Bakkt (NYSE:BKKT) Shares Down 9.9% - What's Next?

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

Bakkt Stock Down 9.9%

The firm has a market cap of $168.87 million, a PE ratio of -2.46 and a beta of 5.38. The firm has a 50-day moving average price of $11.29 and a two-hundred day moving average price of $15.76.

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

Insider Activity

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

Institutional Investors Weigh In On Bakkt

Several large investors have recently made changes to their positions in the company. JPMorgan Chase & Co. boosted its stake in shares of Bakkt by 2,231.1% during the 4th quarter. JPMorgan Chase & Co. now owns 1,725 shares of the company's stock valued at $43,000 after buying an additional 1,651 shares during the period. Flaharty Asset Management LLC acquired a new stake in shares of Bakkt in the 1st quarter valued at $26,000. SBI Securities Co. Ltd. acquired a new stake in shares of Bakkt in the 4th quarter valued at $87,000. Barclays PLC raised its holdings in Bakkt by 73.4% in the 4th quarter. Barclays PLC now owns 5,091 shares of the company's stock worth $126,000 after acquiring an additional 2,155 shares during the period. Finally, AlphaQuest LLC bought a new position in Bakkt in the 1st quarter worth $56,000. Institutional investors and hedge funds own 11.11% of the company's stock.

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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