Bakkt (NYSE:BKKT) Sees Large Volume Increase - Still a Buy?

Key Points

• Bakkt Holdings, Inc. (NYSE:BKKT) experienced a drop in trading volume, with 719,873 shares traded on Tuesday, down 24% from the previous session.
• Despite recent challenges, Bakkt received upgrades from analysts, including a "buy" rating with a price target of $13.00 from Benchmark, while Wall Street Zen downgraded it from "hold" to "sell".
• CEO Akshay Sudhir Naheta made a significant insider purchase, acquiring 150,000 shares at an average price of $8.12, indicating strong confidence in the company's future.

Shares of Bakkt Holdings, Inc. (NYSE:BKKT - Get Free Report) saw strong trading volume on Tuesday . 719,873 shares traded hands during mid-day trading, a decline of 24% from the previous session's volume of 942,796 shares.The stock last traded at $28.73 and had previously closed at $25.55.

Analyst Upgrades and Downgrades

A number of research firms have commented on BKKT. Benchmark began coverage on shares of Bakkt in a research report on Monday, September 8th. They issued a "buy" rating and a $13.00 price target on the stock. Wall Street Zen lowered shares of Bakkt from a "hold" rating to a "sell" rating in a research report on Saturday, August 16th. One investment analyst has rated the stock with a Buy rating, According to MarketBeat, the company has an average rating of "Buy" and an average price target of $13.00.

Bakkt Stock Up 18.2%

The stock's 50-day moving average price is $11.62 and its 200-day moving average price is $12.05. The company has a market capitalization of $650.77 million, a price-to-earnings ratio of -6.85 and a beta of 5.30.

Bakkt (NYSE:BKKT - Get Free Report) last announced its earnings results on Monday, August 11th. The company reported ($2.16) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $17.10 million.

Insider Buying and Selling

In related news, CEO Akshay Sudhir Naheta bought 150,000 shares of Bakkt stock in a transaction dated Thursday, August 21st. The shares were bought at an average cost of $8.12 per share, for a total transaction of $1,218,000.00. Following the completion of the transaction, the chief executive officer 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 transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Andrew A. Main sold 14,440 shares of the business's stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $18.21, for a total transaction of $262,952.40. Following the sale, the chief executive officer directly owned 431,963 shares of the company's stock, valued at approximately $7,866,046.23. This trade represents a 3.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 30,669 shares of company stock worth $558,482 over the last quarter. 2.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Bakkt

A number of institutional investors and hedge funds have recently modified their holdings of the business. Geode Capital Management LLC increased 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 valued at $3,448,000 after purchasing an additional 61,408 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake 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 purchasing an additional 10,018 shares in the last quarter. Invesco Ltd. increased its stake 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 purchasing an additional 4,473 shares in the last quarter. OMERS ADMINISTRATION Corp bought a new stake in Bakkt in the first quarter valued at approximately $210,000. Finally, Northern Trust Corp bought a new stake in Bakkt in the fourth quarter valued at approximately $354,000. 11.11% of the stock is owned by 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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