Michael Alfred Purchases 220,000 Shares of Bakkt (NYSE:BKKT) Stock

Bakkt Holdings, Inc. (NYSE:BKKT) Director Michael Alfred purchased 220,000 shares of Bakkt stock in a transaction that occurred on Monday, May 18th. The shares were purchased at an average price of $8.20 per share, for a total transaction of $1,804,000.00. Following the transaction, the director directly owned 625,000 shares in the company, valued at $5,125,000. This represents a 54.32% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

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

• On Friday, May 15th, Michael Alfred acquired 365,000 shares of Bakkt stock. The shares were bought at an average price of $8.34 per share, with a total value of $3,044,100.00.

Bakkt Price Performance

BKKT stock opened at $9.69 on Wednesday. The company has a 50 day simple moving average of $8.64 and a 200 day simple moving average of $12.29. The stock has a market cap of $296.07 million, a price-to-earnings ratio of -2.57 and a beta of 5.85. Bakkt Holdings, Inc. has a 1 year low of $6.87 and a 1 year high of $49.79.

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

Hedge Funds Weigh In On Bakkt

Several institutional investors and hedge funds have recently added to or reduced their stakes in BKKT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Bakkt by 11.8% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 94,734 shares of the company’s stock valued at $821,000 after acquiring an additional 10,018 shares during the period. Geode Capital Management LLC increased its position in shares of Bakkt by 33.1% during the second quarter. Geode Capital Management LLC now owns 247,177 shares of the company’s stock worth $3,448,000 after buying an additional 61,408 shares during the period. Cetera Investment Advisers acquired a new stake in shares of Bakkt during the second quarter worth $153,000. JPMorgan Chase & Co. increased its position 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 worth $35,000 after buying an additional 2,424 shares during the period. Finally, New York State Common Retirement Fund acquired a new stake in shares of Bakkt during the second quarter worth $106,000. 11.11% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

About Bakkt

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.