Insider Buying: Bakkt (NYSE:BKKT) Director Purchases $2,111,557.04 in Stock

Bakkt Holdings, Inc. (NYSE:BKKT) Director Michael Alfred bought 296,567 shares of the business’s stock in a transaction dated Tuesday, August 18th. The shares were acquired at an average cost of $7.12 per share, for a total transaction of $2,111,557.04. Following the transaction, the director directly owned 1,201,567 shares in the company, valued at approximately $8,555,157.04. This represents a 32.77% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website.

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

• On Wednesday, June 10th, Michael Alfred bought 100,000 shares of Bakkt stock. The shares were acquired at an average price of $7.83 per share, with a total value of $783,000.00.
• On Tuesday, June 9th, Michael Alfred purchased 180,000 shares of Bakkt stock. The stock was acquired at an average cost of $7.71 per share, with a total value of $1,387,800.00.

Bakkt Stock Up 10.2%

Bakkt stock traded up $0.71 during mid-day trading on Wednesday, hitting $7.64. The company had a trading volume of 1,910,375 shares, compared to its average volume of 1,499,615. The stock has a market cap of $340.73 million, a price-to-earnings ratio of 16.93 and a beta of 5.91. Bakkt Holdings, Inc. has a 1 year low of $6.71 and a 1 year high of $49.79. The business has a fifty day moving average of $7.98 and a 200 day moving average of $8.98.

Bakkt (NYSE:BKKT) last released its quarterly earnings data on Monday, August 10th. The company reported $1.94 earnings per share for the quarter, topping analysts’ consensus estimates of $0.03 by $1.91. The company had revenue of $170.15 million for the quarter, compared to analysts’ expectations of $373.27 million. Bakkt had a negative net margin of 2.78% and a negative return on equity of 41.11%.

Analyst Upgrades and Downgrades

BKKT has been the topic of several research analyst reports. Benchmark cut their price target on shares of Bakkt from $19.00 to $12.00 and set a “buy” rating on the stock in a research note on Wednesday, August 12th. Wall Street Zen upgraded shares of Bakkt from a “sell” rating to a “hold” rating in a research note on Saturday. Finally, Weiss Ratings raised Bakkt from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, July 2nd. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $12.00.

Institutional Investors Weigh In On Bakkt

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BKKT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Bakkt by 11.8% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 94,734 shares of the company’s stock valued at $821,000 after acquiring an additional 10,018 shares during the period. Geode Capital Management LLC increased its holdings in shares of Bakkt by 33.1% in the 2nd quarter. Geode Capital Management LLC now owns 247,177 shares of the company’s stock valued at $3,448,000 after acquiring an additional 61,408 shares during the period. Cetera Investment Advisers purchased a new stake in Bakkt in the 2nd quarter valued at $153,000. JPMorgan Chase & Co. raised its position in Bakkt by 3,275.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,498 shares of the company’s stock valued at $35,000 after purchasing an additional 2,424 shares during the last quarter. Finally, New York State Common Retirement Fund acquired a new stake in Bakkt during the 2nd quarter worth $106,000. Hedge funds and other institutional investors 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.