Bakkt (NYSE:BKKT) Given New $0.30 Price Target at Citigroup

Bakkt (NYSE:BKKT) had its target price decreased by Citigroup from $0.50 to $0.30 in a research report released on Wednesday, Benzinga reports. Citigroup currently has a sell rating on the stock.

Separately, Rosenblatt Securities reissued a buy rating and issued a $0.75 price objective on shares of Bakkt in a research note on Tuesday.

Bakkt Price Performance

Shares of BKKT stock opened at $0.48 on Wednesday. The firm has a market cap of $130.90 million, a PE ratio of -0.57 and a beta of 4.19. The company has a 50-day moving average of $0.93 and a two-hundred day moving average of $1.25. Bakkt has a 1-year low of $0.41 and a 1-year high of $2.75.

Insider Activity

In other news, major shareholder Intercontinental Exchange, Inc purchased 2,762,009 shares of the firm’s stock in a transaction that occurred on Monday, March 4th. The stock was bought at an average price of $0.87 per share, for a total transaction of $2,402,947.83. Following the completion of the purchase, the insider now directly owns 7,476,345 shares of the company’s stock, valued at $6,504,420.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Impact Acquisition Holding Vpc sold 393,125 shares of Bakkt stock in a transaction that occurred on Friday, December 29th. The shares were sold at an average price of $2.56, for a total value of $1,006,400.00. Following the completion of the transaction, the director now owns 2,195,441 shares in the company, valued at $5,620,328.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Intercontinental Exchange, Inc acquired 2,762,009 shares of the business’s stock in a transaction on Monday, March 4th. The shares were bought at an average cost of $0.87 per share, for a total transaction of $2,402,947.83. Following the acquisition, the insider now owns 7,476,345 shares of the company’s stock, valued at approximately $6,504,420.15. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 505,508 shares of company stock valued at $1,123,925. 1.93% of the stock is currently owned by company insiders.

Institutional Trading of Bakkt

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BKKT. Citigroup Inc. raised its holdings in Bakkt by 4,335.3% during the second quarter. Citigroup Inc. now owns 20,846 shares of the company’s stock worth $26,000 after purchasing an additional 20,376 shares in the last quarter. Price T Rowe Associates Inc. MD acquired a new stake in Bakkt during the third quarter worth approximately $27,000. Tower Research Capital LLC TRC raised its holdings in Bakkt by 109.2% during the second quarter. Tower Research Capital LLC TRC now owns 23,496 shares of the company’s stock worth $29,000 after purchasing an additional 12,267 shares in the last quarter. Point72 Hong Kong Ltd acquired a new stake in Bakkt during the second quarter worth approximately $30,000. Finally, SG Americas Securities LLC acquired a new stake in Bakkt during the third quarter worth approximately $31,000. Institutional investors and hedge funds own 11.11% of the company’s stock.

Bakkt Company Profile

Bakkt Holdings, Inc offers a platform for crypto and redeeming loyalty points. The company's institutional-grade technology platform offers various solutions, such as Custody, an institutional-grade custody solution for market participants; Crypto Connect, a platform that enables consumers, businesses, and institutions to buy, sell, and store crypto in a digital experience; Crypto Rewards that focuses on enabling customers to earn crypto rewards, as well as redeem existing reward currencies into crypto; and Crypto Payouts for customers to automatically invest a portion of payments into crypto.