Bakkt (NYSE:BKKT) Releases Quarterly Earnings Results, Misses Estimates By $0.37 EPS

Bakkt (NYSE:BKKT) released its quarterly earnings data on Monday. The company reported ($0.34) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.37), Zacks reports. Bakkt had a negative net margin of 8.37% and a negative return on equity of 64.73%.

Here are the key takeaways from Bakkt’s conference call:

• Bakkt maintained its approximately $2.5 billion 2026 Total Transacting Volume target, despite first-half TTV of about $410 million and lower trading activity in the second quarter. Management expects payments and client activations to drive a substantial second-half acceleration.
• The company reported $80.8 million in GAAP net income and ended the quarter with $50.7 million in cash and restricted cash, no long-term debt, and six live commercial offerings following the DTR integration.
• Management expects to reach adjusted EBITDA break-even during the fourth quarter of 2026, supported by anticipated operating leverage as client activations and transaction volumes scale, although the timing depends on the pace and size of those activations.
• Bakkt Agent’s embedded-finance offering is available for partner integration, while co-branded cards and Neobank-as-a-Service are targeted for the fourth quarter; management set an initial goal of approximately 25,000 year-end monthly active users, but meaningful Agent activity has not yet begun.
• Second-quarter TTV was pressured by lower trading activity, and achieving the full-year target requires a significant ramp in the second half. The company also cautioned that TTV is not equivalent to revenue because margins vary widely by product, ranging from a few basis points on some stablecoin flows to substantially higher margins on cross-border payments.

Bakkt Stock Up 1.5%

Shares of NYSE:BKKT traded up $0.11 during mid-day trading on Monday, reaching $7.64. 1,135,338 shares of the stock were exchanged, compared to its average volume of 1,501,105. The company has a market cap of $340.82 million, a P/E ratio of -5.58 and a beta of 5.91. Bakkt has a one year low of $6.75 and a one year high of $49.79. The stock’s 50 day simple moving average is $8.19 and its 200-day simple moving average is $9.36.

Analyst Ratings Changes

BKKT has been the topic of a number of research reports. Weiss Ratings raised shares of Bakkt from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, July 2nd. Wall Street Zen raised shares of Bakkt from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 16th. One research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $22.00.

Insider Transactions at Bakkt

In other news, Director Michael Alfred bought 100,000 shares of the business’s stock in a transaction on Wednesday, June 10th. The shares were purchased at an average price of $7.83 per share, for a total transaction of $783,000.00. Following the purchase, the director owned 905,000 shares of the company’s stock, valued at approximately $7,086,150. The trade was a 12.42% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last quarter, insiders purchased 865,000 shares of company stock valued at $7,018,900. 10.05% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Bakkt

Several hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in shares of Bakkt by 131.2% in 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 during the last quarter. Renaissance Technologies LLC acquired a new position in Bakkt during the fourth quarter worth $5,643,000. Geode Capital Management LLC grew its position in Bakkt by 13.2% in 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 bought a new position in Bakkt in the third quarter valued at $11,775,000. Finally, State Street Corp increased its stake in Bakkt by 23.1% in the 4th quarter. State Street Corp now owns 258,384 shares of the company’s stock valued at $2,594,000 after buying an additional 48,509 shares during the last quarter. 11.11% of the stock is owned by institutional investors.

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.