Bakkt (NYSE:BKKT) Trading 4% Higher - Should You Buy?

Key Points

• Shares of Bakkt (BKKT) rose about 4% to $7.93 on Wednesday, trading ~897,000 shares—about 31% below its average daily volume.
• Analyst opinion is mixed: Benchmark cut its target but still lists a buy while Weiss Ratings maintains a "Sell (D-)", leaving a MarketBeat consensus rating of Hold with a consensus target of $22.
• Bakkt, a digital-asset platform offering custody, trading, wallets and payments, has a market cap of roughly $242M, a negative P/E (-1.55), high beta (6.04) and only ~11% institutional ownership, signaling high volatility and limited institutional backing.

Shares of Bakkt Holdings, Inc. (NYSE:BKKT - Get Free Report) were up 4% during trading on Wednesday . The stock traded as high as $8.36 and last traded at $7.9340. Approximately 897,008 shares changed hands during trading, a decline of 31% from the average daily volume of 1,300,775 shares. The stock had previously closed at $7.63.

Analysts Set New Price Targets

Several analysts have recently commented on BKKT shares. Weiss Ratings restated a "sell (d-)" rating on shares of Bakkt in a research report on Friday, March 27th. Benchmark decreased their price objective on shares of Bakkt from $40.00 to $22.00 and set a "buy" rating on the stock in a research report on Wednesday, March 18th. 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 company has a consensus rating of "Hold" and a consensus target price of $22.00.

Bakkt Stock Performance

The stock has a market capitalization of $242.46 million, a P/E ratio of -1.55 and a beta of 6.04. The company's 50-day moving average price is $9.66 and its 200 day moving average price is $16.76.

Institutional Trading of Bakkt

Several institutional investors and hedge funds have recently modified their holdings of the company. Advisory Services Network LLC bought a new stake in Bakkt in the 3rd quarter valued at $30,000. Legal & General Group Plc increased its holdings in Bakkt by 110.7% in the 3rd quarter. Legal & General Group Plc now owns 982 shares of the company's stock valued at $33,000 after acquiring an additional 516 shares during the last quarter. Northwestern Mutual Wealth Management Co. bought a new stake in Bakkt in the 3rd quarter valued at $41,000. Russell Investments Group Ltd. increased its holdings in Bakkt by 759.1% in the 3rd quarter. Russell Investments Group Ltd. now owns 2,036 shares of the company's stock valued at $69,000 after acquiring an additional 1,799 shares during the last quarter. Finally, BNP Paribas Financial Markets increased its holdings in Bakkt by 268.3% in the 3rd quarter. BNP Paribas Financial Markets now owns 2,158 shares of the company's stock valued at $73,000 after acquiring an additional 1,572 shares during the last quarter. 11.11% of the stock is currently owned by institutional investors.

Bakkt Company Profile

Bakkt Holdings, Inc is a digital asset platform that aims to bridge traditional finance and digital assets by offering institutional-grade custody, trading and settlement services. Established in 2018 by Intercontinental Exchange (ICE), the company initially made headlines with the launch of its physically settled Bitcoin futures contracts in 2019. Since then, Bakkt has expanded its product lineup to include spot trading of cryptocurrencies, a secure digital wallet for retail customers and a payment gateway that enables merchants to accept digital assets alongside fiat currencies.

The company's core offering centers on its custody infrastructure, which is built to meet robust regulatory and security standards.

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