Bakkt’s (BKKT) Buy Rating Reiterated at Rosenblatt Securities

Rosenblatt Securities reiterated their buy rating on shares of Bakkt (NYSE:BKKT) in a research report sent to investors on Tuesday, Benzinga reports. The firm currently has a $0.75 price target on the stock.

Bakkt Trading Down 3.5 %

NYSE:BKKT opened at $0.46 on Tuesday. The firm has a market cap of $126.29 million, a price-to-earnings ratio of -0.55 and a beta of 4.19. The company’s 50-day moving average is $0.89 and its two-hundred day moving average is $1.24. Bakkt has a 12-month low of $0.41 and a 12-month high of $2.75.

Insider Transactions at Bakkt

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

Institutional Trading of Bakkt

Hedge funds have recently made changes to their positions in the stock. Citigroup Inc. lifted its stake in Bakkt by 4,335.3% during the second quarter. Citigroup Inc. now owns 20,846 shares of the company’s stock worth $26,000 after purchasing an additional 20,376 shares during the last quarter. Price T Rowe Associates Inc. MD bought a new stake in Bakkt in the third quarter valued at $27,000. Tower Research Capital LLC TRC lifted its stake in Bakkt by 109.2% in the second quarter. Tower Research Capital LLC TRC now owns 23,496 shares of the company’s stock valued at $29,000 after buying an additional 12,267 shares during the last quarter. Point72 Hong Kong Ltd bought a new stake in Bakkt in the second quarter valued at $30,000. Finally, SG Americas Securities LLC bought a new stake in Bakkt in the third quarter valued at $31,000. Institutional investors and hedge funds own 11.11% of the company’s stock.

Bakkt Company Profile

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.