Bakkt (NYSE:BKKT) Rating Lowered to "Sell" at Wall Street Zen

Key Points

• Bakkt has been downgraded from a "hold" rating to a "sell" rating by Wall Street Zen, signaling potential concerns over its stock performance.
• The company reported a quarterly earnings loss of ($2.16) per share, significantly missing analysts' expectations and reflecting ongoing financial challenges.
• Insider transactions have occurred, with CEO Andrew A. Main recently selling shares, representing a 3.23% decrease in their ownership of the company.

Bakkt (NYSE:BKKT - Get Free Report) was downgraded by Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued on Saturday.

Bakkt Stock Performance

NYSE BKKT traded down $0.0050 during trading hours on Friday, hitting $8.5050. The company had a trading volume of 194,799 shares, compared to its average volume of 643,909. Bakkt has a 52 week low of $6.81 and a 52 week high of $37.21. The firm has a 50 day simple moving average of $14.60 and a 200 day simple moving average of $12.57. The firm has a market capitalization of $118.31 million, a price-to-earnings ratio of -1.93 and a beta of 5.31.

Bakkt (NYSE:BKKT - Get Free Report) last issued its earnings results on Monday, August 11th. The company reported ($2.16) EPS 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 company had revenue of $577.88 million during the quarter, compared to the consensus estimate of $17.10 million.

Insider Buying and Selling at Bakkt

In other Bakkt news, CEO Andrew A. Main sold 14,440 shares of the firm's stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $18.21, for a total value of $262,952.40. Following the sale, the chief executive officer owned 431,963 shares of the company's stock, valued at $7,866,046.23. This trade represents a 3.23% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Over the last 90 days, insiders sold 30,669 shares of company stock valued at $558,482. Company insiders own 2.50% of the company's stock.

Institutional Trading of Bakkt

Several institutional investors and hedge funds have recently modified their holdings of the business. Geode Capital Management LLC raised its holdings in shares of Bakkt by 33.1% in the 2nd 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. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Bakkt by 11.8% in the 1st 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. Invesco Ltd. raised its holdings in shares of Bakkt by 21.2% in the 2nd 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. OMERS ADMINISTRATION Corp purchased a new stake in shares of Bakkt in the 1st quarter valued at about $210,000. Finally, 683 Capital Management LLC purchased a new stake in shares of Bakkt in the 4th quarter valued at about $359,000. 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.