Bakkt (NYSE:BKKT - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research note issued on Saturday.
A number of other brokerages also recently issued reports on BKKT. Benchmark lowered their price target on Bakkt from $19.00 to $12.00 and set a "buy" rating for the company in a research report on Wednesday. Weiss Ratings raised shares of Bakkt from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Thursday, July 2nd. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $12.00.
Read Our Latest Stock Report on Bakkt
Bakkt Price Performance
Shares of BKKT stock opened at $7.66 on Friday. The company has a market cap of $341.53 million, a PE ratio of -5.59 and a beta of 5.91. Bakkt has a 1 year low of $6.75 and a 1 year high of $49.79. The stock's 50 day simple moving average is $8.02 and its two-hundred day simple moving average is $9.12.
Bakkt (NYSE:BKKT - Get Free Report) last announced its earnings results on Monday, August 10th. The company reported $1.94 EPS for the quarter, topping analysts' consensus estimates of $0.03 by $1.91. The firm had revenue of $170.15 million during the quarter, compared to analysts' expectations of $373.27 million. Bakkt had a negative return on equity of 41.11% and a negative net margin of 2.78%.
Insider Activity
In other Bakkt news, Director Michael Alfred bought 220,000 shares of the business's stock in a transaction dated Monday, May 18th. The shares were purchased at an average price of $8.20 per share, with a total value of $1,804,000.00. Following the completion of the purchase, the director owned 625,000 shares in the company, valued at $5,125,000. This represents a 54.32% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders purchased a total of 500,000 shares of company stock worth $3,974,800 in the last ninety days. 10.05% of the stock is owned by insiders.
Institutional Investors Weigh In On Bakkt
A number of institutional investors and hedge funds have recently modified their holdings of the business. Advisory Services Network LLC bought a new position in Bakkt in the 3rd quarter valued at $30,000. Legal & General Group Plc lifted its position in shares of Bakkt by 110.7% during the third quarter. Legal & General Group Plc now owns 982 shares of the company's stock worth $33,000 after purchasing an additional 516 shares during the last quarter. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Bakkt during the third quarter valued at $41,000. Russell Investments Group Ltd. boosted its stake in shares of Bakkt by 759.1% during the third quarter. Russell Investments Group Ltd. now owns 2,036 shares of the company's stock valued at $69,000 after purchasing an additional 1,799 shares during the period. Finally, BNP Paribas Financial Markets grew its holdings in shares of Bakkt by 268.3% in the third quarter. BNP Paribas Financial Markets now owns 2,158 shares of the company's stock worth $73,000 after purchasing an additional 1,572 shares during the last quarter. 11.11% of the stock is owned by institutional investors.
Bakkt Company Profile
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Get Free Report)
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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