Bakkt (NYSE:BKKT) Trading Down 13.2%

Bakkt Holdings, Inc. (NYSE:BKKT)’s stock price fell 13.2% on Tuesday . The stock traded as low as $8.56 and last traded at $8.65. 83,614 shares were traded during trading, a decline of 62% from the average session volume of 222,552 shares. The stock had previously closed at $9.96.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on BKKT. Citigroup decreased their price target on Bakkt from $12.50 to $7.50 and set a “sell” rating on the stock in a report on Wednesday, March 27th. Rosenblatt Securities restated a “buy” rating and set a $18.75 price target on shares of Bakkt in a report on Tuesday, March 26th.

Bakkt Price Performance

The business has a 50-day moving average of $13.79 and a two-hundred day moving average of $28.17. The company has a market cap of $2.40 billion, a P/E ratio of -10.86 and a beta of 4.12.

Bakkt (NYSE:BKKT) last issued its quarterly earnings results on Monday, March 25th. The company reported ($7.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.75) by ($4.50). The business had revenue of $214.50 million for the quarter, compared to analysts’ expectations of $214.00 million. Bakkt had a negative return on equity of 33.06% and a negative net margin of 9.59%. Equities analysts anticipate that Bakkt Holdings, Inc. will post -0.32 EPS for the current fiscal year.

Insider Buying and Selling at Bakkt

In other news, General Counsel Marc D’annunzio sold 2,009 shares of the company’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $22.00, for a total value of $44,198.00. Following the sale, the general counsel now directly owns 22,665 shares of the company’s stock, valued at approximately $498,630. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, General Counsel Marc D’annunzio sold 2,009 shares of the company’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $22.00, for a total value of $44,198.00. Following the sale, the general counsel now directly owns 22,665 shares of the company’s stock, valued at approximately $498,630. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Intercontinental Exchange, Inc purchased 350,880 shares of the stock in a transaction that occurred on Thursday, April 25th. The shares were purchased at an average cost of $0.87 per share, for a total transaction of $305,265.60. Following the completion of the acquisition, the insider now directly owns 649,934 shares of the company’s stock, valued at approximately $565,442.58. The disclosure for this purchase can be found here. 1.75% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Bakkt

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. PEAK6 Investments LLC purchased a new position in Bakkt during the third quarter valued at $7,185,000. Van ECK Associates Corp raised its position in shares of Bakkt by 47.6% in the fourth quarter. Van ECK Associates Corp now owns 2,901,369 shares of the company’s stock valued at $6,470,000 after buying an additional 935,567 shares during the last quarter. Exchange Traded Concepts LLC raised its position in shares of Bakkt by 14.7% in the fourth quarter. Exchange Traded Concepts LLC now owns 2,601,904 shares of the company’s stock valued at $5,802,000 after buying an additional 332,936 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Bakkt by 47.8% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,928,052 shares of the company’s stock valued at $4,300,000 after buying an additional 623,748 shares during the last quarter. Finally, Headlands Technologies LLC acquired a new stake in shares of Bakkt in the fourth quarter valued at about $508,000. 11.11% of the stock is owned by hedge funds and other institutional investors.

Bakkt Company Profile

Bakkt Holdings, Inc offers software as a service and application programming interface solutions for crypto and loyalty, powering engagement, and performance. The company operates Bakkt Marketplace, a platform that enables consumers to buy, sell, and store crypto in an embedded web experience; Bakkt Crypto, a platform that supports clients with a range of crypto solutions; and Bakkt Trust, institutional-grade qualified custody solution for market participants.