Bakkt (NYSE:BKKT) Shares Gap Up - Still a Buy?

Key Points

• Bakkt's shares experienced a significant **gap up**, opening at **$19.05** after closing at **$17.95**, and last traded at **$23.82** with a trading volume of **1,498,613** shares.
• Despite a positive consensus rating of "**Buy**," Wall Street Zen downgraded Bakkt from "hold" to "**sell**," while Benchmark initiated coverage with a target price of **$13.00**.
• Bakkt reported a **loss of $2.16** per share in its most recent quarterly earnings, missing estimates, but significantly exceeded revenue expectations with **$577.88 million** for the quarter.

Shares of Bakkt Holdings, Inc. (NYSE:BKKT - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $17.95, but opened at $19.05. Bakkt shares last traded at $23.82, with a volume of 1,498,613 shares changing hands.

Analyst Ratings Changes

A number of research analysts have weighed in on BKKT shares. Wall Street Zen cut shares of Bakkt from a "hold" rating to a "sell" rating in a research report on Saturday, August 16th. Benchmark assumed coverage on shares of Bakkt in a research report on Monday, September 8th. They set a "buy" rating and a $13.00 target price on the stock. One analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $13.00.

Bakkt Stock Up 45.5%

The company has a market capitalization of $562.78 million, a PE ratio of -5.87 and a beta of 5.30. The business's 50 day simple moving average is $11.58 and its 200 day simple moving average is $11.95.

Bakkt (NYSE:BKKT - Get Free Report) last posted its quarterly earnings data on Monday, August 11th. The company reported ($2.16) EPS 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 firm had revenue of $577.88 million for the quarter, compared to analysts' expectations of $17.10 million.

Insider Transactions at Bakkt

In other Bakkt news, CEO Andrew A. Main sold 14,440 shares of the company's stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $18.21, for a total transaction of $262,952.40. Following the completion of the sale, the chief executive officer directly owned 431,963 shares of the company's stock, valued at approximately $7,866,046.23. This represents a 3.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Akshay Sudhir Naheta acquired 30,000 shares of Bakkt stock in a transaction on Friday, August 22nd. The shares were purchased at an average cost of $8.55 per share, with a total value of $256,500.00. Following the completion of the purchase, the chief executive officer directly owned 191,426 shares of the company's stock, valued at approximately $1,636,692.30. This represents a 18.58% increase in their position. The disclosure for this purchase can be found here. Insiders have sold 30,669 shares of company stock valued at $558,482 over the last ninety days. Insiders own 2.50% of the company's stock.

Institutional Trading of Bakkt

A number of hedge funds have recently made changes to their positions in BKKT. Northern Trust Corp purchased a new stake in shares of Bakkt in the fourth quarter worth approximately $354,000. Invesco Ltd. grew its holdings in 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 purchasing an additional 6,717 shares during the last quarter. AlphaQuest LLC acquired a new position in Bakkt during the first quarter valued at approximately $56,000. OMERS ADMINISTRATION Corp acquired a new position in Bakkt during the first quarter valued at approximately $210,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake 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 during the last quarter. 11.11% of the stock is owned by hedge funds and other institutional investors.

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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