Bakkt (NYSE:BKKT) Stock Price Down 7.9% - Here's Why

Key Points

• Bakkt Holdings, Inc. (NYSE:BKKT) saw its stock price decrease by 7.9% during trading, closing at $41.48 after hitting a low of $42.80.
• Wall Street analysts have issued mixed ratings, with one firm downgrading Bakkt to a "sell" rating while another set a price target of $13.00 with a "buy" rating.
• The company's recent quarterly earnings report revealed a significant EPS loss of ($2.16), missing estimates by over a dollar, despite reporting revenue of $577.88 million.

Bakkt Holdings, Inc. (NYSE:BKKT - Get Free Report) was down 7.9% during trading on Wednesday . The company traded as low as $42.80 and last traded at $41.48. Approximately 1,207,356 shares changed hands during trading, an increase of 4% from the average daily volume of 1,161,559 shares. The stock had previously closed at $45.04.

Wall Street Analyst Weigh In

BKKT has been the topic of a number of research analyst reports. Wall Street Zen lowered Bakkt from a "hold" rating to a "sell" rating in a report on Saturday, August 16th. Benchmark began coverage on shares of Bakkt in a research note on Monday, September 8th. They set a "buy" rating and a $13.00 price target on the stock. Finally, Weiss Ratings reiterated a "sell (e+)" rating on shares of Bakkt in a research note on Tuesday. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, Bakkt has a consensus rating of "Hold" and an average price target of $13.00.

Bakkt Price Performance

The company has a market capitalization of $921.18 million, a price-to-earnings ratio of -9.64 and a beta of 5.88. The firm has a 50-day moving average price of $16.91 and a two-hundred day moving average price of $14.16.

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 the consensus estimate 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 for the quarter, compared to analyst estimates of $17.10 million.

Insider Buying and Selling

In related news, CEO Akshay Sudhir Naheta acquired 150,000 shares of the stock in a transaction on Thursday, August 21st. The shares were purchased at an average price 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 in the company, valued at approximately $1,310,779.12. The trade was 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 this hyperlink. 2.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Bakkt

A number of hedge funds have recently added to or reduced their stakes in the stock. SBI Securities Co. Ltd. increased its stake in shares of Bakkt by 66.9% in the 2nd quarter. SBI Securities Co. Ltd. now owns 5,144 shares of the company's stock valued at $72,000 after purchasing an additional 2,061 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of Bakkt by 3,275.7% in the 2nd 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 last quarter. Bank of America Corp DE increased its stake in shares of Bakkt by 914.3% in the 2nd quarter. Bank of America Corp DE now owns 2,982 shares of the company's stock valued at $42,000 after purchasing an additional 2,688 shares during the last quarter. Flaharty Asset Management LLC bought a new position in shares of Bakkt in the 1st quarter valued at $26,000. Finally, Tower Research Capital LLC TRC bought a new position in shares of Bakkt in the 2nd quarter valued at $56,000. Institutional investors own 11.11% of the company's stock.

About Bakkt

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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