Bakkt (NYSE:BKKT) Shares Set to Reverse Split on Monday, April 29th

Bakkt Holdings, Inc. (NYSE:BKKT) shares are scheduled to reverse split on Monday, April 29th. The 1-25 reverse split was announced on Tuesday, April 23rd. The number of shares owned by shareholders will be adjusted after the closing bell on Friday, April 26th.

Bakkt Stock Down 10.1 %

Shares of BKKT opened at $0.36 on Thursday. The company’s fifty day moving average is $0.59 and its 200-day moving average is $1.15. Bakkt has a 12 month low of $0.33 and a 12 month high of $2.75. The firm has a market cap of $115.84 million, a price-to-earnings ratio of -0.43 and a beta of 4.12.

Bakkt (NYSE:BKKT) last posted its earnings results on Monday, March 25th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.18). Bakkt had a negative net margin of 9.59% and a negative return on equity of 33.06%. The firm had revenue of $214.50 million during the quarter, compared to analyst estimates of $214.00 million. As a group, research analysts predict that Bakkt will post -0.32 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

BKKT has been the subject of a number of research reports. Citigroup reduced their price target on shares of Bakkt from $0.50 to $0.30 and set a “sell” rating for the company in a report on Wednesday, March 27th. Rosenblatt Securities reissued a “buy” rating and issued a $0.75 price target on shares of Bakkt in a report on Tuesday, March 26th.

Insider Buying and Selling

In related news, General Counsel Marc D’annunzio sold 50,247 shares of the stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $0.88, for a total transaction of $44,217.36. Following the completion of the sale, the general counsel now owns 566,630 shares in the company, valued at approximately $498,634.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, major shareholder Intercontinental Exchange, Inc acquired 2,762,009 shares of the stock in a transaction on Monday, March 4th. The stock was purchased at an average price of $0.87 per share, for a total transaction of $2,402,947.83. Following the transaction, the insider now owns 7,476,345 shares of the company’s stock, valued at approximately $6,504,420.15. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, General Counsel Marc D’annunzio sold 50,247 shares of the firm’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $0.88, for a total transaction of $44,217.36. Following the completion of the sale, the general counsel now owns 566,630 shares of the company’s stock, valued at approximately $498,634.40. The disclosure for this sale can be found here. 1.78% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Bakkt

Several institutional investors have recently modified their holdings of BKKT. PEAK6 Investments LLC acquired a new stake in shares of Bakkt during the 3rd quarter worth approximately $7,185,000. Van ECK Associates Corp grew its position in shares of Bakkt by 47.6% during the 4th quarter. Van ECK Associates Corp now owns 2,901,369 shares of the company’s stock worth $6,470,000 after buying an additional 935,567 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Bakkt by 47.8% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,928,052 shares of the company’s stock worth $4,300,000 after buying an additional 623,748 shares during the period. Exchange Traded Concepts LLC grew its position in shares of Bakkt by 14.7% during the 4th quarter. Exchange Traded Concepts LLC now owns 2,601,904 shares of the company’s stock worth $5,802,000 after buying an additional 332,936 shares during the period. Finally, Headlands Technologies LLC bought a new position in Bakkt during the 4th quarter worth approximately $508,000. Institutional investors and hedge funds own 11.11% of the company’s stock.

Bakkt Company Profile

Bakkt Holdings, Inc offers software as a service and application programming interface solutions for crypto and loyalty, powering engagement, and performance. The company operates Bakkt Marketplace, a platform that enables consumers to buy, sell, and store crypto in an embedded web experience; Bakkt Crypto, a platform that supports clients with a range of crypto solutions; and Bakkt Trust, institutional-grade qualified custody solution for market participants.