Bakkt (NYSE:BKKT) Shares Down 3.3% - Here's What Happened

Bakkt Holdings, Inc. (NYSE:BKKT - Get Free Report) shares were down 3.3% on Tuesday . The stock traded as low as $17.56 and last traded at $17.85. Approximately 506,474 shares were traded during mid-day trading, an increase of 2% from the average daily volume of 495,896 shares. The stock had previously closed at $18.46.

Bakkt Price Performance

The company has a market capitalization of $314.09 million, a PE ratio of -4.57 and a beta of 5.35. The company has a 50-day moving average of $14.19 and a two-hundred day moving average of $14.62.

Bakkt (NYSE:BKKT - Get Free Report) last released its quarterly earnings data on Monday, May 12th. The company reported ($2.81) earnings per share for the quarter, missing analysts' consensus estimates of ($0.73) by ($2.08). The business had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $17.20 million. Bakkt had a negative return on equity of 88.55% and a negative net margin of 0.83%.

Insiders Place Their Bets

In other Bakkt news, Director De'ana Dow sold 19,200 shares of the company's stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $12.89, for a total value of $247,488.00. Following the completion of the sale, the director directly owned 22,728 shares in the company, valued at approximately $292,963.92. This represents a 45.79% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Marc D'annunzio sold 10,000 shares of the business's stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $14.21, for a total transaction of $142,100.00. Following the completion of the transaction, the general counsel owned 69,807 shares of the company's stock, valued at $991,957.47. This represents a 12.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 59,869 shares of company stock worth $948,070 over the last quarter. Company insiders own 2.50% of the company's stock.

Institutional Trading of Bakkt

Several large investors have recently added to or reduced their stakes in BKKT. JPMorgan Chase & Co. increased its holdings in Bakkt by 2,231.1% in the fourth quarter. JPMorgan Chase & Co. now owns 1,725 shares of the company's stock valued at $43,000 after buying an additional 1,651 shares in the last quarter. Headlands Technologies LLC acquired a new position in Bakkt in the 4th quarter worth about $223,000. Geode Capital Management LLC boosted its position in Bakkt by 137.0% during the fourth quarter. Geode Capital Management LLC now owns 152,884 shares of the company's stock worth $3,788,000 after purchasing an additional 88,370 shares in the last quarter. Pilgrim Partners Asia Pte Ltd acquired a new stake in Bakkt in the fourth quarter valued at approximately $292,000. Finally, Barclays PLC raised its stake in shares of Bakkt by 73.4% during the 4th quarter. Barclays PLC now owns 5,091 shares of the company's stock worth $126,000 after buying an additional 2,155 shares during the period. Hedge funds and other institutional investors own 11.11% of the company's stock.

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.