Bakkt (NYSE:BKKT) Director Michael Alfred Acquires 100,000 Shares

Bakkt Holdings, Inc. (NYSE:BKKT) Director Michael Alfred bought 100,000 shares of Bakkt stock in a transaction that occurred on Wednesday, June 10th. The shares were acquired at an average price of $7.83 per share, with a total value of $783,000.00. Following the completion of the acquisition, the director directly owned 905,000 shares of the company’s stock, valued at $7,086,150. This represents a 12.42% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

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

• On Tuesday, June 9th, Michael Alfred bought 180,000 shares of Bakkt stock. The shares were acquired at an average price of $7.71 per share, with a total value of $1,387,800.00.
• On Monday, May 18th, Michael Alfred acquired 220,000 shares of Bakkt stock. The stock was purchased at an average cost of $8.20 per share, with a total value of $1,804,000.00.
• On Friday, May 15th, Michael Alfred acquired 365,000 shares of Bakkt stock. The stock was purchased at an average cost of $8.34 per share, with a total value of $3,044,100.00.

Bakkt Price Performance

Bakkt stock traded up $0.70 during midday trading on Thursday, reaching $8.38. The stock had a trading volume of 1,373,947 shares, compared to its average volume of 1,618,409. The firm’s fifty day simple moving average is $9.06 and its two-hundred day simple moving average is $11.07. Bakkt Holdings, Inc. has a twelve month low of $6.87 and a twelve month high of $49.79. The firm has a market cap of $373.67 million, a price-to-earnings ratio of -6.11 and a beta of 5.83.

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

Institutional Investors Weigh In On Bakkt

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. UBS Group AG lifted its position in Bakkt by 638.5% in the 4th quarter. UBS Group AG now owns 264,462 shares of the company’s stock worth $2,655,000 after buying an additional 228,653 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Bakkt by 37.4% in the 1st quarter. Bank of New York Mellon Corp now owns 33,637 shares of the company’s stock worth $248,000 after buying an additional 9,156 shares in the last quarter. State of Wyoming lifted its position in Bakkt by 217.1% in the 1st quarter. State of Wyoming now owns 10,679 shares of the company’s stock worth $79,000 after buying an additional 7,311 shares in the last quarter. Essential Partners LLC purchased a new stake in Bakkt in the 1st quarter worth approximately $31,000. Finally, Alpine Global Management LLC purchased a new stake in Bakkt in the 4th quarter worth approximately $171,000. Hedge funds and other institutional investors own 11.11% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on BKKT shares. Wall Street Zen raised shares of Bakkt from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 16th. Weiss Ratings lowered shares of Bakkt from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, April 29th. Finally, Benchmark decreased their price objective on shares of Bakkt from $40.00 to $22.00 and set a “buy” rating for the company in a research note on Wednesday, March 18th. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $22.00.

Bakkt Company Profile

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.