Bakkt (NYSE:BKKT) Trading Down 3.3% - Time to Sell?

Bakkt Holdings, Inc. (NYSE:BKKT - Get Free Report)'s share price dropped 3.3% during mid-day trading 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 Stock Down 6.3%

The firm has a market capitalization of $314.09 million, a price-to-earnings ratio of -4.57 and a beta of 5.35. The firm's 50 day moving average is $14.44 and its 200 day moving average is $14.60.

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

Insider Activity at Bakkt

In related news, Director De'ana Dow sold 19,200 shares of the firm's stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $12.89, for a total value of $247,488.00. Following the transaction, the director directly owned 22,728 shares in the company, valued at approximately $292,963.92. This trade represents a 45.79% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, General Counsel Marc D'annunzio sold 10,000 shares of the firm's stock in a transaction on 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 sale, the general counsel owned 69,807 shares in the company, 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. In the last three months, insiders have sold 59,869 shares of company stock worth $948,070. 2.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Bakkt

A number of institutional investors have recently modified their holdings of the stock. Flaharty Asset Management LLC acquired a new position in shares of Bakkt in the first quarter valued at approximately $26,000. JPMorgan Chase & Co. lifted its position in shares of Bakkt by 2,231.1% in the fourth quarter. JPMorgan Chase & Co. now owns 1,725 shares of the company's stock worth $43,000 after purchasing an additional 1,651 shares in the last quarter. AlphaQuest LLC bought a new stake in shares of Bakkt in the first quarter worth $56,000. Barclays PLC lifted its position in shares of Bakkt by 73.4% in the fourth quarter. Barclays PLC now owns 5,091 shares of the company's stock worth $126,000 after purchasing an additional 2,155 shares in the last quarter. Finally, Invesco Ltd. raised its position in Bakkt by 46.8% during the first quarter. Invesco Ltd. now owns 21,080 shares of the company's stock worth $183,000 after acquiring an additional 6,717 shares in the last quarter. 11.11% of the stock is owned by institutional investors.

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.