Bakkt (NYSE:BKKT) Stock: Insider Marc D’annunzio Sells 1,272 Shares

Bakkt Holdings, Inc. (NYSE:BKKT) General Counsel Marc D’Annunzio sold 1,272 shares of the firm’s stock in a transaction dated Wednesday, September 23rd. The stock was sold at an average price of $8.61, for a total transaction of $10,951.92. Following the transaction, the general counsel owned 107,006 shares of the company’s stock, valued at approximately $921,321.66. This represents a 1.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Bakkt Stock Performance

NYSE BKKT traded down $0.57 during trading on Friday, reaching $8.51. 1,004,057 shares of the company traded hands, compared to its average volume of 1,510,321. Bakkt Holdings, Inc. has a 1-year low of $6.71 and a 1-year high of $49.79. The company has a market cap of $383.32 million, a price-to-earnings ratio of 18.90 and a beta of 5.92. The stock’s 50 day moving average price is $7.85 and its two-hundred day moving average price is $8.49.

Bakkt (NYSE:BKKT) last issued its earnings results on Monday, August 10th. The company reported $1.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.03 by $1.91. The business had revenue of $170.15 million during the quarter, compared to analysts’ expectations of $373.27 million. Bakkt had a negative return on equity of 41.11% and a negative net margin of 2.78%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on BKKT. Benchmark cut their price objective on Bakkt from $19.00 to $12.00 and set a “buy” rating for the company in a report on Wednesday, August 12th. Wall Street Zen raised shares of Bakkt from a “sell” rating to a “hold” rating in a report on Saturday, August 15th. Finally, Weiss Ratings upgraded shares of Bakkt from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, July 2nd. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $12.00.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Essential Partners LLC bought a new stake in shares of Bakkt during the 1st quarter valued at $31,000. Bank of America Corp DE boosted its position in shares of Bakkt by 51.8% in the 1st quarter. Bank of America Corp DE now owns 16,758 shares of the company’s stock worth $123,000 after purchasing an additional 5,718 shares during the last quarter. Engineers Gate Manager LP grew its stake in shares of Bakkt by 37.5% during the second quarter. Engineers Gate Manager LP now owns 23,574 shares of the company’s stock worth $184,000 after purchasing an additional 6,431 shares during the period. State of Wyoming grew its stake in shares of Bakkt by 217.1% during the first quarter. State of Wyoming now owns 10,679 shares of the company’s stock worth $79,000 after purchasing an additional 7,311 shares during the period. Finally, Bank of New York Mellon Corp grew its stake in shares of Bakkt by 37.4% during the first quarter. Bank of New York Mellon Corp now owns 33,637 shares of the company’s stock worth $248,000 after purchasing an additional 9,156 shares during the period. 11.11% of the stock is owned by institutional investors and hedge funds.

Bakkt Company Profile

Bakkt Holdings, Inc is a digital asset technology company that provides cryptocurrency services to institutions, businesses and consumers. The company’s platform supports the buying, selling and custody of digital assets, with an emphasis on security, compliance and integration with established financial and commercial platforms.

Bakkt’s services have included institutional crypto trading, digital-asset custody and technology that enables businesses to offer cryptocurrency access to their customers.