Bakkt (NYSE:BKKT) Releases Quarterly Earnings Results

Bakkt (NYSE:BKKT) announced its quarterly earnings data on Monday. The company reported $1.20 EPS for the quarter, beating analysts’ consensus estimates of ($0.50) by $1.70, Zacks reports. Bakkt had a negative net margin of 0.77% and a negative return on equity of 99.39%.

Bakkt Stock Performance

NYSE:BKKT traded down $1.95 during trading hours on Monday, hitting $21.71. The company’s stock had a trading volume of 1,087,269 shares, compared to its average volume of 1,209,855. Bakkt has a 52-week low of $6.81 and a 52-week high of $49.79. The business’s 50-day moving average is $24.02 and its two-hundred day moving average is $16.83. The company has a market capitalization of $467.92 million, a PE ratio of -4.91 and a beta of 5.84.

Insider Buying and Selling at Bakkt

In related news, CEO Akshay Sudhir Naheta purchased 150,000 shares of the business’s stock in a transaction dated Thursday, August 21st. The stock was acquired at an average price of $8.12 per share, for a total transaction of $1,218,000.00. Following the acquisition, the chief executive officer directly owned 161,426 shares of the company’s stock, valued at $1,310,779.12. This trade represents a 1,312.80% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BKKT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Bakkt by 11.8% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 94,734 shares of the company’s stock worth $821,000 after purchasing an additional 10,018 shares during the period. Geode Capital Management LLC raised its stake in shares of Bakkt by 33.1% in the 2nd quarter. Geode Capital Management LLC now owns 247,177 shares of the company’s stock valued at $3,448,000 after purchasing an additional 61,408 shares in the last quarter. Cetera Investment Advisers bought a new position in shares of Bakkt during the second quarter worth about $153,000. JPMorgan Chase & Co. increased its holdings in Bakkt by 3,275.7% in the second quarter. JPMorgan Chase & Co. now owns 2,498 shares of the company’s stock valued at $35,000 after buying an additional 2,424 shares during the last quarter. Finally, New York State Common Retirement Fund acquired a new stake in Bakkt during the second quarter valued at approximately $106,000. Institutional investors and hedge funds own 11.11% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Bakkt in a research report on Tuesday, October 14th. Benchmark assumed coverage on Bakkt in a report on Monday, September 8th. They set a “buy” rating and a $13.00 price objective on the stock. Finally, Wall Street Zen downgraded Bakkt from a “hold” rating to a “sell” rating in a research note 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 stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $13.00.

About Bakkt

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.