Bakkt Target of Unusually High Options Trading (NYSE:BKKT)

Bakkt Holdings, Inc. (NYSE:BKKT) saw some unusual options trading on Tuesday. Stock investors bought 6,531 call options on the company. This is an increase of 287% compared to the average volume of 1,686 call options.

Wall Street Analyst Weigh In

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

Insider Activity

In related news, General Counsel Marc D’annunzio sold 7,780 shares of the firm’s stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $8.86, for a total transaction of $68,930.80. Following the completion of the transaction, the general counsel owned 110,059 shares of the company’s stock, valued at $975,122.74. This trade represents a 6.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Michael Alfred purchased 365,000 shares of the firm’s stock in a transaction that occurred on Friday, May 15th. The stock was bought at an average price of $8.34 per share, with a total value of $3,044,100.00. Following the transaction, the director directly owned 405,000 shares in the company, valued at $3,377,700. This trade represents a 912.50% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders have sold 13,249 shares of company stock valued at $119,616. Company insiders own 2.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Advisory Services Network LLC bought a new position in shares of Bakkt in the 3rd quarter valued at approximately $30,000. Legal & General Group Plc grew its holdings in Bakkt by 110.7% in the 3rd quarter. Legal & General Group Plc now owns 982 shares of the company’s stock valued at $33,000 after buying an additional 516 shares during the last quarter. State of Wyoming acquired a new stake in shares of Bakkt during the 4th quarter worth approximately $34,000. JPMorgan Chase & Co. grew its holdings in shares of Bakkt by 3,275.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,498 shares of the company’s stock worth $35,000 after purchasing an additional 2,424 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Bakkt during the 3rd quarter worth approximately $41,000. 11.11% of the stock is owned by institutional investors.

Bakkt Price Performance

Shares of BKKT stock traded up $1.07 during trading on Tuesday, reaching $9.79. The company had a trading volume of 4,481,276 shares, compared to its average volume of 1,488,105. The firm’s 50 day simple moving average is $8.63 and its two-hundred day simple moving average is $12.40. Bakkt has a one year low of $6.87 and a one year high of $49.79. The company has a market capitalization of $299.09 million, a PE ratio of -2.61 and a beta of 5.85.

Bakkt (NYSE:BKKT) last issued its quarterly earnings data on Monday, May 11th. The company reported ($0.41) earnings per share for the quarter, missing analysts’ consensus estimates 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 company had revenue of $243.59 million during the quarter, compared to the consensus estimate of $297.94 million.

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.