Bakkt (NYSE:BKKT) CEO Purchases $1,218,000.00 in Stock

Key Points

• Bakkt CEO Akshay Sudhir Naheta purchased 150,000 shares of Bakkt stock for $1,218,000, significantly increasing his total ownership by 1,312.80%.
• The company reported a loss of ($2.16) earnings per share for the last quarter, falling short of the consensus estimate of ($0.69), despite a revenue of $577.88 million.
• Wall Street analysts downgraded Bakkt's rating from "hold" to "sell", indicating a bearish outlook on the stock's future performance.

Bakkt Holdings, Inc. (NYSE:BKKT - Get Free Report) CEO Akshay Sudhir Naheta acquired 150,000 shares of Bakkt stock in a transaction that occurred on Thursday, August 21st. The shares were purchased at an average price of $8.12 per share, for a total transaction of $1,218,000.00. Following the transaction, the chief executive officer directly owned 161,426 shares in the company, valued at $1,310,779.12. The trade was a 1,312.80% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Akshay Sudhir Naheta also recently made the following trade(s):

• On Friday, August 22nd, Akshay Sudhir Naheta bought 30,000 shares of Bakkt stock. The shares were bought at an average cost of $8.55 per share, for a total transaction of $256,500.00.

Bakkt Stock Performance

Shares of BKKT stock traded up $0.04 during mid-day trading on Friday, hitting $8.73. The company's stock had a trading volume of 1,193,703 shares, compared to its average volume of 1,342,659. The company's fifty day simple moving average is $13.92 and its 200-day simple moving average is $12.23. Bakkt Holdings, Inc. has a 52 week low of $6.81 and a 52 week high of $37.21. The company has a market cap of $188.11 million, a PE ratio of -1.97 and a beta of 5.31.

Bakkt (NYSE:BKKT - Get Free Report) last posted its quarterly earnings data on Monday, August 11th. The company reported ($2.16) earnings per share for the quarter, missing the consensus estimate of ($0.69) by ($1.47). Bakkt had a negative return on equity of 99.39% and a negative net margin of 0.77%.The business had revenue of $577.88 million during the quarter, compared to the consensus estimate of $17.10 million.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen lowered shares of Bakkt from a "hold" rating to a "sell" rating in a research note on Saturday, August 16th.

Hedge Funds Weigh In On Bakkt

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Tower Research Capital LLC TRC purchased a new position in shares of Bakkt during the 2nd quarter valued at about $56,000. Bank of America Corp DE boosted its holdings in Bakkt by 914.3% in the second quarter. Bank of America Corp DE now owns 2,982 shares of the company's stock valued at $42,000 after acquiring an additional 2,688 shares in the last quarter. Invesco Ltd. boosted its holdings in Bakkt by 21.2% in the second quarter. Invesco Ltd. now owns 25,553 shares of the company's stock valued at $356,000 after acquiring an additional 4,473 shares in the last quarter. New York State Common Retirement Fund bought a new stake in Bakkt in the second quarter valued at $106,000. Finally, JPMorgan Chase & Co. lifted its position in 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 buying an additional 2,424 shares during the period. 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.