Bakkt (NYSE:BKKT) Upgraded by Wall Street Zen to “Hold” Rating

Wall Street Zen upgraded shares of Bakkt (NYSE:BKKT) from a sell rating to a hold rating in a research note published on Saturday morning.

Other equities research analysts have also issued reports about the company. Benchmark reduced their target price on Bakkt from $19.00 to $12.00 and set a “buy” rating for the company in a report on Wednesday. Weiss Ratings upgraded Bakkt from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, July 2nd. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, Bakkt currently has a consensus rating of “Hold” and an average target price of $12.00.

Bakkt Trading Up 3.5%

BKKT stock opened at $7.66 on Friday. Bakkt has a 1 year low of $6.75 and a 1 year high of $49.79. The company has a fifty day simple moving average of $8.02 and a 200 day simple moving average of $9.12. The firm has a market cap of $341.53 million, a PE ratio of -5.59 and a beta of 5.91.

Bakkt (NYSE:BKKT) last posted its earnings results on Monday, August 10th. The company reported $1.94 earnings per share for the quarter, beating the consensus estimate of $0.03 by $1.91. The company had revenue of $170.15 million for the quarter, compared to analyst estimates of $373.27 million. Bakkt had a negative return on equity of 41.11% and a negative net margin of 2.78%.

Insider Transactions at Bakkt

In related news, Director Michael Alfred purchased 100,000 shares of the firm’s stock in a transaction on Wednesday, June 10th. The shares were bought at an average cost of $7.83 per share, for a total transaction of $783,000.00. Following the transaction, 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. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In the last quarter, insiders have acquired 500,000 shares of company stock valued at $3,974,800. Company insiders own 10.05% of the company’s stock.

Institutional Trading of Bakkt

Hedge funds have recently modified their holdings of the company. UBS Group AG boosted its position in shares of Bakkt by 638.5% during the 4th quarter. UBS Group AG now owns 264,462 shares of the company’s stock valued at $2,655,000 after acquiring an additional 228,653 shares in the last quarter. Delta Investment Management LLC raised its position in Bakkt by 30.8% in the fourth quarter. Delta Investment Management LLC now owns 17,195 shares of the company’s stock worth $173,000 after purchasing an additional 4,044 shares in the last quarter. JPMorgan Chase & Co. raised its position in Bakkt by 81.5% in the third quarter. JPMorgan Chase & Co. now owns 4,533 shares of the company’s stock worth $153,000 after purchasing an additional 2,035 shares in the last quarter. Essential Partners LLC bought a new position in Bakkt during the first quarter worth about $31,000. Finally, Bank of America Corp DE boosted its holdings in Bakkt by 51.8% during the first quarter. Bank of America Corp DE now owns 16,758 shares of the company’s stock valued at $123,000 after purchasing an additional 5,718 shares in the last quarter. 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.