Bakkt (NYSE:BKKT) Shares Gap Up - Time to Buy?

Key Points

• Bakkt Holdings, Inc. (NYSE:BKKT) shares opened at $42.88 after closing at $41.00, reflecting a significant increase in trading activity with a last trading price of $44.09.
• Wall Street analysts have mixed opinions on Bakkt, with Weiss Ratings and Wall Street Zen issuing sell ratings while Benchmark has a buy rating with a price target of $13.00.
• Insider activity includes CEO Akshay Sudhir Naheta buying 30,000 shares at $8.55 per share, marking an 18.58% increase in his ownership of the stock.

Shares of Bakkt Holdings, Inc. (NYSE:BKKT - Get Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $41.00, but opened at $42.88. Bakkt shares last traded at $44.09, with a volume of 729,855 shares.

Wall Street Analyst Weigh In

Several research firms recently commented on BKKT. Wall Street Zen downgraded shares of Bakkt from a "hold" rating to a "sell" rating in a report on Saturday, August 16th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Bakkt in a report on Saturday, September 27th. Finally, Benchmark started coverage on Bakkt in a research note on Monday, September 8th. They set a "buy" rating and a $13.00 price objective on the stock. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, Bakkt has a consensus rating of "Hold" and an average price target of $13.00.

Bakkt Price Performance

The firm has a market capitalization of $885.96 million, a PE ratio of -9.41 and a beta of 5.88. The business's 50 day moving average is $13.42 and its two-hundred day moving average is $13.03.

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

Insider Activity

In other Bakkt news, CEO Akshay Sudhir Naheta acquired 30,000 shares of the business's stock in a transaction dated Friday, August 22nd. The stock was bought at an average price of $8.55 per share, with a total value of $256,500.00. Following the purchase, the chief executive officer owned 191,426 shares of the company's stock, valued at approximately $1,636,692.30. This trade represents a 18.58% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Andrew A. Main sold 14,440 shares of the stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $18.21, for a total transaction of $262,952.40. Following 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 ninety days, insiders have sold 30,669 shares of company stock valued at $558,482. Corporate insiders own 2.50% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. SBI Securities Co. Ltd. grew its position in Bakkt by 66.9% during the 2nd quarter. SBI Securities Co. Ltd. now owns 5,144 shares of the company's stock worth $72,000 after acquiring an additional 2,061 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Bakkt by 3,275.7% during the second quarter. JPMorgan Chase & Co. now owns 2,498 shares of the company's stock valued at $35,000 after purchasing an additional 2,424 shares during the period. Bank of America Corp DE grew its holdings in shares of Bakkt by 914.3% in the second quarter. Bank of America Corp DE now owns 2,982 shares of the company's stock worth $42,000 after purchasing an additional 2,688 shares during the last quarter. Flaharty Asset Management LLC purchased a new position in shares of Bakkt in the first quarter worth $26,000. Finally, Tower Research Capital LLC TRC purchased a new position in shares of Bakkt in the second quarter worth $56,000. 11.11% of the stock is owned by 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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