Michael Alfred Buys 365,000 Shares of Bakkt (NYSE:BKKT) Stock

Bakkt Holdings, Inc. (NYSE:BKKT) Director Michael Alfred bought 365,000 shares of the firm’s stock in a transaction on Friday, May 15th. The shares were purchased at an average price of $8.34 per share, for a total transaction of $3,044,100.00. Following the purchase, the director owned 405,000 shares in the company, valued at $3,377,700. This trade represents a 912.50% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website.

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

• On Monday, May 18th, Michael Alfred bought 220,000 shares of Bakkt stock. The shares were purchased at an average price of $8.20 per share, for a total transaction of $1,804,000.00.

Bakkt Stock Performance

BKKT traded up $0.44 during trading on Monday, reaching $8.72. 2,012,667 shares of the company traded hands, compared to its average volume of 1,453,916. Bakkt Holdings, Inc. has a 12-month low of $6.87 and a 12-month high of $49.79. The firm has a fifty day simple moving average of $8.66 and a 200 day simple moving average of $12.53. The company has a market cap of $266.35 million, a P/E ratio of -2.31 and a beta of 5.85.

Bakkt (NYSE:BKKT) last announced its quarterly earnings data 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 company had revenue of $243.59 million for the quarter, compared to analysts’ expectations of $297.94 million.

Hedge Funds Weigh In On Bakkt

Institutional investors have recently bought and sold shares of the business. Advisory Services Network LLC bought a new position in Bakkt during the third quarter valued at $30,000. Legal & General Group Plc lifted its position in Bakkt by 110.7% during the third quarter. Legal & General Group Plc now owns 982 shares of the company’s stock valued at $33,000 after purchasing an additional 516 shares during the last quarter. State of Wyoming bought a new position in Bakkt during the fourth quarter valued at $34,000. JPMorgan Chase & Co. lifted its position in Bakkt by 3,275.7% during the second quarter. JPMorgan Chase & Co. now owns 2,498 shares of the company’s stock valued at $35,000 after purchasing an additional 2,424 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. bought a new position in Bakkt during the third quarter valued at $41,000. Institutional investors own 11.11% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on BKKT. Wall Street Zen raised shares of Bakkt from a “strong sell” rating to a “sell” rating in a report on Saturday. Benchmark cut their price objective on shares of Bakkt from $40.00 to $22.00 and set a “buy” rating for the company in a report on Wednesday, March 18th. Finally, Weiss Ratings lowered shares of Bakkt from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, April 29th. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Bakkt presently has an average rating of “Hold” and a consensus price target of $22.00.

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.