Insider Buying: Bakkt (NYSE:BKKT) Director Acquires 220,000 Shares of Stock

Bakkt Holdings, Inc. (NYSE:BKKT) Director Michael Alfred acquired 220,000 shares of Bakkt stock in a transaction on Monday, May 18th. The stock was acquired at an average price of $8.20 per share, with a total value of $1,804,000.00. Following the purchase, the director directly owned 625,000 shares in the company, valued at approximately $5,125,000. This trade represents a 54.32% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Michael Alfred also recently made the following trade(s):

• On Friday, May 15th, Michael Alfred acquired 365,000 shares of Bakkt stock. The stock was acquired at an average price of $8.34 per share, with a total value of $3,044,100.00.

Bakkt Stock Performance

NYSE:BKKT traded up $0.44 during trading on Monday, reaching $8.72. The company’s stock had a trading volume of 2,012,667 shares, compared to its average volume of 1,453,916. The firm has a market cap of $266.35 million, a price-to-earnings ratio of -2.31 and a beta of 5.85. The firm has a 50 day moving average of $8.66 and a 200-day moving average of $12.53. Bakkt Holdings, Inc. has a 12 month low of $6.87 and a 12 month high of $49.79.

Bakkt (NYSE:BKKT) last announced its quarterly earnings data on Monday, May 11th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.31). The business had revenue of $243.59 million during the quarter, compared to the consensus estimate of $297.94 million. Bakkt had a negative net margin of 8.37% and a negative return on equity of 64.73%.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Weiss Ratings downgraded Bakkt from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, April 29th. Benchmark lowered their price target on Bakkt from $40.00 to $22.00 and set a “buy” rating on the stock in a report on Wednesday, March 18th. Finally, Wall Street Zen raised Bakkt from a “strong sell” rating to a “sell” rating in a report on Saturday. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Bakkt presently has an average rating of “Hold” and an average target price of $22.00.

Institutional Investors Weigh In On Bakkt

Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Bakkt by 131.2% during the third quarter. Vanguard Group Inc. now owns 664,561 shares of the company’s stock valued at $22,362,000 after purchasing an additional 377,101 shares in the last quarter. Renaissance Technologies LLC bought a new position in shares of Bakkt during the fourth quarter valued at $5,643,000. Geode Capital Management LLC lifted its holdings in shares of Bakkt by 13.2% during the fourth quarter. Geode Capital Management LLC now owns 489,428 shares of the company’s stock valued at $4,914,000 after purchasing an additional 56,910 shares in the last quarter. Marshall Wace LLP bought a new position in shares of Bakkt during the third quarter valued at $11,775,000. Finally, UBS Group AG increased its position in Bakkt by 638.5% during the fourth 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 during the last quarter. 11.11% of the stock is currently 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.