Bakkt (NYSE:BKKT) Director Michael Alfred Buys 180,000 Shares of Stock

Bakkt Holdings, Inc. (NYSE:BKKT) Director Michael Alfred purchased 180,000 shares of the company’s stock in a transaction dated Tuesday, June 9th. The stock was bought at an average cost of $7.71 per share, for a total transaction of $1,387,800.00. Following the completion of the purchase, the director directly owned 805,000 shares of the company’s stock, valued at $6,206,550. The trade was a 28.80% 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 Wednesday, June 10th, Michael Alfred acquired 100,000 shares of Bakkt stock. The shares were purchased at an average price of $7.83 per share, with a total value of $783,000.00.
• On Monday, May 18th, Michael Alfred acquired 220,000 shares of Bakkt stock. The shares were purchased at an average price of $8.20 per share, with a total value of $1,804,000.00.
• On Friday, May 15th, Michael Alfred acquired 365,000 shares of Bakkt stock. The shares were purchased at an average price of $8.34 per share, with a total value of $3,044,100.00.

Bakkt Trading Up 9.1%

Shares of NYSE:BKKT opened at $8.38 on Friday. Bakkt Holdings, Inc. has a 1 year low of $6.87 and a 1 year high of $49.79. The business has a fifty day simple moving average of $9.08 and a 200 day simple moving average of $11.03. The firm has a market cap of $373.65 million, a price-to-earnings ratio of -6.11 and a beta of 5.83.

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

Wall Street Analysts Forecast Growth

BKKT has been the subject of several recent research reports. Wall Street Zen upgraded Bakkt from a “strong sell” rating to a “sell” rating in a report on Saturday, May 16th. Weiss Ratings lowered Bakkt from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, April 29th. Finally, Benchmark cut their price objective on Bakkt from $40.00 to $22.00 and set a “buy” rating for the company in a report on Wednesday, March 18th. One 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 has an average rating of “Hold” and a consensus target price of $22.00.

Hedge Funds Weigh In On Bakkt

Several hedge funds have recently bought and sold shares of BKKT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Bakkt by 11.8% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 94,734 shares of the company’s stock worth $821,000 after buying an additional 10,018 shares during the last quarter. Geode Capital Management LLC increased its position in Bakkt by 33.1% during the second quarter. Geode Capital Management LLC now owns 247,177 shares of the company’s stock worth $3,448,000 after buying an additional 61,408 shares during the last quarter. Cetera Investment Advisers acquired a new position in Bakkt during the second quarter worth $153,000. JPMorgan Chase & Co. increased its position in Bakkt by 3,275.7% during the second quarter. JPMorgan Chase & Co. now owns 2,498 shares of the company’s stock worth $35,000 after buying an additional 2,424 shares during the last quarter. Finally, New York State Common Retirement Fund acquired a new position in Bakkt during the second quarter worth $106,000. 11.11% of the stock is owned by institutional investors and hedge funds.

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.