Bakkt (NYSE:BKKT) Announces Quarterly Earnings Results

Key Points

• Earnings beat: Bakkt reported adjusted EPS of ($0.01), beating the consensus estimate of ($0.47) by $0.46, though the company still shows negative profitability metrics (negative ROE and net margin).
• Shares opened at $9.12 and have ranged from $6.81 to $49.79 over the past 12 months; the company has a market cap of about $284 million and a high volatility profile (beta 5.97).
• Analyst and institutional signals are mixed: Weiss Ratings reaffirmed a "sell (d-)," the consensus rating is a "Hold" with an average $13 price target, and institutions own roughly 11.11% of the stock.

Bakkt (NYSE:BKKT - Get Free Report) announced its earnings results on Monday. The company reported ($0.01) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.47) by $0.46, FiscalAI reports. Bakkt had a negative return on equity of 45.27% and a negative net margin of 1.07%.

Bakkt Price Performance

NYSE:BKKT opened at $9.12 on Monday. Bakkt has a 12 month low of $6.81 and a 12 month high of $49.79. The firm has a market capitalization of $284.35 million, a PE ratio of -1.78 and a beta of 5.97. The business's fifty day moving average price is $12.95 and its 200 day moving average price is $16.94.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reaffirmed 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 stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $13.00.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of BKKT. Advisory Services Network LLC purchased a new stake in shares of Bakkt during the third quarter worth approximately $30,000. Legal & General Group Plc increased its stake in Bakkt by 110.7% in the 3rd quarter. Legal & General Group Plc now owns 982 shares of the company's stock valued at $33,000 after buying an additional 516 shares during the period. Northwestern Mutual Wealth Management Co. acquired a new position in Bakkt in the 3rd quarter valued at $41,000. Russell Investments Group Ltd. raised its position in Bakkt by 759.1% during the 3rd quarter. Russell Investments Group Ltd. now owns 2,036 shares of the company's stock worth $69,000 after buying an additional 1,799 shares during the last quarter. Finally, BNP Paribas Financial Markets lifted its stake in shares of Bakkt by 268.3% in the 3rd quarter. BNP Paribas Financial Markets now owns 2,158 shares of the company's stock worth $73,000 after acquiring an additional 1,572 shares during the period. 11.11% of the stock is currently owned by hedge funds and other institutional investors.

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.

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