Bakkt (NYSE:BKKT) Shares Down 9.9% - Time to Sell?

Bakkt Holdings, Inc. (NYSE:BKKT - Get Free Report)'s stock price fell 9.9% during mid-day trading on Monday . The company traded as low as $11.99 and last traded at $12.14. 624,058 shares traded hands during mid-day trading, an increase of 34% from the average session volume of 467,378 shares. The stock had previously closed at $13.48.

Bakkt Stock Performance

The firm has a market capitalization of $177.42 million, a PE ratio of -2.58 and a beta of 5.37. The company has a fifty day moving average price of $11.58 and a 200-day moving average price of $15.64.

Bakkt (NYSE:BKKT - Get Free Report) last posted its earnings results on Monday, May 12th. The company reported ($2.81) earnings per share for the quarter, missing analysts' consensus estimates of ($0.73) by ($2.08). Bakkt had a negative return on equity of 88.55% and a negative net margin of 0.83%. The business had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $17.20 million.

Insider Buying and Selling

In other Bakkt news, General Counsel Marc D'annunzio sold 10,000 shares of the business's stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $14.21, for a total transaction of $142,100.00. Following the sale, the general counsel now owns 69,807 shares of the company's stock, valued at approximately $991,957.47. The trade was a 12.53% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director De'ana Dow sold 19,200 shares of the firm's stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $12.89, for a total transaction of $247,488.00. Following the completion of the transaction, the director now directly owns 22,728 shares of the company's stock, valued at approximately $292,963.92. This represents a 45.79% decrease in their position. The disclosure for this sale can be found here. 2.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Bakkt

A number of institutional investors and hedge funds have recently modified their holdings of BKKT. Geode Capital Management LLC lifted its position in Bakkt by 137.0% during the fourth quarter. Geode Capital Management LLC now owns 152,884 shares of the company's stock valued at $3,788,000 after purchasing an additional 88,370 shares during the period. OMERS ADMINISTRATION Corp purchased a new stake in Bakkt in the 1st quarter worth approximately $210,000. 683 Capital Management LLC purchased a new stake in Bakkt in the 4th quarter worth approximately $359,000. Northern Trust Corp acquired a new stake in shares of Bakkt during the 4th quarter worth approximately $354,000. Finally, OFI Invest Asset Management purchased a new position in shares of Bakkt during the 4th quarter valued at approximately $304,000. Institutional investors and hedge funds 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.