Bakkt (NYSE:BKKT) Director Michael Alfred Buys 180,000 Shares

Bakkt Holdings, Inc. (NYSE:BKKT) Director Michael Alfred purchased 180,000 shares of Bakkt stock in a transaction dated Tuesday, June 9th. The shares were purchased at an average price of $7.71 per share, for a total transaction of $1,387,800.00. Following the completion of the acquisition, the director owned 805,000 shares of the company’s stock, valued at approximately $6,206,550. The trade was a 28.80% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

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

• On Wednesday, June 10th, Michael Alfred purchased 100,000 shares of Bakkt stock. The shares were purchased at an average price of $7.83 per share, for a total transaction of $783,000.00.
• On Monday, May 18th, Michael Alfred bought 220,000 shares of Bakkt stock. The stock was bought at an average price of $8.20 per share, for a total transaction of $1,804,000.00.
• On Friday, May 15th, Michael Alfred bought 365,000 shares of Bakkt stock. The stock was bought at an average price of $8.34 per share, for a total transaction of $3,044,100.00.

Bakkt Trading Up 9.1%

BKKT stock traded up $0.70 during trading on Thursday, hitting $8.38. The company had a trading volume of 1,373,947 shares, compared to its average volume of 1,618,409. The business has a 50-day moving average of $9.06 and a 200-day moving average of $11.07. Bakkt Holdings, Inc. has a one year low of $6.87 and a one year high of $49.79. The stock has a market cap of $373.67 million, a PE ratio of -6.11 and a beta of 5.83.

Bakkt (NYSE:BKKT) last announced 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 net margin of 8.37% and a negative return on equity of 64.73%. The company had revenue of $243.59 million during the quarter, compared to the consensus estimate of $297.94 million.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Benchmark cut their price target on Bakkt from $40.00 to $22.00 and set a “buy” rating on the stock in a report on Wednesday, March 18th. Wall Street Zen upgraded Bakkt from a “strong sell” rating to a “sell” rating in a report on Saturday, May 16th. Finally, Weiss Ratings cut Bakkt from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, April 29th. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $22.00.

Hedge Funds Weigh In On Bakkt

A number of institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its position in shares of Bakkt by 131.2% during the third quarter. Vanguard Group Inc. now owns 664,561 shares of the company’s stock worth $22,362,000 after purchasing an additional 377,101 shares during the period. Renaissance Technologies LLC acquired a new position in shares of Bakkt during the fourth quarter worth approximately $5,643,000. Geode Capital Management LLC raised its position in shares of Bakkt by 13.2% during the fourth quarter. Geode Capital Management LLC now owns 489,428 shares of the company’s stock worth $4,914,000 after purchasing an additional 56,910 shares during the period. Marshall Wace LLP acquired a new position in shares of Bakkt during the third quarter worth approximately $11,775,000. Finally, UBS Group AG raised its position in shares of Bakkt by 638.5% during the fourth quarter. UBS Group AG now owns 264,462 shares of the company’s stock worth $2,655,000 after purchasing an additional 228,653 shares during the period. 11.11% of the stock is owned by institutional investors and hedge funds.

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.