Bakkt (NYSE:BKKT) Shares Down 5.3% – Here’s What Happened

Bakkt Holdings, Inc. (NYSE:BKKT)’s stock price traded down 5.3% during trading on Friday. The stock traded as low as $5.42 and last traded at $5.5850. 1,282,332 shares were traded during trading, a decline of 14% from the average daily volume of 1,495,035 shares. The stock had previously closed at $5.90.

Analyst Upgrades and Downgrades

BKKT has been the topic of several analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Bakkt in a research note on Tuesday, September 29th. Wall Street Zen raised shares of Bakkt from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Finally, Benchmark reduced their price target on shares of Bakkt from $19.00 to $12.00 and set a “buy” rating on the stock in a research report on Wednesday, August 12th. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $12.00.

Bakkt Stock Performance

The company has a fifty day moving average of $7.75 and a two-hundred day moving average of $8.30. The firm has a market capitalization of $251.72 million, a price-to-earnings ratio of 12.41 and a beta of 6.06.

Bakkt (NYSE:BKKT) last posted its quarterly earnings data on Monday, August 10th. The company reported $1.94 earnings per share for the quarter, topping the consensus estimate of $0.03 by $1.91. Bakkt had a negative net margin of 2.78% and a negative return on equity of 41.11%. The business had revenue of $170.15 million during the quarter, compared to analysts’ expectations of $373.27 million.

Insider Buying and Selling at Bakkt

In other news, Director Michael Alfred acquired 296,567 shares of the firm’s stock in a transaction dated Tuesday, August 18th. The stock was bought at an average cost of $7.12 per share, for a total transaction of $2,111,557.04. Following the completion of the transaction, the director directly owned 1,201,567 shares in the company, valued at $8,555,157.04. This represents a 32.77% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 10.05% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Bank of New York Mellon Corp bought a new stake in shares of Bakkt during the 2nd quarter worth $550,000. Integrated Wealth Concepts LLC purchased a new position in Bakkt in the second quarter valued at about $154,000. Aristides Capital LLC bought a new position in shares of Bakkt during the 4th quarter valued at approximately $177,000. Alpine Global Management LLC bought a new position in shares of Bakkt during the 4th quarter valued at approximately $171,000. Finally, Cetera Investment Advisers purchased a new stake in shares of Bakkt during the 1st quarter worth approximately $105,000. Hedge funds and other institutional investors own 11.11% of the company’s stock.

Bakkt Company Profile

Bakkt Holdings, Inc (NYSE: BKKT) is a digital-asset technology company that provides cryptocurrency services and infrastructure for institutions, businesses, fintech companies and other organizations. Its platform is designed to support the buying, selling, custody and transfer of digital assets, helping clients incorporate cryptocurrency capabilities into their products and services.

The company’s offerings include institutional-grade digital-asset custody, crypto trading and brokerage services, as well as cryptocurrency on-ramps and off-ramps that connect traditional payment systems with digital assets.