Bakkt (NYSE:BKKT) Shares Down 3.6% - Should You Sell?

Key Points

• Bakkt Holdings, Inc. (NYSE:BKKT) shares fell 3.6%, closing at $37.50, with a significant decline in trading volume of 38% compared to average levels.
• Analysts have downgraded Bakkt’s stock rating, with Wall Street Zen moving it from "hold" to "sell," while Benchmark set a "buy" rating with a target price of $13.00.
• In a recent earnings report, Bakkt posted a loss of ($2.16) per share, missing estimates, despite generating revenue of $577.88 million.

Shares of Bakkt Holdings, Inc. (NYSE:BKKT - Get Free Report) were down 3.6% on Wednesday . The company traded as low as $37.10 and last traded at $37.50. Approximately 694,389 shares traded hands during trading, a decline of 38% from the average daily volume of 1,121,755 shares. The stock had previously closed at $38.92.

Analyst Upgrades and Downgrades

Several analysts have weighed in on BKKT shares. Wall Street Zen lowered shares of Bakkt from a "hold" rating to a "sell" rating in a research note on Saturday, August 16th. Benchmark started coverage on shares of Bakkt in a research note on Monday, September 8th. They set a "buy" rating and a $13.00 target price for the company. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Bakkt in a research note on Saturday, September 27th. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $13.00.

Bakkt Price Performance

The firm has a market cap of $863.44 million, a price-to-earnings ratio of -9.08 and a beta of 5.88. The firm's fifty day moving average is $13.99 and its two-hundred day moving average is $13.21.

Bakkt (NYSE:BKKT - Get Free Report) last posted its quarterly earnings data on Monday, August 11th. The company reported ($2.16) earnings per share 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 analyst estimates of $17.10 million.

Insider Buying and Selling

In other Bakkt news, CEO Akshay Sudhir Naheta acquired 30,000 shares of Bakkt stock in a transaction dated Friday, August 22nd. The stock was bought at an average cost of $8.55 per share, with a total value of $256,500.00. Following the completion of the transaction, the chief executive officer owned 191,426 shares of the company's stock, valued at $1,636,692.30. The trade was a 18.58% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Andrew A. Main sold 14,440 shares of the firm's stock in a transaction on 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 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 sold 30,669 shares of company stock valued at $558,482 over the last three months. 2.50% of the stock is owned by insiders.

Institutional Trading of Bakkt

Hedge funds and other institutional investors have recently made changes to their positions in the business. Geode Capital Management LLC grew its holdings in 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 buying an additional 61,408 shares in the last quarter. OMERS ADMINISTRATION Corp acquired a new stake in shares of Bakkt during the 1st quarter worth $210,000. Delta Investment Management LLC acquired a new stake in shares of Bakkt during the 2nd quarter worth $159,000. Cetera Investment Advisers acquired a new stake in shares of Bakkt during the 2nd quarter worth $153,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings 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 purchasing an additional 10,018 shares in the last quarter. 11.11% of the stock is currently owned by institutional investors and hedge funds.

Bakkt Company Profile

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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