Bakkt Sees Unusually High Options Volume (NYSE:BKKT)

Key Points

• Bakkt Holdings, Inc. experienced a significant rise in options trading, with 2,046 call options purchased, marking a 142% increase over typical volumes.
• Insider trading activity included CEO Andrew A. Main selling 14,440 shares, while CEO Akshay Sudhir Naheta purchased 150,000 shares, indicating contrasting confidence levels in the company's prospects.
• After reporting a disappointing quarterly earnings report with an EPS of ($2.16), Bakkt's stock has seen a trading volume surge and is currently valued at $17.58, up by 2.3%.

Bakkt Holdings, Inc. (NYSE:BKKT - Get Free Report) was the target of some unusual options trading on Wednesday. Traders bought 2,046 call options on the company. This is an increase of approximately 142% compared to the typical volume of 847 call options.

Insider Transactions at Bakkt

In related news, CEO Andrew A. Main sold 14,440 shares of the business's stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $18.21, for a total value 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. The trade was a 3.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Akshay Sudhir Naheta purchased 150,000 shares of the company's stock in a transaction that occurred on Thursday, August 21st. The stock was bought at an average cost 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 represents a 1,312.80% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 30,669 shares of company stock valued at $558,482. 2.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. SBI Securities Co. Ltd. grew its stake in Bakkt by 66.9% in the 2nd quarter. SBI Securities Co. Ltd. now owns 5,144 shares of the company's stock valued at $72,000 after purchasing an additional 2,061 shares during the period. JPMorgan Chase & Co. grew its stake in Bakkt by 3,275.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,498 shares of the company's stock valued at $35,000 after purchasing an additional 2,424 shares during the period. Bank of America Corp DE grew its stake in 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 purchasing an additional 2,688 shares during the period. Flaharty Asset Management LLC bought a new position in Bakkt in the 1st quarter valued at $26,000. Finally, Tower Research Capital LLC TRC bought a new position in Bakkt in the 2nd quarter valued at $56,000. Institutional investors own 11.11% of the company's stock.

Bakkt Stock Up 2.3%

NYSE BKKT traded up $0.39 on Wednesday, reaching $17.58. The company had a trading volume of 2,186,245 shares, compared to its average volume of 860,169. The stock has a market capitalization of $378.78 million, a P/E ratio of -3.94 and a beta of 5.30. The company's fifty day moving average is $11.82 and its 200 day moving average is $11.79. Bakkt has a 52-week low of $6.81 and a 52-week high of $37.21.

Bakkt (NYSE:BKKT - Get Free Report) last released its quarterly earnings results 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 during the quarter, compared to analysts' expectations of $17.10 million. Bakkt had a negative net margin of 0.77% and a negative return on equity of 99.39%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Wall Street Zen cut Bakkt from a "hold" rating to a "sell" rating in a report on Saturday, August 16th. Benchmark assumed coverage on Bakkt in a report on Monday, September 8th. They set a "buy" rating and a $13.00 price target on the stock. One research analyst has rated the stock with a Buy rating, According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $13.00.

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.

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