Bakkt Holdings, Inc. (NYSE:BKKT) Sees Significant Decrease in Short Interest

Bakkt Holdings, Inc. (NYSE:BKKT) was the recipient of a significant decrease in short interest in the month of October. As of October 15th, there was short interest totaling 1,930,000 shares, a decrease of 31.6% from the September 30th total of 2,820,000 shares. Currently, 16.1% of the company’s shares are sold short. Based on an average daily volume of 2,710,000 shares, the days-to-cover ratio is presently 0.7 days. Based on an average daily volume of 2,710,000 shares, the days-to-cover ratio is presently 0.7 days. Currently, 16.1% of the company’s shares are sold short.

Bakkt Stock Down 2.5%

Shares of NYSE:BKKT traded down $0.69 on Monday, hitting $26.98. 2,020,473 shares of the company traded hands, compared to its average volume of 2,148,264. Bakkt has a 52 week low of $6.81 and a 52 week high of $49.79. The stock has a 50 day simple moving average of $22.91 and a 200-day simple moving average of $16.44. The company has a market cap of $581.48 million, a PE ratio of -6.09 and a beta of 5.85.

Bakkt (NYSE:BKKT) last issued its quarterly earnings results on Monday, August 11th. The company reported ($2.16) earnings per share for the quarter, missing the consensus estimate of ($0.69) by ($1.47). Bakkt had a negative net margin of 0.77% and a negative return on equity of 99.39%. The company had revenue of $577.88 million for the quarter, compared to the consensus estimate of $17.10 million.

Analysts Set New Price Targets

A number of equities analysts recently commented on BKKT shares. Weiss Ratings restated a “sell (e+)” rating on shares of Bakkt in a report on Tuesday, October 14th. Benchmark initiated coverage on Bakkt in a report on Monday, September 8th. They issued a “buy” rating and a $13.00 price objective for the company. Finally, Wall Street Zen downgraded Bakkt from a “hold” rating to a “sell” rating in a report on Saturday, August 16th. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, Bakkt currently has a consensus rating of “Hold” and a consensus target price of $13.00.

Insider Buying and Selling at Bakkt

In related news, CEO Akshay Sudhir Naheta acquired 30,000 shares of the company’s stock in a transaction dated Friday, August 22nd. The stock was purchased at an average price of $8.55 per share, with a total value of $256,500.00. Following the completion of the purchase, the chief executive officer owned 191,426 shares in the company, valued at $1,636,692.30. This trade represents a 18.58% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 2.50% of the company’s stock.

Hedge Funds Weigh In On Bakkt

Institutional investors and hedge funds have recently modified their holdings of the stock. Flaharty Asset Management LLC bought a new position in shares of Bakkt during the first quarter valued at $26,000. JPMorgan Chase & Co. increased its holdings in shares of Bakkt by 3,275.7% during the second quarter. JPMorgan Chase & Co. now owns 2,498 shares of the company’s stock valued at $35,000 after acquiring an additional 2,424 shares in the last quarter. Bank of America Corp DE boosted its position in shares of Bakkt by 914.3% during the second quarter. Bank of America Corp DE now owns 2,982 shares of the company’s stock valued at $42,000 after buying an additional 2,688 shares during the last quarter. AlphaQuest LLC purchased a new stake in shares of Bakkt during the first quarter valued at $56,000. Finally, Tower Research Capital LLC TRC purchased a new stake in shares of Bakkt during the second quarter valued at $56,000. 11.11% of the stock is currently owned by institutional investors.

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.