226,112 Shares in Bakkt Holdings, Inc. $BKKT Acquired by Penn Capital Management Company LLC

Penn Capital Management Company LLC bought a new position in Bakkt Holdings, Inc. (NYSE:BKKT) in the 3rd quarter, HoldingsChannel reports. The fund bought 226,112 shares of the company’s stock, valued at approximately $1,766,000.

Other hedge funds also recently made changes to their positions in the company. Essential Partners LLC bought a new stake in shares of Bakkt in the 1st quarter valued at approximately $31,000. Bank of America Corp DE lifted its stake in Bakkt by 51.8% during the first quarter. Bank of America Corp DE now owns 16,758 shares of the company’s stock worth $123,000 after purchasing an additional 5,718 shares during the last quarter. Engineers Gate Manager LP lifted its stake in Bakkt by 37.5% during the second quarter. Engineers Gate Manager LP now owns 23,574 shares of the company’s stock worth $184,000 after purchasing an additional 6,431 shares during the last quarter. State of Wyoming boosted its holdings in Bakkt by 217.1% in the first quarter. State of Wyoming now owns 10,679 shares of the company’s stock worth $79,000 after purchasing an additional 7,311 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in Bakkt by 37.4% in the first quarter. Bank of New York Mellon Corp now owns 33,637 shares of the company’s stock worth $248,000 after purchasing an additional 9,156 shares during the period. Institutional investors and hedge funds own 11.11% of the company’s stock.

Insider Buying and Selling at Bakkt

In other Bakkt news, Director Michael Alfred purchased 296,567 shares of the business’s stock in a transaction dated Tuesday, August 18th. The shares were bought at an average price of $7.12 per share, with a total value of $2,111,557.04. Following the completion of the acquisition, the director owned 1,201,567 shares in the company, valued at approximately $8,555,157.04. This represents a 32.77% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 10.05% of the company’s stock.

Bakkt Trading Up 9.0%

Shares of NYSE:BKKT opened at $4.69 on Tuesday. The company’s 50-day moving average price is $6.82 and its 200 day moving average price is $8.54. Bakkt Holdings, Inc. has a fifty-two week low of $3.86 and a fifty-two week high of $25.00.

Bakkt (NYSE:BKKT) last posted its earnings results on Monday, November 9th. The company reported $0.31 EPS for the quarter, topping the consensus estimate of $0.21 by $0.10. Bakkt had a negative net margin of 2.78% and a negative return on equity of 41.11%. The firm had revenue of $149.20 million during the quarter, compared to analysts’ expectations of $434.50 million.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Benchmark lowered their target price on shares of Bakkt from $19.00 to $12.00 and set a “buy” rating for the company in a research note on Wednesday, August 12th. Weiss Ratings downgraded shares of Bakkt from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, October 30th. Finally, Wall Street Zen upgraded shares of Bakkt from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Bakkt presently has a consensus rating of “Hold” and an average price target of $12.00.

Bakkt Profile

Bakkt Holdings, Inc is a digital-asset services company that provides cryptocurrency infrastructure for businesses and institutions. Its platform is designed to support crypto custody, trading and onramp services, enabling customers to buy, sell, hold and transfer digital assets through integrated technology.

The company serves financial institutions, fintech companies, brands and other businesses seeking to offer cryptocurrency-related products without building the underlying infrastructure themselves.