Bakkt (NYSE:BKKT) Stock Price Up 9.5% – Time to Buy?

Shares of Bakkt Holdings, Inc. (NYSE:BKKT) rose 9.5% during trading on Thursday . The company traded as high as $16.65 and last traded at $16.5840. Approximately 1,225,252 shares were traded during trading, a decline of 41% from the average daily volume of 2,078,480 shares. The stock had previously closed at $15.14.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Bakkt in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $13.00.

Bakkt Stock Performance

The stock has a market cap of $505.74 million, a P/E ratio of -3.16 and a beta of 5.92. The firm’s 50-day moving average is $14.88 and its two-hundred day moving average is $17.44.

Institutional Investors Weigh In On Bakkt

Hedge funds have recently added to or reduced their stakes in the business. Delta Investment Management LLC acquired a new stake in shares of Bakkt in the 2nd quarter valued at about $159,000. Flaharty Asset Management LLC bought a new position in shares of Bakkt during the first quarter valued at about $26,000. Alpine Fox Capital LLC bought a new position in shares of Bakkt in the third quarter valued at approximately $1,346,000. Regal Partners Ltd purchased a new stake in Bakkt during the third quarter worth about $217,000. Finally, Skandinaviska Enskilda Banken AB publ bought a new position in Bakkt during the third quarter valued at $361,000. Institutional investors and hedge funds own 11.11% of the company’s stock.

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.