Bakkt (NYSE:BKKT) CFO Sells $42,764.92 in Stock

Key Points

• CFO Karen Alexander sold 4,684 shares on April 28 at an average price of $9.13 for $42,764.92, reducing her stake by 7.75% to 55,771 shares; the transaction was disclosed in an SEC filing and was made to cover tax withholding on vested equity awards.
• Bakkt shares recently traded at $7.84, below the 50‑day average of $8.91 and well under the 200‑day average of $14.49, with a market cap of about $239.7M and high volatility (beta 6.04); analyst coverage is mixed with a consensus "Hold" and a $22 price target.

Bakkt Holdings, Inc. (NYSE:BKKT - Get Free Report) CFO Karen Alexander sold 4,684 shares of the business's stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $9.13, for a total value of $42,764.92. Following the completion of the sale, the chief financial officer owned 55,771 shares of the company's stock, valued at approximately $509,189.23. This trade represents a 7.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Bakkt Price Performance

BKKT traded down $0.74 on Wednesday, hitting $7.84. The company had a trading volume of 821,790 shares, compared to its average volume of 1,424,160. The company's fifty day moving average price is $8.91 and its 200 day moving average price is $14.49. Bakkt Holdings, Inc. has a 1-year low of $6.87 and a 1-year high of $49.79. The stock has a market cap of $239.67 million, a price-to-earnings ratio of -1.53 and a beta of 6.04.

Wall Street Analyst Weigh In

Several brokerages have commented on BKKT. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Bakkt in a research report on Friday, March 27th. Benchmark dropped their price target on Bakkt from $40.00 to $22.00 and set a "buy" rating on the stock in a research report on Wednesday, March 18th. One research analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $22.00.

Institutional Trading of Bakkt

A number of large investors have recently bought and sold shares of BKKT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Bakkt by 11.8% in 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 during the period. Geode Capital Management LLC boosted its stake in Bakkt by 33.1% in the second quarter. Geode Capital Management LLC now owns 247,177 shares of the company's stock worth $3,448,000 after purchasing an additional 61,408 shares in the last quarter. Cetera Investment Advisers acquired a new position in Bakkt in the second quarter worth $153,000. JPMorgan Chase & Co. boosted its stake in Bakkt by 3,275.7% in the second quarter. JPMorgan Chase & Co. now owns 2,498 shares of the company's stock worth $35,000 after purchasing an additional 2,424 shares in the last quarter. Finally, New York State Common Retirement Fund acquired a new position in Bakkt in the second quarter worth $106,000. 11.11% of the stock is currently owned by institutional investors.

Bakkt Company Profile

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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