Bakkt (NYSE:BKKT) Rating Increased to Sell at Wall Street Zen

Wall Street Zen upgraded shares of Bakkt (NYSE:BKKT) from a strong sell rating to a sell rating in a research report released on Saturday.

BKKT has been the subject of several other research reports. Benchmark dropped their price target on Bakkt from $40.00 to $22.00 and set a “buy” rating for the company in a research note on Wednesday, March 18th. Weiss Ratings lowered Bakkt from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, April 29th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $22.00.

Bakkt Stock Down 4.5%

Shares of BKKT stock opened at $8.29 on Friday. The business has a 50-day moving average price of $8.66 and a two-hundred day moving average price of $12.64. Bakkt has a 12-month low of $6.87 and a 12-month high of $49.79. The firm has a market cap of $253.34 million, a P/E ratio of -2.20 and a beta of 5.85.

Bakkt (NYSE:BKKT) last issued its quarterly earnings results on Monday, May 11th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $297.94 million.

Insider Activity

In other news, CFO Karen Alexander sold 4,684 shares of Bakkt 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. The trade was a 7.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel Marc D’annunzio sold 7,780 shares of Bakkt stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $8.86, for a total value of $68,930.80. Following the completion of the transaction, the general counsel owned 110,059 shares in the company, valued at approximately $975,122.74. This represents a 6.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 13,249 shares of company stock worth $119,616. Company insiders own 2.50% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of BKKT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Bakkt by 11.8% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 94,734 shares of the company’s stock valued at $821,000 after acquiring an additional 10,018 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Bakkt by 33.1% in the 2nd quarter. Geode Capital Management LLC now owns 247,177 shares of the company’s stock worth $3,448,000 after purchasing an additional 61,408 shares in the last quarter. Cetera Investment Advisers bought a new stake in shares of Bakkt in the 2nd quarter worth approximately $153,000. JPMorgan Chase & Co. boosted its position in shares of Bakkt by 3,275.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,498 shares of the company’s stock worth $35,000 after purchasing an additional 2,424 shares in the last quarter. Finally, New York State Common Retirement Fund bought a new stake in shares of Bakkt in the 2nd quarter worth approximately $106,000. Hedge funds and other institutional investors own 11.11% of the company’s stock.

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.