Bakkt (NYSE:BKKT) Raised to Hold at Wall Street Zen

Bakkt (NYSE:BKKT) was upgraded by stock analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research report issued on Saturday.

BKKT has been the subject of a number of other research reports. Weiss Ratings upgraded Bakkt from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, July 2nd. Benchmark dropped their target price on Bakkt from $19.00 to $12.00 and set a “buy” rating on the stock in a research report on Wednesday, August 12th. One research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $12.00.

Bakkt Trading Up 0.1%

Shares of BKKT stock opened at $7.66 on Friday. Bakkt has a 12-month low of $6.75 and a 12-month high of $49.79. The firm’s 50 day moving average is $8.02 and its 200 day moving average is $9.09. The stock has a market capitalization of $341.53 million, a P/E ratio of -5.59 and a beta of 5.91.

Bakkt (NYSE:BKKT) last announced its earnings results on Monday, August 10th. The company reported $1.94 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $1.91. The business had revenue of $170.15 million during the quarter, compared to analyst estimates of $373.27 million. Bakkt had a negative net margin of 2.78% and a negative return on equity of 41.11%.

Insider Activity

In related news, Director Michael Alfred acquired 100,000 shares of Bakkt stock in a transaction dated Wednesday, June 10th. The stock was purchased at an average cost of $7.83 per share, for a total transaction of $783,000.00. Following the purchase, the director directly owned 905,000 shares of the company’s stock, valued at approximately $7,086,150. This trade represents a 12.42% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. 10.05% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Bakkt

Several institutional investors and hedge funds have recently bought and sold shares of BKKT. Renaissance Technologies LLC purchased a new stake in shares of Bakkt in the fourth quarter worth $5,643,000. Vanguard Group Inc. lifted its stake in shares of Bakkt by 131.2% during the 3rd quarter. Vanguard Group Inc. now owns 664,561 shares of the company’s stock valued at $22,362,000 after buying an additional 377,101 shares in the last quarter. Marshall Wace LLP bought a new position in Bakkt in the 3rd quarter worth $11,775,000. UBS Group AG boosted its holdings in Bakkt by 638.5% in the 4th quarter. UBS Group AG now owns 264,462 shares of the company’s stock worth $2,655,000 after buying an additional 228,653 shares during the period. Finally, Private Advisor Group LLC purchased a new stake in Bakkt in the 3rd quarter worth $5,308,000. 11.11% of the stock is currently owned by hedge funds and other institutional investors.

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.