Bakkt (NYSE:BKKT) Shares Gap Down – What’s Next?

Bakkt Holdings, Inc. (NYSE:BKKT) shares gapped down prior to trading on Tuesday . The stock had previously closed at $21.41, but opened at $19.73. Bakkt shares last traded at $17.4070, with a volume of 790,303 shares traded.

Analyst Ratings Changes

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Bakkt in a research report on Monday, December 29th. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $13.00.

Bakkt Stock Performance

The firm’s 50-day moving average is $14.26 and its two-hundred day moving average is $17.68. The stock has a market cap of $482.98 million, a P/E ratio of -3.02 and a beta of 5.92.

Hedge Funds Weigh In On Bakkt

Large investors have recently made changes to their positions in the company. Advisory Services Network LLC bought a new position in shares of Bakkt during the third quarter worth $30,000. Legal & General Group Plc increased its position in shares of Bakkt by 110.7% in the 3rd quarter. Legal & General Group Plc now owns 982 shares of the company’s stock valued at $33,000 after buying an additional 516 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Bakkt by 3,275.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,498 shares of the company’s stock worth $35,000 after buying an additional 2,424 shares during the period. Northwestern Mutual Wealth Management Co. bought a new position in Bakkt during the third quarter worth about $41,000. Finally, Bank of America Corp DE grew its stake in Bakkt by 914.3% in the second quarter. Bank of America Corp DE now owns 2,982 shares of the company’s stock valued at $42,000 after acquiring an additional 2,688 shares during the period. Institutional investors and hedge funds own 11.11% of the company’s stock.

Bakkt Company Profile

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.