Bakkt (NYSE:BKKT) Trading 9% Higher - Here's Why

Key Points

• Bakkt Holdings, Inc. (NYSE: BKKT) saw its stock price increase by 9% during mid-day trading, reaching a high of $41.09 after closing at $37.71.
• Analysts are divided on Bakkt, with one rating it a Buy and another a Sell, resulting in a consensus rating of "Hold" and an average price target of $13.00.
• CEO Akshay Sudhir Naheta significantly increased his ownership by purchasing 150,000 shares, representing a 1,312.80% increase in his holdings.

Bakkt Holdings, Inc. (NYSE:BKKT - Get Free Report) traded up 9% during mid-day trading on Tuesday . The stock traded as high as $40.80 and last traded at $41.09. 1,096,193 shares changed hands during trading, a decline of 5% from the average session volume of 1,153,006 shares. The stock had previously closed at $37.71.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Wall Street Zen downgraded shares of Bakkt from a "hold" rating to a "sell" rating in a report on Saturday, August 16th. Weiss Ratings restated a "sell (e+)" rating on shares of Bakkt in a research note on Tuesday. Finally, Benchmark began coverage on shares of Bakkt in a research note on Monday, September 8th. They issued a "buy" rating and a $13.00 price objective for the company. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $13.00.

Bakkt Trading Up 17.2%

The company's fifty day moving average price is $16.20 and its two-hundred day moving average price is $13.94. The firm has a market cap of $952.55 million, a P/E ratio of -9.97 and a beta of 5.88.

Bakkt (NYSE:BKKT - Get Free Report) last issued 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). The company had revenue of $577.88 million for 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 bought 150,000 shares of Bakkt stock in a transaction dated Thursday, August 21st. The shares were bought at an average price of $8.12 per share, with a total value of $1,218,000.00. Following the purchase, the chief executive officer 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Company insiders own 2.50% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Voya Investment Management LLC acquired a new stake in shares of Bakkt in the 3rd quarter valued at approximately $360,000. Tower Research Capital LLC TRC acquired a new stake in shares of Bakkt in the 2nd quarter valued at approximately $56,000. Bank of America Corp DE raised its position 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 acquiring an additional 2,688 shares during the period. Invesco Ltd. raised its position in shares of Bakkt by 21.2% in the 2nd quarter. Invesco Ltd. now owns 25,553 shares of the company's stock valued at $356,000 after acquiring an additional 4,473 shares during the period. Finally, New York State Common Retirement Fund acquired a new stake in shares of Bakkt in the 2nd quarter valued at approximately $106,000. 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.

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.