Bakkt (NYSE:BKKT) Shares to Reverse Split on Monday, April 29th

Shares of Bakkt Holdings, Inc. (NYSE:BKKT) are set to reverse split on the morning of Monday, April 29th. The 1-25 reverse split was announced on Tuesday, April 23rd. The number of shares owned by shareholders will be adjusted after the market closes on Friday, April 26th.

Bakkt Stock Down 10.1 %

NYSE:BKKT opened at $0.36 on Thursday. Bakkt has a 52 week low of $0.33 and a 52 week high of $2.75. The stock has a market capitalization of $115.84 million, a PE ratio of -0.43 and a beta of 4.12. The stock’s 50-day moving average price is $0.59 and its 200-day moving average price is $1.15.

Bakkt (NYSE:BKKT) last posted its quarterly earnings data on Monday, March 25th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.18). Bakkt had a negative return on equity of 33.06% and a negative net margin of 9.59%. The firm had revenue of $214.50 million during the quarter, compared to analyst estimates of $214.00 million. Sell-side analysts expect that Bakkt will post -0.32 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

BKKT has been the topic of several research analyst reports. Citigroup lowered their price objective on Bakkt from $0.50 to $0.30 and set a “sell” rating on the stock in a report on Wednesday, March 27th. Rosenblatt Securities reiterated a “buy” rating and issued a $0.75 price objective on shares of Bakkt in a report on Tuesday, March 26th.

Insider Buying and Selling

In other Bakkt news, major shareholder Intercontinental Exchange, Inc bought 2,762,009 shares of the firm’s stock in a transaction on Monday, March 4th. The shares were acquired at an average cost of $0.87 per share, with a total value of $2,402,947.83. Following the purchase, the insider now directly owns 7,476,345 shares of the company’s stock, valued at approximately $6,504,420.15. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. In other Bakkt news, major shareholder Intercontinental Exchange, Inc bought 2,762,009 shares of the firm’s stock in a transaction on Monday, March 4th. The shares were acquired at an average cost of $0.87 per share, with a total value of $2,402,947.83. Following the purchase, the insider now directly owns 7,476,345 shares of the company’s stock, valued at approximately $6,504,420.15. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, General Counsel Marc D’annunzio sold 50,247 shares of the firm’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $0.88, for a total transaction of $44,217.36. Following the completion of the transaction, the general counsel now directly owns 566,630 shares in the company, valued at $498,634.40. The disclosure for this sale can be found here. 1.78% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. PEAK6 Investments LLC purchased a new stake in shares of Bakkt during the 3rd quarter valued at approximately $7,185,000. Van ECK Associates Corp raised its position in shares of Bakkt by 47.6% during the 4th quarter. Van ECK Associates Corp now owns 2,901,369 shares of the company’s stock valued at $6,470,000 after buying an additional 935,567 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Bakkt by 47.8% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,928,052 shares of the company’s stock valued at $4,300,000 after buying an additional 623,748 shares during the period. Exchange Traded Concepts LLC raised its position in shares of Bakkt by 14.7% during the 4th quarter. Exchange Traded Concepts LLC now owns 2,601,904 shares of the company’s stock valued at $5,802,000 after buying an additional 332,936 shares during the period. Finally, Headlands Technologies LLC purchased a new stake in shares of Bakkt during the 4th quarter valued at approximately $508,000. 11.11% of the stock is owned by hedge funds and other institutional investors.

Bakkt Company Profile

Bakkt Holdings, Inc offers software as a service and application programming interface solutions for crypto and loyalty, powering engagement, and performance. The company operates Bakkt Marketplace, a platform that enables consumers to buy, sell, and store crypto in an embedded web experience; Bakkt Crypto, a platform that supports clients with a range of crypto solutions; and Bakkt Trust, institutional-grade qualified custody solution for market participants.