Bakkt (NYSE:BKKT) Director Acquires $3,044,100.00 in Stock

Bakkt Holdings, Inc. (NYSE:BKKT) Director Michael Alfred bought 365,000 shares of the company’s stock in a transaction on Friday, May 15th. The shares were purchased at an average cost of $8.34 per share, for a total transaction of $3,044,100.00. Following the transaction, the director owned 405,000 shares in the company, valued at approximately $3,377,700. This represents a 912.50% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Michael Alfred also recently made the following trade(s):

• On Monday, May 18th, Michael Alfred bought 220,000 shares of Bakkt stock. The shares were purchased at an average cost of $8.20 per share, for a total transaction of $1,804,000.00.

Bakkt Stock Up 4.4%

Bakkt stock opened at $10.10 on Thursday. Bakkt Holdings, Inc. has a 52 week low of $6.87 and a 52 week high of $49.79. The company’s 50 day moving average price is $8.66 and its two-hundred day moving average price is $12.20. The stock has a market cap of $308.80 million, a P/E ratio of -7.38 and a beta of 5.85.

Bakkt (NYSE:BKKT) last posted its earnings results on Monday, May 11th. The company reported ($0.41) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.31). Bakkt had a negative return on equity of 64.73% and a negative net margin of 8.37%.The firm had revenue of $243.59 million for the quarter, compared to the consensus estimate of $297.94 million.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. NorthCrest Asset Manangement LLC purchased a new position in shares of Bakkt during the 3rd quarter valued at $2,356,000. Aristides Capital LLC bought a new stake in shares of Bakkt during the 4th quarter worth $177,000. AXQ Capital LP bought a new stake in shares of Bakkt during the 4th quarter worth $136,000. Delta Investment Management LLC lifted its holdings in shares of Bakkt by 30.8% during the 4th quarter. Delta Investment Management LLC now owns 17,195 shares of the company’s stock worth $173,000 after acquiring an additional 4,044 shares during the last quarter. Finally, UBS Group AG lifted its holdings in shares of Bakkt by 638.5% during the 4th quarter. UBS Group AG now owns 264,462 shares of the company’s stock worth $2,655,000 after acquiring an additional 228,653 shares during the last quarter. 11.11% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on BKKT. Weiss Ratings lowered shares of Bakkt from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, April 29th. Benchmark decreased their price target on shares of Bakkt from $40.00 to $22.00 and set a “buy” rating for the company in a research note on Wednesday, March 18th. Finally, Wall Street Zen upgraded shares of Bakkt from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 16th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $22.00.

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.