UBS Group AG Acquires 228,653 Shares of Bakkt Holdings, Inc. $BKKT

UBS Group AG lifted its holdings in shares of Bakkt Holdings, Inc. (NYSE:BKKT) by 638.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 264,462 shares of the company’s stock after acquiring an additional 228,653 shares during the quarter. UBS Group AG owned approximately 0.85% of Bakkt worth $2,655,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in BKKT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Bakkt by 11.8% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 94,734 shares of the company’s stock valued at $821,000 after acquiring an additional 10,018 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Bakkt by 33.1% during the second quarter. Geode Capital Management LLC now owns 247,177 shares of the company’s stock valued at $3,448,000 after acquiring an additional 61,408 shares in the last quarter. Cetera Investment Advisers bought a new position in shares of Bakkt during the second quarter valued at approximately $153,000. JPMorgan Chase & Co. raised 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 valued at $35,000 after acquiring an additional 2,424 shares in the last quarter. Finally, New York State Common Retirement Fund bought a new position in shares of Bakkt during the second quarter valued at approximately $106,000. Institutional investors own 11.11% of the company’s stock.

Bakkt Trading Down 0.9%

NYSE BKKT opened at $11.77 on Wednesday. Bakkt Holdings, Inc. has a 12 month low of $6.87 and a 12 month high of $49.79. The stock has a market cap of $525.06 million, a P/E ratio of -8.59 and a beta of 5.85. The stock’s fifty day moving average price is $8.87 and its 200-day moving average price is $11.83.

Bakkt (NYSE:BKKT) last released its quarterly earnings data on Monday, May 11th. The company reported ($0.41) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.31). Bakkt had a negative net margin of 8.37% and a negative return on equity of 64.73%. The business had revenue of $243.59 million for the quarter, compared to analysts’ expectations of $297.94 million.

Insider Activity at Bakkt

In related news, General Counsel Marc D’annunzio sold 7,780 shares of the stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $8.86, for a total transaction of $68,930.80. Following the sale, the general counsel directly owned 110,059 shares of the company’s stock, valued at $975,122.74. This trade represents a 6.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Michael Alfred acquired 220,000 shares of the company’s stock in a transaction that occurred on Monday, May 18th. The shares were acquired at an average cost of $8.20 per share, for a total transaction of $1,804,000.00. Following the completion of the transaction, the director directly owned 625,000 shares of the company’s stock, valued at $5,125,000. The trade was a 54.32% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 2.50% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

BKKT has been the topic of several recent research reports. Wall Street Zen raised Bakkt from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 16th. Weiss Ratings cut Bakkt from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, April 29th. Finally, Benchmark reduced their price target on Bakkt from $40.00 to $22.00 and set a “buy” rating on the stock in a research note on Wednesday, March 18th. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Bakkt currently has an average rating of “Hold” and a consensus price target of $22.00.

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.