Michael Alfred Purchases 100,000 Shares of Bakkt (NYSE:BKKT) Stock

Bakkt Holdings, Inc. (NYSE:BKKT) Director Michael Alfred bought 100,000 shares of the company’s stock in a transaction dated Wednesday, June 10th. The shares were acquired at an average cost of $7.83 per share, for a total transaction of $783,000.00. Following the completion of the transaction, the director owned 905,000 shares of the company’s stock, valued at approximately $7,086,150. The trade was a 12.42% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

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

• On Tuesday, June 9th, Michael Alfred bought 180,000 shares of Bakkt stock. The shares were acquired at an average cost of $7.71 per share, for a total transaction of $1,387,800.00.
• On Monday, May 18th, Michael Alfred bought 220,000 shares of Bakkt stock. The shares were acquired at an average cost of $8.20 per share, for a total transaction of $1,804,000.00.
• On Friday, May 15th, Michael Alfred bought 365,000 shares of Bakkt stock. The shares were acquired at an average cost of $8.34 per share, for a total transaction of $3,044,100.00.

Bakkt Stock Performance

Shares of NYSE BKKT opened at $8.52 on Friday. Bakkt Holdings, Inc. has a 1 year low of $6.87 and a 1 year high of $49.79. The firm has a market cap of $379.90 million, a price-to-earnings ratio of -6.22 and a beta of 5.83. The stock’s 50-day simple moving average is $9.10 and its 200-day simple moving average is $11.01.

Bakkt (NYSE:BKKT) last announced its 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 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 analysts’ expectations of $297.94 million.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Wall Street Zen raised Bakkt from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 16th. Benchmark dropped their target price 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, Weiss Ratings lowered Bakkt from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, April 29th. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Bakkt presently has a consensus rating of “Hold” and an average price target of $22.00.

Hedge Funds Weigh In On Bakkt

Hedge funds have recently bought and sold shares of the company. Advisory Services Network LLC acquired a new position in Bakkt in the third quarter worth about $30,000. Legal & General Group Plc grew its stake in Bakkt by 110.7% in the third quarter. Legal & General Group Plc now owns 982 shares of the company’s stock worth $33,000 after purchasing an additional 516 shares in the last quarter. Northwestern Mutual Wealth Management Co. acquired a new position in Bakkt in the third quarter worth about $41,000. Russell Investments Group Ltd. grew its stake in 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 purchasing an additional 1,799 shares in the last quarter. Finally, BNP Paribas Financial Markets grew its stake in Bakkt by 268.3% in 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 in the last quarter. 11.11% of the stock is currently owned by institutional investors and hedge funds.

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.