Bakkt (NYSE:BKKT) Shares Gap Up – Still a Buy?

Bakkt Holdings, Inc. (NYSE:BKKT) shares gapped up before the market opened on Monday . The stock had previously closed at $17.95, but opened at $19.05. Bakkt shares last traded at $23.82, with a volume of 1,498,613 shares.

Wall Street Analysts Forecast Growth

BKKT has been the topic of a number of recent research reports. Wall Street Zen downgraded shares of Bakkt from a “hold” rating to a “sell” rating in a research note on Saturday, August 16th. Benchmark assumed coverage on shares of Bakkt in a research note on Monday, September 8th. They issued a “buy” rating and a $13.00 target price on the stock. One equities research analyst has rated the stock with a Buy rating, According to MarketBeat, Bakkt currently has an average rating of “Buy” and an average target price of $13.00.

Bakkt Stock Up 45.5%

The stock has a fifty day moving average of $11.58 and a 200-day moving average of $11.95. The firm has a market capitalization of $562.78 million, a P/E ratio of -5.87 and a beta of 5.30.

Bakkt (NYSE:BKKT) last announced its quarterly earnings data on Monday, August 11th. The company reported ($2.16) earnings per share for the quarter, missing the consensus estimate of ($0.69) by ($1.47). The firm had revenue of $577.88 million for the quarter, compared to the consensus estimate of $17.10 million. Bakkt had a negative return on equity of 99.39% and a negative net margin of 0.77%.

Insider Transactions at Bakkt

In other Bakkt news, CEO Akshay Sudhir Naheta bought 30,000 shares of the stock in a transaction that occurred on Friday, August 22nd. The stock was acquired at an average cost of $8.55 per share, with a total value of $256,500.00. Following the purchase, the chief executive officer owned 191,426 shares in the company, valued at $1,636,692.30. This trade represents a 18.58% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Andrew A. Main sold 14,440 shares of the company’s stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $18.21, for a total value of $262,952.40. Following the transaction, the chief executive officer directly owned 431,963 shares of the company’s stock, valued at approximately $7,866,046.23. This trade represents a 3.23% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 30,669 shares of company stock valued at $558,482. 2.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of BKKT. Flaharty Asset Management LLC acquired a new position in shares of Bakkt in the first quarter worth approximately $26,000. JPMorgan Chase & Co. lifted its stake 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 worth $35,000 after acquiring an additional 2,424 shares during the period. Bank of America Corp DE lifted its stake in shares of Bakkt by 914.3% in the second quarter. Bank of America Corp DE now owns 2,982 shares of the company’s stock worth $42,000 after acquiring an additional 2,688 shares during the period. AlphaQuest LLC bought a new stake in Bakkt in the first quarter worth approximately $56,000. Finally, Tower Research Capital LLC TRC bought a new stake in Bakkt in the second quarter worth approximately $56,000. Institutional investors own 11.11% of the company’s stock.

About Bakkt

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.