Bakkt (NYSE:BKKT) Releases Quarterly Earnings Results, Misses Estimates By $0.31 EPS

Bakkt (NYSE:BKKT) issued its quarterly earnings results on Monday. The company reported ($0.41) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.31), FiscalAI reports. Bakkt had a negative return on equity of 84.50% and a negative net margin of 4.59%.The business had revenue of $243.59 million during the quarter, compared to the consensus estimate of $297.94 million.

Bakkt Price Performance

Bakkt stock traded up $0.03 during mid-day trading on Monday, reaching $9.88. The stock had a trading volume of 2,760,951 shares, compared to its average volume of 1,420,660. Bakkt has a one year low of $6.87 and a one year high of $49.79. The company has a 50-day moving average price of $8.80 and a two-hundred day moving average price of $13.43. The company has a market capitalization of $302.02 million, a price-to-earnings ratio of -1.93 and a beta of 5.85.

Insider Transactions at Bakkt

In other Bakkt news, CFO Karen Alexander sold 4,684 shares of Bakkt stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $9.13, for a total value of $42,764.92. Following the completion of the transaction, the chief financial officer directly owned 55,771 shares of the company’s stock, valued at approximately $509,189.23. The trade was a 7.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel Marc D’annunzio sold 7,780 shares of the company’s stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $8.86, for a total transaction of $68,930.80. Following the completion of the transaction, the general counsel owned 110,059 shares in the company, valued at approximately $975,122.74. This represents a 6.60% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders have sold 13,249 shares of company stock valued at $119,616. 2.50% of the stock is 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 business. Advisory Services Network LLC purchased a new stake in Bakkt during the 3rd quarter valued at $30,000. Legal & General Group Plc raised its stake in shares of Bakkt by 110.7% in the third quarter. Legal & General Group Plc now owns 982 shares of the company’s stock worth $33,000 after purchasing an additional 516 shares during the last quarter. Northwestern Mutual Wealth Management Co. bought a new position in shares of Bakkt during the third quarter valued at $41,000. Russell Investments Group Ltd. lifted its holdings in shares of Bakkt by 759.1% during the third quarter. Russell Investments Group Ltd. now owns 2,036 shares of the company’s stock valued at $69,000 after purchasing an additional 1,799 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its position in shares of Bakkt by 268.3% during the third quarter. BNP Paribas Financial Markets now owns 2,158 shares of the company’s stock valued at $73,000 after buying an additional 1,572 shares during the last quarter. 11.11% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on BKKT shares. Weiss Ratings cut shares of Bakkt from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, April 29th. Wall Street Zen cut Bakkt from a “sell” rating to a “strong sell” rating in a research report on Saturday, May 2nd. Finally, Benchmark cut their price target on Bakkt from $40.00 to $22.00 and set a “buy” rating on the stock in a research note on Wednesday, March 18th. One research 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 target price of $22.00.

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.