Bakkt (NYSE:BKKT) Reaches New 1-Year High - Here's What Happened

Key Points

• Bakkt Holdings, Inc. reached a new 52-week high of $42.45, closing at $41.31 with a trading volume of over 2.14 million shares.
• Despite strong revenue of $577.88 million for the last quarter, Bakkt reported a loss of ($2.16) earnings per share, significantly missing analysts' estimates.
• Institutional investors are showing strong interest in Bakkt, with several recent purchases, increasing overall institutional ownership to 11.11% of the company’s stock.

Bakkt Holdings, Inc. (NYSE:BKKT - Get Free Report) hit a new 52-week high on Thursday . The company traded as high as $42.45 and last traded at $41.31, with a volume of 2145141 shares traded. The stock had previously closed at $34.15.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on BKKT shares. Wall Street Zen downgraded Bakkt from a "hold" rating to a "sell" rating in a research report on Saturday, August 16th. Benchmark initiated coverage on shares of Bakkt in a report on Monday, September 8th. They issued a "buy" rating and a $13.00 price target on the stock. One analyst has rated the stock with a Buy rating, According to data from MarketBeat, Bakkt presently has a consensus rating of "Buy" and a consensus target price of $13.00.

Bakkt Stock Performance

The stock's 50 day simple moving average is $12.04 and its 200-day simple moving average is $12.35. The firm has a market cap of $965.55 million, a price-to-earnings ratio of -10.20 and a beta of 5.85.

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

Insider Transactions at Bakkt

In other 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 completion of the transaction, the chief executive officer directly owned 431,963 shares in the company, valued at $7,866,046.23. This trade represents a 3.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Akshay Sudhir Naheta acquired 150,000 shares of the business's stock in a transaction dated Thursday, August 21st. The stock was acquired at an average price of $8.12 per share, for a total transaction of $1,218,000.00. Following the purchase, the chief executive officer directly owned 161,426 shares of the company's stock, valued at approximately $1,310,779.12. This trade represents a 1,312.80% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 30,669 shares of company stock worth $558,482 over the last three months. Corporate insiders own 2.50% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Invesco Ltd. boosted its position in Bakkt by 46.8% in the 1st quarter. Invesco Ltd. now owns 21,080 shares of the company's stock worth $183,000 after purchasing an additional 6,717 shares in the last quarter. AlphaQuest LLC purchased a new stake in Bakkt during the first quarter worth $56,000. Flaharty Asset Management LLC purchased a new position in Bakkt in the first quarter valued at $26,000. OMERS ADMINISTRATION Corp purchased a new position in Bakkt in the first quarter valued at $210,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Bakkt by 11.8% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 94,734 shares of the company's stock worth $821,000 after acquiring an additional 10,018 shares in the last quarter. 11.11% of the stock is currently owned by hedge funds and other institutional investors.

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.

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