Benchmark Has Lowered Expectations for Bakkt (NYSE:BKKT) Stock Price

Bakkt (NYSE:BKKT) had its target price decreased by Benchmark from $40.00 to $22.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Benchmark’s target price suggests a potential upside of 141.12% from the company’s previous close.

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Bakkt in a research report on Monday, December 29th. One research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $22.00.

Bakkt Price Performance

BKKT traded down $0.51 during trading on Wednesday, hitting $9.12. The company’s stock had a trading volume of 400,156 shares, compared to its average volume of 1,575,376. The firm’s 50 day moving average price is $12.63 and its 200-day moving average price is $16.98. The stock has a market cap of $284.48 million, a PE ratio of -1.78 and a beta of 5.97. Bakkt has a twelve month low of $6.81 and a twelve month high of $49.79.

Hedge Funds Weigh In On Bakkt

A number of large investors have recently bought and sold shares of the stock. Advisory Services Network LLC acquired a new position in shares of Bakkt in the 3rd quarter valued at $30,000. Legal & General Group Plc increased its holdings in shares of Bakkt by 110.7% during the 3rd quarter. Legal & General Group Plc now owns 982 shares of the company’s stock worth $33,000 after buying an additional 516 shares during the last quarter. State of Wyoming acquired a new stake in shares of Bakkt during the 4th quarter worth $34,000. JPMorgan Chase & Co. raised its position in shares of Bakkt by 3,275.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,498 shares of the company’s stock worth $35,000 after buying an additional 2,424 shares during the period. Finally, Northwestern Mutual Wealth Management Co. purchased a new position in shares of Bakkt in the 3rd quarter worth $41,000. 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.