Bakkt (NYSE:BKKT) Earns Buy Rating from Rosenblatt Securities

Rosenblatt Securities reiterated their buy rating on shares of Bakkt (NYSE:BKKT) in a research report report published on Tuesday, Benzinga reports. They currently have a $0.75 price objective on the stock.

Bakkt Stock Down 3.5 %

NYSE BKKT opened at $0.46 on Tuesday. The stock has a market cap of $126.29 million, a P/E ratio of -0.55 and a beta of 4.19. The company’s 50-day simple moving average is $0.89 and its 200 day simple moving average is $1.24. Bakkt has a twelve month low of $0.41 and a twelve month high of $2.75.

Insider Activity at Bakkt

In related news, major shareholder Intercontinental Exchange, Inc bought 2,762,009 shares of Bakkt stock in a transaction dated Monday, March 4th. The shares were bought at an average cost of $0.87 per share, for a total transaction of $2,402,947.83. Following the completion of the transaction, the insider now owns 7,476,345 shares of the company’s stock, valued at $6,504,420.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, General Counsel Marc D’annunzio sold 50,247 shares of the stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $0.88, for a total transaction of $44,217.36. Following the completion of the sale, the general counsel now owns 566,630 shares of the company’s stock, valued at $498,634.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Intercontinental Exchange, Inc bought 2,762,009 shares of the firm’s stock in a transaction that occurred on Monday, March 4th. The stock was acquired at an average cost of $0.87 per share, with a total value of $2,402,947.83. Following the transaction, the insider now owns 7,476,345 shares of the company’s stock, valued at approximately $6,504,420.15. The disclosure for this purchase can be found here. Insiders have sold a total of 112,383 shares of company stock valued at $117,525 over the last quarter. 1.93% of the stock is owned by company insiders.

Institutional Trading of Bakkt

Several hedge funds and other institutional investors have recently bought and sold shares of BKKT. Advisor Group Holdings Inc. increased its holdings in Bakkt by 109.5% in the 1st quarter. Advisor Group Holdings Inc. now owns 22,560 shares of the company’s stock valued at $138,000 after buying an additional 11,793 shares during the period. Bank of Montreal Can bought a new position in Bakkt in the 1st quarter valued at about $66,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new position in Bakkt in the 1st quarter valued at about $76,000. BlackRock Inc. increased its holdings in Bakkt by 35.9% in the 1st quarter. BlackRock Inc. now owns 545,794 shares of the company’s stock valued at $3,362,000 after buying an additional 144,218 shares during the period. Finally, Cetera Investment Advisers grew its holdings in shares of Bakkt by 234.0% during the 1st quarter. Cetera Investment Advisers now owns 38,982 shares of the company’s stock valued at $240,000 after purchasing an additional 27,312 shares during the last quarter. Institutional investors and hedge funds own 11.11% of the company’s stock.

About Bakkt

Bakkt Holdings, Inc offers a platform for crypto and redeeming loyalty points. The company's institutional-grade technology platform offers various solutions, such as Custody, an institutional-grade custody solution for market participants; Crypto Connect, a platform that enables consumers, businesses, and institutions to buy, sell, and store crypto in a digital experience; Crypto Rewards that focuses on enabling customers to earn crypto rewards, as well as redeem existing reward currencies into crypto; and Crypto Payouts for customers to automatically invest a portion of payments into crypto.