Bakkt (NYSE:BKKT) Director Michael Alfred Acquires 100,000 Shares

Bakkt Holdings, Inc. (NYSE:BKKT) Director Michael Alfred acquired 100,000 shares of the company’s stock in a transaction on Wednesday, June 10th. The shares were acquired at an average cost of $7.83 per share, for a total transaction of $783,000.00. Following the completion of the acquisition, the director owned 905,000 shares of the company’s stock, valued at approximately $7,086,150. The trade was a 12.42% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

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

• On Tuesday, June 9th, Michael Alfred acquired 180,000 shares of Bakkt stock. The shares were acquired at an average cost of $7.71 per share, with a total value of $1,387,800.00.
• On Monday, May 18th, Michael Alfred acquired 220,000 shares of Bakkt stock. The shares were acquired at an average cost of $8.20 per share, with a total value of $1,804,000.00.
• On Friday, May 15th, Michael Alfred acquired 365,000 shares of Bakkt stock. The shares were acquired at an average cost of $8.34 per share, with a total value of $3,044,100.00.

Bakkt Trading Up 9.1%

Shares of NYSE BKKT opened at $8.38 on Friday. The firm has a market capitalization of $373.65 million, a price-to-earnings ratio of -6.11 and a beta of 5.83. The business has a 50-day moving average of $9.08 and a 200-day moving average of $11.03. Bakkt Holdings, Inc. has a 12 month low of $6.87 and a 12 month high of $49.79.

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

Wall Street Analyst Weigh In

BKKT has been the subject of several research reports. Weiss Ratings lowered Bakkt from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, April 29th. Benchmark cut their target price on 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 raised 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 given a Sell rating to the company’s stock. According to MarketBeat, Bakkt has a consensus rating of “Hold” and a consensus target price of $22.00.

Institutional Trading of Bakkt

A number of institutional investors have recently made changes to their positions in BKKT. Advisory Services Network LLC purchased a new stake in shares of Bakkt during the third quarter valued at approximately $30,000. Essential Partners LLC bought a new position in shares of Bakkt during the first quarter valued at approximately $31,000. Legal & General Group Plc raised its holdings in shares of Bakkt by 110.7% during the third quarter. Legal & General Group Plc now owns 982 shares of the company’s stock valued at $33,000 after acquiring an additional 516 shares in the last quarter. State of Wyoming bought a new position in shares of Bakkt during the fourth quarter valued at approximately $34,000. Finally, JPMorgan Chase & Co. raised its holdings in shares of Bakkt by 3,275.7% during the second quarter. JPMorgan Chase & Co. now owns 2,498 shares of the company’s stock valued at $35,000 after acquiring an additional 2,424 shares in the last quarter. 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.