Weiss Asset Management LP Has $4.99 Million Position in Bakkt Holdings, Inc. $BKKT

Weiss Asset Management LP lessened its holdings in Bakkt Holdings, Inc. (NYSE:BKKT) by 16.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 678,530 shares of the company’s stock after selling 134,110 shares during the period. Weiss Asset Management LP’s holdings in Bakkt were worth $4,994,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in BKKT. Advisory Services Network LLC bought a new position in Bakkt during the third quarter worth $30,000. Legal & General Group Plc increased its holdings in shares of Bakkt by 110.7% in the third 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 bought a new position in shares of Bakkt in the fourth quarter valued at about $34,000. JPMorgan Chase & Co. raised its position in shares of Bakkt by 3,275.7% in the second quarter. JPMorgan Chase & Co. now owns 2,498 shares of the company’s stock valued at $35,000 after purchasing an additional 2,424 shares during the period. Finally, Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Bakkt during the 3rd quarter worth about $41,000. Institutional investors and hedge funds own 11.11% of the company’s stock.

Insider Buying and Selling at Bakkt

In other Bakkt news, General Counsel Marc D’annunzio sold 7,780 shares of the stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $8.86, for a total transaction of $68,930.80. Following the transaction, the general counsel owned 110,059 shares in the company, valued at $975,122.74. This represents a 6.60% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Michael Alfred bought 100,000 shares of the stock in a transaction dated 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 directly owned 905,000 shares of the company’s stock, valued at approximately $7,086,150. This trade represents a 12.42% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders acquired 865,000 shares of company stock valued at $7,018,900 in the last quarter. Company insiders own 10.05% of the company’s stock.

Bakkt Stock Performance

Shares of Bakkt stock opened at $7.47 on Monday. The firm has a 50-day moving average of $8.92 and a 200-day moving average of $10.14. Bakkt Holdings, Inc. has a 52-week low of $6.87 and a 52-week high of $49.79. The stock has a market cap of $333.15 million, a PE ratio of -5.45 and a beta of 5.89.

Bakkt (NYSE:BKKT) last released its quarterly earnings results on Monday, May 11th. The company reported ($0.41) EPS for the quarter, missing analysts’ consensus estimates 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 business had revenue of $243.59 million for the quarter, compared to the consensus estimate of $297.94 million.

Analyst Upgrades and Downgrades

Several analysts recently commented on BKKT shares. Weiss Ratings raised shares of Bakkt from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, July 2nd. Wall Street Zen raised shares of Bakkt from a “strong sell” rating to a “sell” rating in a report on Saturday, May 16th. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Bakkt currently has a consensus rating of “Hold” and a consensus target price of $22.00.

Bakkt 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.