Bakkt (NYSE:BKKT) Director Purchases $1,387,800.00 in Stock

Bakkt Holdings, Inc. (NYSE:BKKT) Director Michael Alfred purchased 180,000 shares of the stock in a transaction that occurred on Tuesday, June 9th. The stock was bought at an average cost of $7.71 per share, with a total value of $1,387,800.00. Following the completion of the transaction, the director directly owned 805,000 shares in the company, valued at $6,206,550. The trade was a 28.80% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

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

• On Wednesday, June 10th, Michael Alfred purchased 100,000 shares of Bakkt stock. The stock was bought at an average cost of $7.83 per share, with a total value of $783,000.00.
• On Monday, May 18th, Michael Alfred purchased 220,000 shares of Bakkt stock. The stock was bought at an average cost of $8.20 per share, with a total value of $1,804,000.00.
• On Friday, May 15th, Michael Alfred purchased 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 9.1%

NYSE BKKT traded up $0.70 on Thursday, reaching $8.38. The company had a trading volume of 1,373,947 shares, compared to its average volume of 1,618,409. The stock has a market capitalization of $373.67 million, a P/E ratio of -6.11 and a beta of 5.83. The company’s fifty day moving average is $9.06 and its 200 day moving average is $11.07. Bakkt Holdings, Inc. has a 52-week low of $6.87 and a 52-week high of $49.79.

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

Institutional Investors Weigh In On Bakkt

Several large investors have recently added to or reduced their stakes in BKKT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Bakkt by 11.8% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 94,734 shares of the company’s stock worth $821,000 after acquiring an additional 10,018 shares during the last quarter. Geode Capital Management LLC increased its holdings in Bakkt by 33.1% in the 2nd quarter. Geode Capital Management LLC now owns 247,177 shares of the company’s stock worth $3,448,000 after acquiring an additional 61,408 shares during the last quarter. Cetera Investment Advisers purchased a new stake in Bakkt in the 2nd quarter worth about $153,000. JPMorgan Chase & Co. increased its holdings in Bakkt by 3,275.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,498 shares of the company’s stock worth $35,000 after acquiring an additional 2,424 shares during the last quarter. Finally, New York State Common Retirement Fund purchased a new stake in Bakkt in the 2nd quarter worth about $106,000. Hedge funds and other institutional investors own 11.11% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Weiss Ratings lowered Bakkt from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, April 29th. Benchmark decreased their target price on Bakkt from $40.00 to $22.00 and set a “buy” rating for the company in a research report on Wednesday, March 18th. Finally, Wall Street Zen raised Bakkt from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 16th. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Bakkt currently has an average rating of “Hold” and a consensus target price of $22.00.

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.