Bakkt (NYSE:BKKT) Shares Down 1.7% – Here’s Why

Shares of Bakkt Holdings, Inc. (NYSE:BKKT) dropped 1.7% on Thursday . The stock traded as low as $8.23 and last traded at $8.2750. Approximately 1,429,820 shares changed hands during mid-day trading, a decline of 14% from the average session volume of 1,666,617 shares. The stock had previously closed at $8.42.

Wall Street Analyst Weigh In

BKKT has been the topic of several research analyst reports. Wall Street Zen raised shares of Bakkt from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 16th. Benchmark dropped their price target on shares of Bakkt from $40.00 to $22.00 and set a “buy” rating on the stock in a research report on Wednesday, March 18th. Finally, Weiss Ratings raised shares of Bakkt from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday. 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 has a consensus rating of “Hold” and a consensus price target of $22.00.

Bakkt Trading Down 1.0%

The firm has a 50-day moving average price of $9.14 and a 200-day moving average price of $10.43. The company has a market capitalization of $369.15 million, a price-to-earnings ratio of -6.04 and a beta of 5.89.

Bakkt (NYSE:BKKT) last announced its quarterly earnings data on Monday, May 11th. The company reported ($0.41) earnings per share 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 analyst estimates of $297.94 million. Bakkt had a negative net margin of 8.37% and a negative return on equity of 64.73%.

Insider Buying and Selling at Bakkt

In other Bakkt news, Director Michael Alfred acquired 100,000 shares of Bakkt stock in a transaction dated Wednesday, June 10th. The stock was bought at an average price of $7.83 per share, for a total transaction of $783,000.00. Following the transaction, the director owned 905,000 shares in the company, valued at approximately $7,086,150. This trade represents a 12.42% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, General Counsel Marc D’annunzio sold 7,780 shares of Bakkt stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $8.86, for a total transaction of $68,930.80. Following the completion of the transaction, the general counsel directly owned 110,059 shares in the company, valued at $975,122.74. This represents a 6.60% decrease in their position. The SEC filing for this sale provides additional information. 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. In the last three months, insiders acquired 865,000 shares of company stock valued at $7,018,900. 10.05% of the stock is owned by insiders.

Institutional Investors Weigh In On Bakkt

Institutional investors have recently bought and sold shares of the business. Essential Partners LLC purchased a new stake in shares of Bakkt in the first quarter worth approximately $31,000. Bank of America Corp DE raised its stake in shares of Bakkt by 51.8% during the 1st 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 in the last quarter. State of Wyoming lifted its holdings in shares of Bakkt by 217.1% during the 1st quarter. State of Wyoming now owns 10,679 shares of the company’s stock valued at $79,000 after buying an additional 7,311 shares during the last quarter. Cetera Investment Advisers acquired a new stake in shares of Bakkt during the 1st quarter valued at about $105,000. Finally, Bank of New York Mellon Corp grew its stake in shares of Bakkt by 37.4% in the 1st quarter. Bank of New York Mellon Corp now owns 33,637 shares of the company’s stock valued at $248,000 after buying an additional 9,156 shares in the last quarter. 11.11% of the stock is currently owned by institutional investors and hedge funds.

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.