Bakkt (NYSE:BKKT) Releases Quarterly Earnings Results, Misses Estimates By $1.47 EPS

Key Points

• Bakkt reported a quarterly loss of ($2.16) earnings per share, with a negative return on equity of 88.55% and a negative net margin of 0.83%.
• Following the earnings announcement, Bakkt's stock price fell by $0.95, reaching $9.86 with significant trading volume of 2,484,566 shares.
• Insider trading activity included CEO Andrew A. Main selling 14,440 shares valued at approximately $262,952, indicating a 3.23% decrease in his ownership stake.

Bakkt (NYSE:BKKT - Get Free Report) issued its quarterly earnings results on Monday. The company reported ($2.16) EPS for the quarter, missing the consensus estimate of ($0.69) by ($1.47), Zacks reports. The company had revenue of $577.88 million during the quarter, compared to analysts' expectations of $17.10 million. Bakkt had a negative return on equity of 99.39% and a negative net margin of 0.77%.

Bakkt Price Performance

NYSE BKKT traded up $0.52 on Friday, hitting $10.12. The company had a trading volume of 287,090 shares, compared to its average volume of 630,423. The company has a market capitalization of $140.77 million, a PE ratio of -2.30 and a beta of 5.31. The company's fifty day moving average price is $14.89 and its 200-day moving average price is $12.86. Bakkt has a 12-month low of $6.81 and a 12-month high of $37.21.

Insider Buying and Selling

In other news, CEO Andrew A. Main sold 14,440 shares of the company's stock in a transaction on Tuesday, July 15th. The shares were 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 owned 431,963 shares of the company's stock, valued at $7,866,046.23. This represents a 3.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last ninety days, insiders have sold 30,669 shares of company stock valued at $558,482. 2.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Bakkt

A number of large investors have recently modified their holdings of BKKT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew 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 worth $821,000 after buying an additional 10,018 shares in the last quarter. Geode Capital Management LLC grew 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 worth $3,448,000 after buying an additional 61,408 shares in the last quarter. Cetera Investment Advisers purchased a new stake in shares of Bakkt during the second quarter worth $153,000. 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. Finally, New York State Common Retirement Fund purchased a new stake in shares of Bakkt during the second quarter worth $106,000. 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.