Bakkt (NYSE:BKKT) Shares Gap Down - Here's Why

Key Points

• Bakkt Holdings, Inc. (NYSE:BKKT) saw its shares gap down from a previous close of $43.92 to an opening price of $40.80, trading at $43.39 later in the session, with a volume of over 1.3 million shares.
• The stock has received mixed ratings from analysts, with one stating a "buy" rating and a target price of $13.00, while others have rated it as "sell" or "hold."
• In a recent quarterly earnings report, Bakkt reported a loss of ($2.16) earnings per share, falling significantly short of expectations of ($0.69) and highlighting a negative net margin.

Bakkt Holdings, Inc. (NYSE:BKKT - Get Free Report) gapped down prior to trading on Friday . The stock had previously closed at $43.92, but opened at $40.80. Bakkt shares last traded at $43.39, with a volume of 1,313,315 shares traded.

Wall Street Analysts Forecast Growth

BKKT has been the subject of a number of research analyst reports. Weiss Ratings reissued a "sell (d-)" rating on shares of Bakkt in a research report on Saturday, September 27th. Benchmark initiated coverage on Bakkt in a report on Monday, September 8th. They issued a "buy" rating and a $13.00 target price for the company. Finally, Wall Street Zen lowered Bakkt from a "hold" rating to a "sell" rating in a report on Saturday, August 16th. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, Bakkt currently has a consensus rating of "Hold" and a consensus target price of $13.00.

Bakkt Stock Down 8.5%

The business has a 50-day simple moving average of $12.50 and a two-hundred day simple moving average of $12.57. The stock has a market capitalization of $865.56 million, a P/E ratio of -9.07 and a beta of 5.88.

Bakkt (NYSE:BKKT - Get Free Report) last announced its quarterly earnings results 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 during the quarter, compared to the consensus estimate of $17.10 million.

Insiders Place Their Bets

In other Bakkt news, CEO Akshay Sudhir Naheta acquired 150,000 shares of Bakkt stock in a transaction on Thursday, August 21st. The shares were bought at an average price of $8.12 per share, with a total value of $1,218,000.00. Following the completion of the purchase, the chief executive officer owned 161,426 shares in the company, valued at $1,310,779.12. This trade represents a 1,312.80% increase in their ownership of the stock. The purchase 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 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 in the company, valued at approximately $7,866,046.23. This represents a 3.23% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 30,669 shares of company stock worth $558,482. Insiders own 2.50% of the company's stock.

Hedge Funds Weigh In On Bakkt

Large investors have recently made changes to their positions in the company. Invesco Ltd. lifted its stake in shares of Bakkt by 46.8% during the first quarter. Invesco Ltd. now owns 21,080 shares of the company's stock valued at $183,000 after acquiring an additional 6,717 shares during the period. AlphaQuest LLC acquired a new position in Bakkt in the first quarter valued at about $56,000. Flaharty Asset Management LLC bought a new stake in shares of Bakkt in the first quarter worth about $26,000. OMERS ADMINISTRATION Corp bought a new stake in shares of Bakkt in the first quarter worth about $210,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Bakkt by 11.8% in the first 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. 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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