Bakkt (NYSE:BKKT) Given New $12.00 Price Target at Benchmark

Bakkt (NYSE:BKKT) had its target price lowered by stock analysts at Benchmark from $19.00 to $12.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Benchmark’s target price suggests a potential upside of 63.93% from the stock’s previous close.

Other research analysts have also recently issued research reports about the stock. Wall Street Zen raised shares of Bakkt from a “strong sell” rating to a “sell” rating in a report on Saturday, May 16th. Weiss Ratings raised Bakkt from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, July 2nd. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $12.00.

Bakkt Trading Down 4.3%

Shares of BKKT stock opened at $7.32 on Wednesday. Bakkt has a 12-month low of $6.75 and a 12-month high of $49.79. The business’s fifty day simple moving average is $8.08 and its 200-day simple moving average is $9.24. The company has a market cap of $326.55 million, a PE ratio of -5.34 and a beta of 5.91.

Bakkt (NYSE:BKKT) last released its quarterly earnings results on Monday, August 10th. The company reported $1.94 EPS for the quarter, beating analysts’ consensus estimates of $0.03 by $1.91. Bakkt had a negative return on equity of 54.97% and a negative net margin of 2.80%.The company had revenue of $170.15 million during the quarter, compared to analysts’ expectations of $373.27 million.

Insider Activity

In other news, Director Michael Alfred purchased 365,000 shares of the stock in a transaction that occurred on Friday, May 15th. The shares were purchased at an average cost of $8.34 per share, with a total value of $3,044,100.00. Following the completion of the acquisition, the director owned 405,000 shares of the company’s stock, valued at approximately $3,377,700. This represents a 912.50% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last ninety days, insiders have acquired 865,000 shares of company stock valued at $7,018,900. Insiders own 10.05% of the company’s stock.

Hedge Funds Weigh In On Bakkt

Large investors have recently bought and sold shares of the business. Legal & General Group Plc boosted its position in shares of Bakkt by 110.7% during the 3rd quarter. Legal & General Group Plc now owns 982 shares of the company’s stock valued at $33,000 after acquiring an additional 516 shares during the last quarter. Advisory Services Network LLC acquired a new stake in shares of Bakkt during the 3rd quarter worth approximately $30,000. Bank of America Corp DE raised its position in shares of Bakkt by 39.8% during the 3rd quarter. Bank of America Corp DE now owns 4,169 shares of the company’s stock valued at $140,000 after buying an additional 1,187 shares during the period. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Bakkt during the 3rd quarter valued at approximately $41,000. Finally, BNP Paribas Financial Markets lifted its stake in shares of Bakkt by 268.3% in the 3rd quarter. BNP Paribas Financial Markets now owns 2,158 shares of the company’s stock valued at $73,000 after purchasing an additional 1,572 shares during the last quarter. 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.