Bakkt (NYSE:BKKT) Releases Earnings Results, Beats Estimates By $0.46 EPS

Bakkt (NYSE:BKKT) posted its quarterly earnings results on Monday. The company reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.47) by $0.46, FiscalAI reports. Bakkt had a negative return on equity of 45.27% and a negative net margin of 1.07%.

Bakkt Price Performance

Shares of NYSE BKKT opened at $9.12 on Monday. The firm has a market capitalization of $284.35 million, a PE ratio of -1.78 and a beta of 5.97. The business’s fifty day moving average price is $12.95 and its two-hundred day moving average price is $16.94. Bakkt has a 1-year low of $6.81 and a 1-year high of $49.79.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Bakkt in a report on Monday, December 29th. One research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Bakkt currently has a consensus rating of “Hold” and a consensus target price of $13.00.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Advisory Services Network LLC bought a new stake in shares of Bakkt in the third quarter valued at approximately $30,000. Legal & General Group Plc lifted its stake in Bakkt by 110.7% during the third quarter. Legal & General Group Plc now owns 982 shares of the company’s stock worth $33,000 after purchasing an additional 516 shares during the period. State of Wyoming acquired a new stake in Bakkt during the fourth quarter valued at approximately $34,000. JPMorgan Chase & Co. grew its stake in shares of Bakkt by 3,275.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,498 shares of the company’s stock valued at $35,000 after purchasing an additional 2,424 shares during the period. Finally, Northwestern Mutual Wealth Management Co. acquired a new position in shares of Bakkt in the 3rd quarter worth approximately $41,000. Institutional investors own 11.11% of the company’s stock.

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.