Bakkt (NYSE:BKKT) Trading Down 13.2%

Bakkt Holdings, Inc. (NYSE:BKKT)’s stock price traded down 13.2% on Tuesday . The company traded as low as $8.56 and last traded at $8.65. 83,614 shares were traded during mid-day trading, a decline of 62% from the average session volume of 222,552 shares. The stock had previously closed at $9.96.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Citigroup decreased their target price on 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 report on Tuesday, March 26th.

Bakkt Price Performance

The firm has a market cap of $2.40 billion, a price-to-earnings ratio of -10.86 and a beta of 4.12. The firm has a 50 day moving average price of $13.79 and a 200-day moving average price of $28.17.

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

Insider Activity

In other news, General Counsel Marc D’annunzio sold 2,009 shares of the company’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $22.00, for a total transaction of $44,198.00. Following the transaction, the general counsel now owns 22,665 shares of the company’s stock, valued at $498,630. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, major shareholder Intercontinental Exchange, Inc bought 350,880 shares of the business’s stock in a transaction on Thursday, April 25th. The shares were purchased at an average price of $0.87 per share, with a total value of $305,265.60. Following the completion of the purchase, the insider now owns 649,934 shares of the company’s stock, valued at approximately $565,442.58. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, General Counsel Marc D’annunzio sold 2,009 shares of the stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $22.00, for a total value of $44,198.00. Following the completion of the transaction, the general counsel now directly owns 22,665 shares in the company, valued at approximately $498,630. The disclosure for this sale can be found here. 1.75% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Bakkt

Several hedge funds have recently added to or reduced their stakes in BKKT. United Capital Management of KS Inc. acquired a new stake in shares of Bakkt during the fourth quarter worth about $37,000. SG Americas Securities LLC acquired a new stake in shares of Bakkt during the third quarter worth about $31,000. AJOVista LLC acquired a new stake in shares of Bakkt during the fourth quarter worth about $65,000. International Assets Investment Management LLC raised its position in shares of Bakkt by 155.8% during the fourth quarter. International Assets Investment Management LLC now owns 31,332 shares of the company’s stock worth $70,000 after purchasing an additional 19,082 shares during the period. Finally, Walled Lake Planning & Wealth Management LLC acquired a new stake in shares of Bakkt during the fourth quarter worth about $84,000. Institutional investors and hedge funds own 11.11% of the company’s stock.

About Bakkt

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.