Delta Investment Management LLC Purchases Shares of 11,377 Bakkt Holdings, Inc. $BKKT

Delta Investment Management LLC purchased a new stake in Bakkt Holdings, Inc. (NYSE:BKKT) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 11,377 shares of the company’s stock, valued at approximately $159,000. Delta Investment Management LLC owned approximately 0.08% of Bakkt at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Flaharty Asset Management LLC acquired a new stake in Bakkt in the first quarter valued at $26,000. AlphaQuest LLC acquired a new stake in Bakkt in the first quarter valued at $56,000. Invesco Ltd. raised its stake in Bakkt by 46.8% in the first quarter. Invesco Ltd. now owns 21,080 shares of the company’s stock valued at $183,000 after buying an additional 6,717 shares in the last quarter. OMERS ADMINISTRATION Corp acquired a new stake in Bakkt in the first quarter valued at $210,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Bakkt by 11.8% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 94,734 shares of the company’s stock valued at $821,000 after buying an additional 10,018 shares in the last quarter. 11.11% of the stock is currently owned by institutional investors and hedge funds.

Bakkt Stock Performance

BKKT opened at $29.13 on Tuesday. Bakkt Holdings, Inc. has a one year low of $6.81 and a one year high of $49.79. The business’s 50-day simple moving average is $21.14 and its 200-day simple moving average is $15.76. The stock has a market capitalization of $627.71 million, a P/E ratio of -6.58 and a beta of 5.88.

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

Insider Activity

In related news, CEO Akshay Sudhir Naheta purchased 150,000 shares of the stock in a transaction that occurred on Thursday, August 21st. The shares were purchased at an average price of $8.12 per share, with a total value of $1,218,000.00. Following the completion of the acquisition, the chief executive officer directly owned 161,426 shares in the company, valued at $1,310,779.12. This represents a 1,312.80% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 2.50% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Benchmark assumed coverage on Bakkt in a research note on Monday, September 8th. They issued a “buy” rating and a $13.00 price target on the stock. Wall Street Zen cut Bakkt from a “hold” rating to a “sell” rating in a research report on Saturday, August 16th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Bakkt in a research report on Tuesday, October 14th. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $13.00.

Bakkt 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.