Bakkt (NYSE:BKKT) Director Purchases $783,000.00 in Stock

Bakkt Holdings, Inc. (NYSE:BKKT) Director Michael Alfred purchased 100,000 shares of Bakkt stock in a transaction dated Wednesday, June 10th. The stock was bought at an average price of $7.83 per share, with a total value of $783,000.00. Following the completion of the purchase, the director directly owned 905,000 shares of the company’s stock, valued at approximately $7,086,150. This trade represents a 12.42% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Michael Alfred also recently made the following trade(s):

• On Tuesday, June 9th, Michael Alfred purchased 180,000 shares of Bakkt stock. The stock was bought at an average price of $7.71 per share, with a total value of $1,387,800.00.
• On Monday, May 18th, Michael Alfred purchased 220,000 shares of Bakkt stock. The stock was bought at an average price of $8.20 per share, with a total value of $1,804,000.00.
• On Friday, May 15th, Michael Alfred purchased 365,000 shares of Bakkt stock. The stock was bought at an average price of $8.34 per share, with a total value of $3,044,100.00.

Bakkt Stock Up 2.0%

Shares of BKKT stock opened at $8.52 on Friday. The company has a 50 day moving average price of $9.10 and a 200-day moving average price of $11.01. Bakkt Holdings, Inc. has a 52 week low of $6.87 and a 52 week high of $49.79. The firm has a market capitalization of $379.90 million, a PE ratio of -6.22 and a beta of 5.83.

Bakkt (NYSE:BKKT) last posted its quarterly earnings data on Monday, May 11th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.31). The business had revenue of $243.59 million during the quarter, compared to analysts’ expectations of $297.94 million. Bakkt had a negative return on equity of 64.73% and a negative net margin of 8.37%.

Hedge Funds Weigh In On Bakkt

Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in Bakkt by 131.2% during the third quarter. Vanguard Group Inc. now owns 664,561 shares of the company’s stock valued at $22,362,000 after purchasing an additional 377,101 shares in the last quarter. Renaissance Technologies LLC purchased a new position in Bakkt during the fourth quarter valued at approximately $5,643,000. Geode Capital Management LLC lifted its holdings in Bakkt by 13.2% during the fourth quarter. Geode Capital Management LLC now owns 489,428 shares of the company’s stock valued at $4,914,000 after purchasing an additional 56,910 shares in the last quarter. Marshall Wace LLP purchased a new position in Bakkt during the third quarter valued at approximately $11,775,000. Finally, UBS Group AG lifted its holdings in Bakkt by 638.5% during the fourth quarter. UBS Group AG now owns 264,462 shares of the company’s stock valued at $2,655,000 after purchasing an additional 228,653 shares in the last quarter. Hedge funds and other institutional investors own 11.11% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on BKKT shares. Wall Street Zen raised shares of Bakkt from a “strong sell” rating to a “sell” rating in a report on Saturday, May 16th. Benchmark dropped their price objective on shares of Bakkt from $40.00 to $22.00 and set a “buy” rating on the stock in a report on Wednesday, March 18th. Finally, Weiss Ratings downgraded shares of Bakkt from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, April 29th. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus 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.