Renaissance Technologies LLC Sells 121,000 Shares of Bakkt Holdings, Inc. $BKKT

Renaissance Technologies LLC lessened its stake in shares of Bakkt Holdings, Inc. (NYSE:BKKT) by 21.5% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 441,100 shares of the company’s stock after selling 121,000 shares during the period. Renaissance Technologies LLC’s holdings in Bakkt were worth $3,246,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the stock. State of Wyoming increased its position in Bakkt by 217.1% during the first quarter. State of Wyoming now owns 10,679 shares of the company’s stock valued at $79,000 after acquiring an additional 7,311 shares during the last quarter. Cetera Investment Advisers purchased a new position in shares of Bakkt during the 1st quarter worth about $105,000. Bank of New York Mellon Corp grew its holdings in Bakkt by 37.4% during the 1st quarter. Bank of New York Mellon Corp now owns 33,637 shares of the company’s stock valued at $248,000 after purchasing an additional 9,156 shares during the last quarter. Alpine Global Management LLC purchased a new stake in Bakkt in the 4th quarter worth about $171,000. Finally, Aristides Capital LLC purchased a new stake in Bakkt in the 4th quarter worth about $177,000. 11.11% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

BKKT has been the subject of several recent analyst reports. Weiss Ratings upgraded Bakkt from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, July 2nd. Wall Street Zen upgraded Bakkt from a “strong sell” rating to a “sell” rating in a report on Saturday, May 16th. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, Bakkt has a consensus rating of “Hold” and an average price target of $22.00.

Insider Activity at Bakkt

In related news, Director Michael Alfred purchased 365,000 shares of the firm’s stock in a transaction dated Friday, May 15th. The stock was purchased at an average price of $8.34 per share, with a total value of $3,044,100.00. Following the completion of the purchase, the director owned 405,000 shares of the company’s stock, valued at approximately $3,377,700. The trade was a 912.50% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Insiders have purchased 865,000 shares of company stock worth $7,018,900 over the last 90 days. Company insiders own 10.05% of the company’s stock.

Bakkt Trading Up 5.3%

Shares of BKKT opened at $7.49 on Friday. The firm has a fifty day moving average price of $8.19 and a 200-day moving average price of $9.45. The firm has a market capitalization of $334.31 million, a P/E ratio of -5.47 and a beta of 5.91. Bakkt Holdings, Inc. has a 12-month low of $6.75 and a 12-month high of $49.79.

Bakkt (NYSE:BKKT) last posted 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). Bakkt had a negative return on equity of 64.73% and a negative net margin of 8.37%.The company had revenue of $243.59 million during the quarter, compared to analysts’ expectations of $297.94 million.

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.