Insider Buying: Bakkt (NYSE:BKKT) Director Purchases 365,000 Shares of Stock

Bakkt Holdings, Inc. (NYSE:BKKT) Director Michael Alfred acquired 365,000 shares of the company’s stock in a transaction on Friday, May 15th. The shares were purchased at an average cost of $8.34 per share, with a total value of $3,044,100.00. Following the completion of the purchase, the director directly owned 405,000 shares of the company’s stock, valued at $3,377,700. This trade represents a 912.50% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

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

• On Monday, May 18th, Michael Alfred purchased 220,000 shares of Bakkt stock. The shares were purchased at an average price of $8.20 per share, for a total transaction of $1,804,000.00.

Bakkt Stock Up 5.3%

NYSE:BKKT traded up $0.44 during mid-day trading on Monday, hitting $8.72. 2,012,667 shares of the stock traded hands, compared to its average volume of 1,453,916. The stock has a market capitalization of $266.35 million, a price-to-earnings ratio of -2.31 and a beta of 5.85. Bakkt Holdings, Inc. has a 52 week low of $6.87 and a 52 week high of $49.79. The firm’s 50 day moving average is $8.66 and its two-hundred day moving average is $12.53.

Bakkt (NYSE:BKKT) last issued its quarterly earnings results on Monday, May 11th. The company reported ($0.41) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.31). The firm had revenue of $243.59 million for 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%.

Institutional Trading of Bakkt

A number of large investors have recently made changes to their positions in BKKT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Bakkt by 11.8% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 94,734 shares of the company’s stock valued at $821,000 after purchasing an additional 10,018 shares during the period. Geode Capital Management LLC boosted its stake in shares of Bakkt by 33.1% during the second quarter. Geode Capital Management LLC now owns 247,177 shares of the company’s stock valued at $3,448,000 after purchasing an additional 61,408 shares during the period. Cetera Investment Advisers purchased a new stake in shares of Bakkt during the second quarter valued at $153,000. JPMorgan Chase & Co. lifted its stake in Bakkt by 3,275.7% in the second quarter. JPMorgan Chase & Co. now owns 2,498 shares of the company’s stock worth $35,000 after acquiring an additional 2,424 shares during the period. Finally, New York State Common Retirement Fund purchased a new stake in Bakkt in the second quarter worth about $106,000. 11.11% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

BKKT has been the topic of several analyst reports. Weiss Ratings downgraded shares of Bakkt from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, April 29th. Benchmark lowered their target price 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. Finally, Wall Street Zen raised shares of Bakkt from a “strong sell” rating to a “sell” rating in a research note on Saturday. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $22.00.

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.