Bakkt (NYSE:BKKT) Stock Price Up 2% - Time to Buy?

Key Points

• Bakkt's stock price increased by 2%, reaching a peak of $9.95 during trading, despite overall trading volume declining by 28% compared to the average session.
• The company reported a significant earnings miss, with earnings per share at ($2.81) against an estimate of ($0.73), and a notable negative return on equity of 88.55%.
• Insiders have recently sold a total of 59,869 shares, indicating a 45.79% decrease in one director's ownership, which may signal concerns about the company's performance.

Bakkt Holdings, Inc. (NYSE:BKKT - Get Free Report)'s stock price traded up 2% during mid-day trading on Wednesday . The company traded as high as $9.95 and last traded at $9.73. 943,281 shares changed hands during mid-day trading, a decline of 28% from the average session volume of 1,318,393 shares. The stock had previously closed at $9.53.

Bakkt Price Performance

The firm has a market cap of $136.19 million, a price-to-earnings ratio of -1.98 and a beta of 5.31. The business has a 50-day moving average of $15.15 and a 200-day moving average of $13.15.

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

Insider Activity at Bakkt

In related news, General Counsel Marc D'annunzio sold 10,000 shares of Bakkt stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $14.21, for a total value of $142,100.00. Following the sale, the general counsel owned 69,807 shares of the company's stock, valued at approximately $991,957.47. The trade was a 12.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Andrew A. Main sold 14,440 shares of Bakkt stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $18.21, for a total transaction of $262,952.40. Following the completion of the transaction, the chief executive officer owned 431,963 shares of the company's stock, valued at $7,866,046.23. This represents a 3.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 59,869 shares of company stock worth $948,070 over the last three months. Company insiders own 2.50% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Flaharty Asset Management LLC bought a new position in shares of Bakkt during the first quarter valued at about $26,000. JPMorgan Chase & Co. raised its stake in 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 buying an additional 1,651 shares in the last quarter. AlphaQuest LLC bought a new position in Bakkt in the first quarter worth about $56,000. SBI Securities Co. Ltd. raised its stake in Bakkt by 66.9% in the second quarter. SBI Securities Co. Ltd. now owns 5,144 shares of the company's stock worth $72,000 after buying an additional 2,061 shares in the last quarter. Finally, Barclays PLC raised its stake in Bakkt by 73.4% in the fourth quarter. Barclays PLC now owns 5,091 shares of the company's stock worth $126,000 after buying an additional 2,155 shares in the last quarter. 11.11% of the stock is currently owned by hedge funds and other 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.