Bakkt Stock Scheduled to Reverse Split on Monday, April 29th (NYSE:BKKT)

Bakkt Holdings, Inc. (NYSE:BKKT) shares are set to reverse split before the market opens on Monday, April 29th. The 1-25 reverse split was announced on Tuesday, April 23rd. The number of shares owned by shareholders will be adjusted after the closing bell on Friday, April 26th.

Bakkt Trading Up 8.4 %

BKKT opened at $0.40 on Friday. Bakkt has a 1-year low of $0.33 and a 1-year high of $2.75. The firm’s 50 day simple moving average is $14.08 and its two-hundred day simple moving average is $28.30. The company has a market capitalization of $128.58 million, a PE ratio of -0.48 and a beta of 4.12.

Bakkt (NYSE:BKKT) last issued its quarterly earnings results on Monday, March 25th. The company reported ($7.25) EPS for the quarter, missing analysts’ consensus estimates of ($2.75) by ($4.50). Bakkt had a negative return on equity of 33.06% and a negative net margin of 9.59%. The company had revenue of $214.50 million during the quarter, compared to analysts’ expectations of $214.00 million. Equities analysts forecast that Bakkt will post -0.32 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have weighed in on BKKT shares. Citigroup lowered their price target on shares of Bakkt from $12.50 to $7.50 and set a “sell” rating on the stock in a report on Wednesday, March 27th. Rosenblatt Securities restated a “buy” rating and set a $18.75 target price on shares of Bakkt in a research note on Tuesday, March 26th.

Insider Buying and Selling

In other Bakkt news, major shareholder Intercontinental Exchange, Inc purchased 110,480 shares of the stock in a transaction that occurred on Monday, March 4th. The shares were bought at an average cost of $21.75 per share, with a total value of $2,402,940.00. Following the acquisition, the insider now owns 299,053 shares in the company, valued at $6,504,402.75. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Bakkt news, General Counsel Marc D’annunzio sold 2,009 shares of Bakkt stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $22.00, for a total value of $44,198.00. Following the sale, the general counsel now owns 22,665 shares of the company’s stock, valued at approximately $498,630. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Intercontinental Exchange, Inc acquired 110,480 shares of the firm’s stock in a transaction dated Monday, March 4th. The shares were purchased at an average cost of $21.75 per share, for a total transaction of $2,402,940.00. Following the completion of the acquisition, the insider now directly owns 299,053 shares in the company, valued at $6,504,402.75. The disclosure for this purchase can be found here. 1.78% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. United Capital Management of KS Inc. purchased a new position in Bakkt in the fourth quarter worth about $37,000. SG Americas Securities LLC purchased a new position in shares of Bakkt in the 3rd quarter worth approximately $31,000. AJOVista LLC purchased a new position in shares of Bakkt in the 4th quarter worth approximately $65,000. Vontobel Holding Ltd. bought a new position in shares of Bakkt during the 3rd quarter valued at approximately $35,000. Finally, International Assets Investment Management LLC raised its holdings in Bakkt by 155.8% during the 4th quarter. International Assets Investment Management LLC now owns 31,332 shares of the company’s stock valued at $70,000 after buying an additional 19,082 shares during the period. 11.11% of the stock is owned by hedge funds and other institutional investors.

Bakkt Company Profile

Bakkt Holdings, Inc offers software as a service and application programming interface solutions for crypto and loyalty, powering engagement, and performance. The company operates Bakkt Marketplace, a platform that enables consumers to buy, sell, and store crypto in an embedded web experience; Bakkt Crypto, a platform that supports clients with a range of crypto solutions; and Bakkt Trust, institutional-grade qualified custody solution for market participants.