Renaissance Technologies LLC Sells 121,000 Shares of Bakkt Holdings, Inc. $BKKT

Renaissance Technologies LLC lowered its stake in Bakkt Holdings, Inc. (NYSE:BKKT) by 21.5% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 441,100 shares of the company’s stock after selling 121,000 shares during the quarter. Renaissance Technologies LLC owned about 1.44% of Bakkt worth $3,246,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in BKKT. Advisory Services Network LLC bought a new position in Bakkt in the 3rd quarter worth approximately $30,000. Legal & General Group Plc boosted its position in shares of Bakkt by 110.7% during the third quarter. Legal & General Group Plc now owns 982 shares of the company’s stock worth $33,000 after acquiring an additional 516 shares during the last quarter. Northwestern Mutual Wealth Management Co. bought a new position in shares of Bakkt during the third quarter worth $41,000. Russell Investments Group Ltd. grew its stake in Bakkt by 759.1% during the third quarter. Russell Investments Group Ltd. now owns 2,036 shares of the company’s stock valued at $69,000 after acquiring an additional 1,799 shares in the last quarter. Finally, BNP Paribas Financial Markets increased its holdings in Bakkt by 268.3% in the 3rd quarter. BNP Paribas Financial Markets now owns 2,158 shares of the company’s stock valued at $73,000 after acquiring an additional 1,572 shares during the last quarter. 11.11% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Bakkt

In other Bakkt news, Director Michael Alfred bought 100,000 shares of Bakkt stock in a transaction dated Wednesday, June 10th. The shares were purchased at an average cost of $7.83 per share, for a total transaction of $783,000.00. Following the acquisition, the director directly owned 905,000 shares in the company, valued at approximately $7,086,150. This represents a 12.42% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. In the last 90 days, insiders have bought 865,000 shares of company stock valued at $7,018,900. Insiders own 10.05% of the company’s stock.

Bakkt Stock Performance

NYSE BKKT opened at $7.49 on Friday. The stock has a 50 day moving average price of $8.19 and a 200-day moving average price of $9.45. Bakkt Holdings, Inc. has a one year low of $6.75 and a one year high of $49.79. The company has a market capitalization of $334.31 million, a P/E ratio of -5.47 and a beta of 5.91.

Bakkt (NYSE:BKKT) last released its quarterly earnings results on Monday, May 11th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.31). Bakkt had a negative net margin of 8.37% and a negative return on equity of 64.73%. The business had revenue of $243.59 million for the quarter, compared to analysts’ expectations of $297.94 million.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Weiss Ratings upgraded shares of Bakkt from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, July 2nd. Wall Street Zen upgraded Bakkt from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 16th. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $22.00.

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.