Bakkt’s (BKKT) Buy Rating Reiterated at Rosenblatt Securities

Rosenblatt Securities reiterated their buy rating on shares of Bakkt (NYSE:BKKT) in a research report report published on Tuesday, Benzinga reports. They currently have a $0.75 price objective on the stock.

Bakkt Stock Down 3.5 %

NYSE BKKT opened at $0.46 on Tuesday. The stock has a market cap of $126.29 million, a P/E ratio of -0.55 and a beta of 4.19. The company’s 50-day simple moving average is $0.89 and its 200 day simple moving average is $1.24. Bakkt has a twelve month low of $0.41 and a twelve month high of $2.75.

Insider Activity at Bakkt

In other Bakkt news, General Counsel Marc D’annunzio sold 50,247 shares of the company’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $0.88, for a total value of $44,217.36. Following the completion of the sale, the general counsel now owns 566,630 shares of the company’s stock, valued at $498,634.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Bakkt news, major shareholder Intercontinental Exchange, Inc acquired 2,762,009 shares of the company’s stock in a transaction on Monday, March 4th. The stock was acquired at an average price of $0.87 per share, for a total transaction of $2,402,947.83. Following the purchase, the insider now directly owns 7,476,345 shares of the company’s stock, valued at $6,504,420.15. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, General Counsel Marc D’annunzio sold 50,247 shares of Bakkt stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $0.88, for a total transaction of $44,217.36. Following the completion of the sale, the general counsel now owns 566,630 shares of the company’s stock, valued at approximately $498,634.40. The disclosure for this sale can be found here. Insiders have sold 112,383 shares of company stock worth $117,525 over the last ninety days. Company insiders own 1.93% of the company’s stock.

Hedge Funds Weigh In On Bakkt

Several hedge funds have recently bought and sold shares of BKKT. PEAK6 Investments LLC bought a new position in Bakkt in the 3rd quarter valued at about $7,185,000. State Street Corp grew its holdings in shares of Bakkt by 842.3% during the 2nd quarter. State Street Corp now owns 1,058,253 shares of the company’s stock valued at $2,222,000 after purchasing an additional 945,944 shares during the last quarter. Van ECK Associates Corp grew its holdings in shares of Bakkt by 47.6% during the 4th quarter. Van ECK Associates Corp now owns 2,901,369 shares of the company’s stock valued at $6,470,000 after purchasing an additional 935,567 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Bakkt by 67.3% during the 1st quarter. Vanguard Group Inc. now owns 2,158,040 shares of the company’s stock valued at $13,294,000 after purchasing an additional 868,031 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Bakkt by 47.8% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,928,052 shares of the company’s stock valued at $4,300,000 after purchasing an additional 623,748 shares during the last quarter. 11.11% of the stock is owned by institutional investors.

About Bakkt

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.