Bakkt (NYSE:BKKT) Trading Up 2.9% – Here’s What Happened

Bakkt Holdings, Inc. (NYSE:BKKT) shares shot up 2.9% during mid-day trading on Friday . The stock traded as high as $10.81 and last traded at $10.58. 1,491,513 shares were traded during mid-day trading, an increase of 29% from the average session volume of 1,159,308 shares. The stock had previously closed at $10.28.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on BKKT shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Bakkt in a research note on Monday. Benchmark initiated coverage on shares of Bakkt in a research report on Monday, September 8th. They set a “buy” rating and a $13.00 price objective on the stock. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $13.00.

Bakkt Stock Performance

The company has a market cap of $329.88 million, a price-to-earnings ratio of -2.06 and a beta of 5.89. The stock’s fifty day moving average is $20.94 and its two-hundred day moving average is $17.54.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of Bakkt by 131.2% during the 3rd quarter. Vanguard Group Inc. now owns 664,561 shares of the company’s stock worth $22,362,000 after buying an additional 377,101 shares in the last quarter. Marshall Wace LLP bought a new stake in Bakkt during the third quarter worth $11,775,000. Private Advisor Group LLC purchased a new position in Bakkt in the third quarter worth $5,308,000. NorthCrest Asset Manangement LLC bought a new position in Bakkt in the 3rd quarter valued at $2,356,000. Finally, Geode Capital Management LLC increased its position in shares of Bakkt by 33.1% during the 2nd quarter. Geode Capital Management LLC now owns 247,177 shares of the company’s stock valued at $3,448,000 after purchasing an additional 61,408 shares during the last quarter. 11.11% of the stock is owned by institutional investors.

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.