Bakkt (NYSE:BKKT) Shares Gap Up - Here's What Happened

Key Points

• Bakkt Holdings, Inc. (NYSE:BKKT) shares opened at $40.71 on Monday after previously closing at $35.70, but last traded at $36.05, indicating volatility in the stock price.
• Wall Street analysts have mixed views on Bakkt, with a "buy" rating and price target of $13.00 from Benchmark, while Weiss Ratings reaffirmed a "sell" rating, leading to an average rating of "Hold" for the stock.
• CEO Akshay Sudhir Naheta purchased 150,000 shares at $8.12 each, signaling potential confidence in the company's future, while institutional investors currently hold 11.11% of the stock.

Bakkt Holdings, Inc. (NYSE:BKKT - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $35.70, but opened at $40.71. Bakkt shares last traded at $36.05, with a volume of 839,601 shares changing hands.

Wall Street Analyst Weigh In

BKKT has been the subject of several recent research reports. Benchmark started coverage on Bakkt in a research report on Monday, September 8th. They set a "buy" rating and a $13.00 price objective for the company. Wall Street Zen cut shares of Bakkt from a "hold" rating to a "sell" rating in a research note on Saturday, August 16th. Finally, Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Bakkt in a research report on Tuesday, October 14th. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $13.00.

Bakkt Stock Down 2.1%

The stock has a market cap of $752.91 million, a price-to-earnings ratio of -7.91 and a beta of 5.88. The business's 50 day simple moving average is $18.66 and its 200 day simple moving average is $14.82.

Bakkt (NYSE:BKKT - Get Free Report) last issued its earnings results on Monday, August 11th. The company reported ($2.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.69) by ($1.47). The firm had revenue of $577.88 million during the quarter, compared to analyst estimates of $17.10 million. Bakkt had a negative net margin of 0.77% and a negative return on equity of 99.39%.

Insider Buying and Selling

In other news, CEO Akshay Sudhir Naheta purchased 150,000 shares of Bakkt stock in a transaction that occurred on Thursday, August 21st. The stock was acquired at an average cost of $8.12 per share, for a total transaction of $1,218,000.00. Following the purchase, the chief executive officer directly owned 161,426 shares of the company's stock, valued at $1,310,779.12. This trade represents a 1,312.80% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 2.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Invesco Ltd. lifted its position in shares of Bakkt by 46.8% in the 1st quarter. Invesco Ltd. now owns 21,080 shares of the company's stock worth $183,000 after purchasing an additional 6,717 shares during the period. AlphaQuest LLC bought a new position in Bakkt during the first quarter worth $56,000. OMERS ADMINISTRATION Corp bought a new stake in Bakkt in the first quarter valued at $210,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in 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 buying an additional 10,018 shares during the period. Finally, Flaharty Asset Management LLC acquired a new position in Bakkt during the 1st quarter worth approximately $26,000. Institutional investors 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.