Bakkt (NYSE:BKKT) Earns Buy Rating from Rosenblatt Securities

Rosenblatt Securities reaffirmed their buy rating on shares of Bakkt (NYSE:BKKT) in a report published on Tuesday morning, Benzinga reports. The brokerage currently has a $0.75 price objective on the stock.

Bakkt Stock Down 3.5 %

NYSE:BKKT opened at $0.46 on Tuesday. Bakkt has a fifty-two week low of $0.41 and a fifty-two week high of $2.75. The stock has a market cap of $126.29 million, a PE ratio of -0.55 and a beta of 4.19. The firm’s fifty day simple moving average is $0.89 and its 200-day simple moving average is $1.24.

Insider Activity at Bakkt

In related news, General Counsel Marc D’annunzio sold 42,807 shares of the stock in a transaction dated Thursday, January 25th. The shares were sold at an average price of $1.27, for a total value of $54,364.89. Following the sale, the general counsel now directly owns 667,320 shares of the company’s stock, valued at approximately $847,496.40. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Bakkt news, General Counsel Marc D’annunzio sold 42,807 shares of the company’s stock in a transaction dated Thursday, January 25th. The shares were sold at an average price of $1.27, for a total value of $54,364.89. Following the transaction, the general counsel now directly owns 667,320 shares in the company, valued at approximately $847,496.40. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, major shareholder Intercontinental Exchange, Inc bought 2,762,009 shares of Bakkt stock in a transaction on Monday, March 4th. The stock was purchased at an average price of $0.87 per share, for a total transaction of $2,402,947.83. Following the completion of the acquisition, the insider now owns 7,476,345 shares in the company, valued at approximately $6,504,420.15. The disclosure for this purchase can be found here. In the last three months, insiders have sold 112,383 shares of company stock valued at $117,525. Insiders own 1.93% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. HighPoint Advisor Group LLC purchased a new position in Bakkt in the 4th quarter valued at about $201,000. Quadrature Capital Ltd purchased a new position in Bakkt in the 4th quarter valued at about $89,000. Vanguard Group Inc. lifted its holdings in Bakkt by 7.3% in the 4th quarter. Vanguard Group Inc. now owns 3,409,602 shares of the company’s stock valued at $7,603,000 after purchasing an additional 231,374 shares in the last quarter. GSA Capital Partners LLP purchased a new position in Bakkt in the 4th quarter valued at about $60,000. Finally, Horizon Kinetics Asset Management LLC lifted its holdings in Bakkt by 79.5% in the 4th quarter. Horizon Kinetics Asset Management LLC now owns 927,042 shares of the company’s stock valued at $2,067,000 after purchasing an additional 410,687 shares in the last quarter. 11.11% of the stock is currently owned by hedge funds and other institutional investors.

Bakkt Company Profile

Bakkt Holdings, Inc offers a platform for crypto and redeeming loyalty points. The company's institutional-grade technology platform offers various solutions, such as Custody, an institutional-grade custody solution for market participants; Crypto Connect, a platform that enables consumers, businesses, and institutions to buy, sell, and store crypto in a digital experience; Crypto Rewards that focuses on enabling customers to earn crypto rewards, as well as redeem existing reward currencies into crypto; and Crypto Payouts for customers to automatically invest a portion of payments into crypto.