Bakkt (NYSE:BKKT) Director Michael Alfred Buys 220,000 Shares

Bakkt Holdings, Inc. (NYSE:BKKT) Director Michael Alfred purchased 220,000 shares of Bakkt stock in a transaction on Monday, May 18th. The shares were purchased at an average cost of $8.20 per share, with a total value of $1,804,000.00. Following the transaction, the director owned 625,000 shares in the company, valued at approximately $5,125,000. The trade was a 54.32% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Michael Alfred also recently made the following trade(s):

• On Friday, May 15th, Michael Alfred acquired 365,000 shares of Bakkt stock. The stock was bought at an average cost of $8.34 per share, with a total value of $3,044,100.00.

Bakkt Stock Up 5.3%

Shares of NYSE BKKT traded up $0.44 during trading hours on Monday, hitting $8.72. The company had a trading volume of 2,012,667 shares, compared to its average volume of 1,453,916. The firm’s 50 day moving average is $8.66 and its 200-day moving average is $12.53. The stock has a market capitalization of $266.35 million, a P/E ratio of -2.31 and a beta of 5.85. Bakkt Holdings, Inc. has a 1-year low of $6.87 and a 1-year high of $49.79.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on BKKT shares. Weiss Ratings downgraded Bakkt from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, April 29th. Benchmark decreased their price target on Bakkt from $40.00 to $22.00 and set a “buy” rating on the stock in a research report on Wednesday, March 18th. Finally, Wall Street Zen upgraded Bakkt from a “strong sell” rating to a “sell” rating in a research report on Saturday. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, Bakkt has a consensus rating of “Hold” and a consensus price target of $22.00.

Institutional Trading of Bakkt

Several institutional investors have recently added to or reduced their stakes in the stock. Legal & General Group Plc boosted its holdings in Bakkt by 110.7% in the third quarter. Legal & General Group Plc now owns 982 shares of the company’s stock valued at $33,000 after acquiring an additional 516 shares during the last quarter. Advisory Services Network LLC acquired a new position in shares of Bakkt during the third quarter worth approximately $30,000. Bank of America Corp DE raised its position in shares of Bakkt by 39.8% during the third quarter. Bank of America Corp DE now owns 4,169 shares of the company’s stock worth $140,000 after purchasing an additional 1,187 shares during the period. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Bakkt during the third quarter worth approximately $41,000. Finally, BNP Paribas Financial Markets raised its position in shares of Bakkt by 268.3% during the third quarter. BNP Paribas Financial Markets now owns 2,158 shares of the company’s stock worth $73,000 after purchasing an additional 1,572 shares during the period. 11.11% of the stock is currently owned by institutional investors.

About Bakkt

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.