Bakkt’s (BKKT) “Sell (E+)” Rating Reiterated at Weiss Ratings

Weiss Ratings reissued their sell (e+) rating on shares of Bakkt (NYSE:BKKT) in a research note issued to investors on Tuesday morning,Weiss Ratings reports.

Several other research firms have also weighed in on BKKT. Wall Street Zen lowered shares of Bakkt from a “hold” rating to a “sell” rating in a research note on Saturday, August 16th. Benchmark initiated coverage on shares of Bakkt in a research note on Monday, September 8th. They set a “buy” rating and a $13.00 price objective on the stock. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $13.00.

Bakkt Stock Performance

Shares of Bakkt stock opened at $39.20 on Tuesday. The firm has a market cap of $844.80 million, a PE ratio of -8.85 and a beta of 5.88. The firm’s 50-day simple moving average is $18.16 and its 200-day simple moving average is $14.57. Bakkt has a 1 year low of $6.81 and a 1 year high of $49.79.

Bakkt (NYSE:BKKT) last issued its earnings results on Monday, August 11th. The company reported ($2.16) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.69) by ($1.47). The company had revenue of $577.88 million during the quarter, compared to analyst estimates of $17.10 million. Bakkt had a negative net margin of 0.77% and a negative return on equity of 99.39%.

Insider Buying and Selling

In other news, CEO Akshay Sudhir Naheta bought 150,000 shares of the firm’s stock in a transaction on Thursday, August 21st. The stock was purchased at an average price of $8.12 per share, for a total transaction of $1,218,000.00. Following the transaction, the chief executive officer owned 161,426 shares in the company, valued at approximately $1,310,779.12. This trade represents a 1,312.80% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 2.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. SBI Securities Co. Ltd. grew its position in Bakkt by 66.9% in the 2nd quarter. SBI Securities Co. Ltd. now owns 5,144 shares of the company’s stock worth $72,000 after purchasing an additional 2,061 shares during the last quarter. JPMorgan Chase & Co. grew its position in Bakkt by 3,275.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,498 shares of the company’s stock worth $35,000 after purchasing an additional 2,424 shares during the last quarter. Bank of America Corp DE increased its stake in shares of Bakkt by 914.3% during the second quarter. Bank of America Corp DE now owns 2,982 shares of the company’s stock valued at $42,000 after acquiring an additional 2,688 shares during the period. Flaharty Asset Management LLC acquired a new position in shares of Bakkt during the first quarter valued at approximately $26,000. Finally, Tower Research Capital LLC TRC acquired a new position in shares of Bakkt during the second quarter valued at approximately $56,000. Institutional investors own 11.11% of the company’s stock.

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.