Bakkt (NYSE:BKKT) Shares Up 10.9% – Still a Buy?

Bakkt Holdings, Inc. (NYSE:BKKT) traded up 10.9% during mid-day trading on Wednesday . The stock traded as high as $20.82 and last traded at $20.76. 958,871 shares changed hands during trading, a decline of 52% from the average session volume of 2,016,610 shares. The stock had previously closed at $18.72.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of Bakkt in a report on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $13.00.

Bakkt Trading Up 10.4%

The business’s fifty day moving average is $14.52 and its 200 day moving average is $17.67.

Institutional Investors Weigh In On Bakkt

Institutional investors and hedge funds have recently modified their holdings of the company. Delta Investment Management LLC purchased a new stake in shares of Bakkt in the 2nd quarter worth about $159,000. Legal & General Group Plc increased its holdings in Bakkt by 110.7% during the 3rd quarter. Legal & General Group Plc now owns 982 shares of the company’s stock valued at $33,000 after acquiring an additional 516 shares in the last quarter. Russell Investments Group Ltd. raised its position in Bakkt by 759.1% during the third quarter. Russell Investments Group Ltd. now owns 2,036 shares of the company’s stock worth $69,000 after acquiring an additional 1,799 shares during the last quarter. Private Advisor Group LLC purchased a new stake in shares of Bakkt in the third quarter valued at about $5,308,000. Finally, Vanguard Group Inc. lifted its holdings in shares of Bakkt by 131.2% in the third quarter. Vanguard Group Inc. now owns 664,561 shares of the company’s stock valued at $22,362,000 after purchasing an additional 377,101 shares in the last quarter. Institutional investors and hedge funds own 11.11% of the company’s stock.

Bakkt Company Profile

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.