Benchmark Cuts Bakkt (NYSE:BKKT) Price Target to $22.00

Bakkt (NYSE:BKKT) had its price objective lowered by Benchmark from $40.00 to $22.00 in a research report released on Wednesday,Benzinga reports. Benchmark currently has a buy rating on the stock.

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Bakkt in a research report on Monday, December 29th. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Bakkt has a consensus rating of “Hold” and a consensus target price of $22.00.

Bakkt Stock Down 4.8%

Bakkt stock opened at $8.57 on Wednesday. The company’s 50-day moving average price is $12.20 and its 200-day moving average price is $16.87. Bakkt has a twelve month low of $6.81 and a twelve month high of $49.79. The company has a market cap of $267.15 million, a PE ratio of -1.67 and a beta of 5.97.

Institutional Investors Weigh In On Bakkt

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Advisory Services Network LLC bought a new stake in shares of Bakkt in the 3rd quarter worth about $30,000. Legal & General Group Plc grew its holdings in Bakkt by 110.7% during the 3rd quarter. Legal & General Group Plc now owns 982 shares of the company’s stock valued at $33,000 after purchasing an additional 516 shares during the last quarter. State of Wyoming purchased a new stake in Bakkt in the 4th quarter worth about $34,000. JPMorgan Chase & Co. raised its position in Bakkt by 3,275.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,498 shares of the company’s stock worth $35,000 after purchasing an additional 2,424 shares during the period. Finally, Northwestern Mutual Wealth Management Co. bought a new stake in Bakkt in the third quarter worth about $41,000. Hedge funds and other institutional investors own 11.11% of the company’s stock.

Bakkt Company Profile

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.