Bakkt (NYSE:BKKT) Trading Down 6.4% – Should You Sell?

Bakkt Holdings, Inc. (NYSE:BKKT) dropped 6.4% during trading on Thursday . The stock traded as low as $19.36 and last traded at $19.6720. Approximately 252,053 shares were traded during trading, a decline of 88% from the average daily volume of 2,027,657 shares. The stock had previously closed at $21.01.

Analyst Ratings Changes

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Bakkt in a research report on Monday, December 29th. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Bakkt has a consensus rating of “Hold” and a consensus target price of $13.00.

Bakkt Trading Down 2.2%

The stock has a market capitalization of $640.62 million, a P/E ratio of -4.00 and a beta of 5.92. The business has a 50-day moving average price of $14.61 and a two-hundred day moving average price of $17.61.

Hedge Funds Weigh In On Bakkt

Several hedge funds and other institutional investors have recently modified their holdings of the business. Delta Investment Management LLC acquired a new position in Bakkt during the 2nd quarter worth approximately $159,000. Legal & General Group Plc raised its position in 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 purchasing an additional 516 shares during the last quarter. Russell Investments Group Ltd. lifted its stake in shares of Bakkt by 759.1% in the third quarter. Russell Investments Group Ltd. now owns 2,036 shares of the company’s stock worth $69,000 after acquiring an additional 1,799 shares during the period. Private Advisor Group LLC acquired a new position in shares of Bakkt in the 3rd quarter worth approximately $5,308,000. Finally, Vanguard Group Inc. lifted its holdings in Bakkt by 131.2% in the third quarter. Vanguard Group Inc. now owns 664,561 shares of the company’s stock valued at $22,362,000 after buying an additional 377,101 shares during the period. 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.