Bakkt (NYSE:BKKT) Shares Scheduled to Reverse Split on Monday, April 29th

Shares of Bakkt Holdings, Inc. (NYSE:BKKT) are set to reverse split on Monday, April 29th. The 1-25 reverse split was announced on Tuesday, April 23rd. The number of shares owned by shareholders will be adjusted after the market closes on Friday, April 26th.

Bakkt Trading Up 8.4 %

Bakkt stock opened at $0.40 on Friday. The company has a market cap of $128.58 million, a P/E ratio of -0.48 and a beta of 4.12. The company has a fifty day simple moving average of $14.08 and a 200 day simple moving average of $28.30. Bakkt has a 1-year low of $0.33 and a 1-year high of $2.75.

Bakkt (NYSE:BKKT) last posted its quarterly earnings results on Monday, March 25th. The company reported ($7.25) EPS for the quarter, missing analysts’ consensus estimates of ($2.75) by ($4.50). The business had revenue of $214.50 million for the quarter, compared to the consensus estimate of $214.00 million. Bakkt had a negative return on equity of 33.06% and a negative net margin of 9.59%. On average, equities research analysts forecast that Bakkt will post -0.32 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on BKKT. Citigroup dropped their price objective on shares of Bakkt from $12.50 to $7.50 and set a “sell” rating on the stock in a research report on Wednesday, March 27th. Rosenblatt Securities reissued a “buy” rating and issued a $18.75 price target on shares of Bakkt in a report on Tuesday, March 26th.

Insider Buying and Selling at Bakkt

In other news, General Counsel Marc D’annunzio sold 2,009 shares of the business’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $22.00, for a total value of $44,198.00. Following the completion of the sale, the general counsel now owns 22,665 shares of the company’s stock, valued at $498,630. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, General Counsel Marc D’annunzio sold 2,009 shares of Bakkt stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $22.00, for a total value of $44,198.00. Following the completion of the sale, the general counsel now directly owns 22,665 shares in the company, valued at $498,630. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, major shareholder Intercontinental Exchange, Inc purchased 110,480 shares of Bakkt stock in a transaction that occurred on Monday, March 4th. The shares were bought at an average cost of $21.75 per share, for a total transaction of $2,402,940.00. Following the transaction, the insider now directly owns 299,053 shares of the company’s stock, valued at $6,504,402.75. The disclosure for this purchase can be found here. Insiders own 1.78% of the company’s stock.

Hedge Funds Weigh In On Bakkt

A number of institutional investors have recently modified their holdings of BKKT. PEAK6 Investments LLC acquired a new stake in Bakkt in the third quarter valued at approximately $7,185,000. Van ECK Associates Corp grew its position in Bakkt by 47.6% during the 4th quarter. Van ECK Associates Corp now owns 2,901,369 shares of the company’s stock worth $6,470,000 after acquiring an additional 935,567 shares during the last quarter. Exchange Traded Concepts LLC increased its holdings in Bakkt by 14.7% in the 4th quarter. Exchange Traded Concepts LLC now owns 2,601,904 shares of the company’s stock worth $5,802,000 after purchasing an additional 332,936 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in Bakkt by 47.8% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,928,052 shares of the company’s stock valued at $4,300,000 after purchasing an additional 623,748 shares during the last quarter. Finally, Headlands Technologies LLC acquired a new stake in shares of Bakkt during the fourth quarter valued at about $508,000. Institutional investors and hedge funds own 11.11% of the company’s stock.

Bakkt Company Profile

Bakkt Holdings, Inc offers software as a service and application programming interface solutions for crypto and loyalty, powering engagement, and performance. The company operates Bakkt Marketplace, a platform that enables consumers to buy, sell, and store crypto in an embedded web experience; Bakkt Crypto, a platform that supports clients with a range of crypto solutions; and Bakkt Trust, institutional-grade qualified custody solution for market participants.