Bakkt (NYSE:BKKT) Director Acquires $2,111,557.04 in Stock

Bakkt Holdings, Inc. (NYSE:BKKT) Director Michael Alfred purchased 296,567 shares of the stock in a transaction dated Tuesday, August 18th. The shares were bought at an average price of $7.12 per share, with a total value of $2,111,557.04. Following the completion of the acquisition, the director directly owned 1,201,567 shares of the company’s stock, valued at approximately $8,555,157.04. This represents a 32.77% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

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 purchased at an average price of $7.83 per share, with a total value of $783,000.00.
• On Tuesday, June 9th, Michael Alfred acquired 180,000 shares of Bakkt stock. The shares were purchased at an average cost of $7.71 per share, for a total transaction of $1,387,800.00.

Bakkt Stock Up 14.1%

Shares of BKKT stock opened at $8.56 on Friday. The firm has a market capitalization of $385.80 million, a P/E ratio of 19.02 and a beta of 5.91. Bakkt Holdings, Inc. has a twelve month low of $6.71 and a twelve month high of $49.79. The stock’s fifty day simple moving average is $7.97 and its 200 day simple moving average is $8.89.

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

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Benchmark lowered their price objective on Bakkt from $19.00 to $12.00 and set a “buy” rating for the company in a research note on Wednesday, August 12th. Weiss Ratings raised shares of Bakkt from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, July 2nd. Finally, Wall Street Zen raised shares of Bakkt from a “sell” rating to a “hold” rating in a report on Saturday, August 15th. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $12.00.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its position in shares of Bakkt by 131.2% in 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 during the last quarter. Renaissance Technologies LLC acquired a new stake in shares of Bakkt in the fourth quarter valued at about $5,643,000. Geode Capital Management LLC raised its position in shares of Bakkt by 13.2% during the fourth quarter. Geode Capital Management LLC now owns 489,428 shares of the company’s stock worth $4,914,000 after acquiring an additional 56,910 shares during the last quarter. Marshall Wace LLP bought a new position in shares of Bakkt during the third quarter worth about $11,775,000. Finally, UBS Group AG lifted its stake in shares of Bakkt by 638.5% in the fourth quarter. UBS Group AG now owns 264,462 shares of the company’s stock worth $2,655,000 after acquiring an additional 228,653 shares during the period. 11.11% of the stock is owned by institutional investors.

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.