Bakkt (NYSE:BKKT) Shares Gap Down – Here’s What Happened

Bakkt Holdings, Inc. (NYSE:BKKT) gapped down before the market opened on Friday . The stock had previously closed at $43.92, but opened at $40.80. Bakkt shares last traded at $43.39, with a volume of 1,313,315 shares trading hands.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Benchmark assumed coverage on shares of Bakkt in a research note on Monday, September 8th. They set a “buy” rating and a $13.00 price objective for the company. Wall Street Zen cut shares of Bakkt from a “hold” rating to a “sell” rating in a research note on Saturday, August 16th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Bakkt in a report on Saturday, September 27th. One 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 company currently has a consensus rating of “Hold” and a consensus price target of $13.00.

Bakkt Trading Down 8.5%

The stock has a market capitalization of $865.60 million, a PE ratio of -9.07 and a beta of 5.88. The firm’s fifty day moving average price is $12.94 and its two-hundred day moving average price is $12.81.

Bakkt (NYSE:BKKT) last posted its 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). The firm had revenue of $577.88 million for the quarter, compared to analysts’ expectations of $17.10 million. Bakkt had a negative net margin of 0.77% and a negative return on equity of 99.39%.

Insider Buying and Selling at Bakkt

In related news, CEO Akshay Sudhir Naheta purchased 30,000 shares of the business’s stock in a transaction that occurred on Friday, August 22nd. The stock was bought at an average price of $8.55 per share, with a total value of $256,500.00. Following the acquisition, the chief executive officer owned 191,426 shares in the company, valued at $1,636,692.30. The trade was a 18.58% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Andrew A. Main sold 14,440 shares of the business’s stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $18.21, for a total transaction of $262,952.40. Following the completion of the sale, the chief executive officer directly owned 431,963 shares of the company’s stock, valued at approximately $7,866,046.23. The trade was a 3.23% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 30,669 shares of company stock valued at $558,482. 2.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Bakkt

Several institutional investors and hedge funds have recently added to or reduced their stakes in BKKT. Flaharty Asset Management LLC purchased a new stake in Bakkt in the 1st quarter worth $26,000. JPMorgan Chase & Co. grew 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 worth $35,000 after buying an additional 2,424 shares in the last quarter. Bank of America Corp DE grew its holdings 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 worth $42,000 after buying an additional 2,688 shares in the last quarter. AlphaQuest LLC purchased a new stake in shares of Bakkt during the first quarter worth $56,000. Finally, Tower Research Capital LLC TRC purchased a new stake in shares of Bakkt during the second quarter worth $56,000. Hedge funds and other institutional investors own 11.11% of the company’s stock.

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.