Bakkt (NYSE:BKKT) Releases Quarterly Earnings Results, Beats Estimates By $0.46 EPS

Bakkt (NYSE:BKKT) posted its earnings results on Monday. The company reported ($0.01) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.47) by $0.46, FiscalAI reports. Bakkt had a negative return on equity of 45.27% and a negative net margin of 1.07%.

Bakkt Price Performance

NYSE:BKKT opened at $9.25 on Tuesday. The firm has a 50 day simple moving average of $12.93 and a 200-day simple moving average of $16.95. The firm has a market cap of $288.29 million, a PE ratio of -1.80 and a beta of 5.97. Bakkt has a 1-year low of $6.81 and a 1-year high of $49.79.

Wall Street Analyst Weigh In

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

Institutional Trading of Bakkt

A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in Bakkt by 131.2% in the 3rd quarter. Vanguard Group Inc. now owns 664,561 shares of the company’s stock valued at $22,362,000 after acquiring an additional 377,101 shares during the last quarter. Renaissance Technologies LLC acquired a new stake in shares of Bakkt during the fourth quarter worth $5,643,000. Geode Capital Management LLC boosted its holdings in shares of Bakkt by 13.2% during the fourth quarter. Geode Capital Management LLC now owns 489,428 shares of the company’s stock worth $4,914,000 after purchasing an additional 56,910 shares during the last quarter. Marshall Wace LLP purchased a new stake in shares of Bakkt in the third quarter valued at $11,775,000. Finally, State Street Corp grew its position in shares of Bakkt by 23.1% in the fourth quarter. State Street Corp now owns 258,384 shares of the company’s stock valued at $2,594,000 after purchasing an additional 48,509 shares during the period. Institutional investors and hedge funds 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.