Bakkt (NYSE:BKKT) Director Buys $1,804,000.00 in Stock

Bakkt Holdings, Inc. (NYSE:BKKT) Director Michael Alfred purchased 220,000 shares of the stock in a transaction dated Monday, May 18th. The shares were purchased at an average cost of $8.20 per share, for a total transaction 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 position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

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

• On Friday, May 15th, Michael Alfred purchased 365,000 shares of Bakkt stock. The shares were purchased at an average cost of $8.34 per share, for a total transaction of $3,044,100.00.

Bakkt Trading Up 4.4%

Shares of BKKT stock opened at $10.10 on Thursday. The company’s 50-day moving average price is $8.66 and its 200-day moving average price is $12.20. The stock has a market cap of $308.80 million, a price-to-earnings ratio of -7.38 and a beta of 5.85. Bakkt Holdings, Inc. has a twelve month low of $6.87 and a twelve month 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 the consensus estimate 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 firm 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 research analysts have commented on the stock. Wall Street Zen raised shares of Bakkt from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 16th. Weiss Ratings cut shares of Bakkt from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, April 29th. Finally, Benchmark decreased their target price on shares of Bakkt from $40.00 to $22.00 and set a “buy” rating on the stock in a research report on Wednesday, March 18th. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $22.00.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of BKKT. Bank of America Corp DE increased its stake in Bakkt by 51.8% during the first quarter. Bank of America Corp DE now owns 16,758 shares of the company’s stock worth $123,000 after purchasing an additional 5,718 shares during the period. State of Wyoming increased its stake in Bakkt by 217.1% during the first quarter. State of Wyoming now owns 10,679 shares of the company’s stock worth $79,000 after purchasing an additional 7,311 shares during the period. Cetera Investment Advisers purchased a new stake in Bakkt during the first quarter worth about $105,000. Bank of New York Mellon Corp increased its stake in Bakkt by 37.4% during the first quarter. Bank of New York Mellon Corp now owns 33,637 shares of the company’s stock worth $248,000 after purchasing an additional 9,156 shares during the period. Finally, Alpine Global Management LLC purchased a new stake in Bakkt during the fourth quarter worth about $171,000. 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.