Bakkt (NYSE:BKKT) CFO Karen Alexander Sells 4,684 Shares of Stock

Bakkt Holdings, Inc. (NYSE:BKKT) CFO Karen Alexander sold 4,684 shares of the business’s stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $9.13, for a total value of $42,764.92. Following the transaction, the chief financial officer owned 55,771 shares in the company, valued at approximately $509,189.23. This represents a 7.75% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Bakkt Stock Performance

NYSE:BKKT opened at $7.84 on Thursday. Bakkt Holdings, Inc. has a one year low of $6.87 and a one year high of $49.79. The business’s 50-day simple moving average is $8.91 and its 200 day simple moving average is $14.49. The stock has a market cap of $239.67 million, a price-to-earnings ratio of -1.53 and a beta of 6.04.

Analysts Set New Price Targets

Several research analysts recently commented on BKKT shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Bakkt in a research note on Friday, March 27th. Benchmark lowered their price objective on Bakkt from $40.00 to $22.00 and set a “buy” rating for the company in a report on Wednesday, March 18th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $22.00.

Institutional Trading of Bakkt

Several hedge funds and other institutional investors have recently bought and sold shares of BKKT. Advisory Services Network LLC bought a new position in shares of Bakkt during the third quarter valued at approximately $30,000. Legal & General Group Plc grew its holdings in shares of Bakkt by 110.7% during the third quarter. Legal & General Group Plc now owns 982 shares of the company’s stock valued at $33,000 after purchasing an additional 516 shares during the last quarter. State of Wyoming bought a new position in shares of Bakkt during the fourth quarter valued at approximately $34,000. JPMorgan Chase & Co. grew its holdings in shares of Bakkt by 3,275.7% during the second quarter. JPMorgan Chase & Co. now owns 2,498 shares of the company’s stock valued at $35,000 after purchasing an additional 2,424 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. bought a new position in shares of Bakkt during the third quarter valued at approximately $41,000. 11.11% of the stock is owned by institutional investors.

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.