,042 shares of the company’s stock worth $2,067,000 after buying an additional 410,687 shares during the period. Hedge funds and other institutional investors own 11.11% of the company’s stock.

Bakkt Company Profile

Bakkt Holdings, Inc offers a platform for crypto and redeeming loyalty points. The company's institutional-grade technology platform offers various solutions, such as Custody, an institutional-grade custody solution for market participants; Crypto Connect, a platform that enables consumers, businesses, and institutions to buy, sell, and store crypto in a digital experience; Crypto Rewards that focuses on enabling customers to earn crypto rewards, as well as redeem existing reward currencies into crypto; and Crypto Payouts for customers to automatically invest a portion of payments into crypto.