Benchmark Begins Coverage on Bakkt (NYSE:BKKT)

Key Points

• Benchmark analysts initiated coverage on Bakkt (NYSE: BKKT) with a "buy" rating and a price target of $13.00, indicating a potential upside of 49.13% from its previous close.
• Bakkt recently reported a loss of $2.16 per share, significantly below the consensus estimate of a loss of $0.69, despite revenue of $577.88 million.
• CEO Andrew A. Main sold 14,440 shares of Bakkt stock, while CEO Akshay Sudhir Naheta purchased 150,000 shares, reflecting contrasting insider trading activities.

Equities research analysts at Benchmark initiated coverage on shares of Bakkt (NYSE:BKKT - Get Free Report) in a report issued on Monday, Marketbeat reports. The brokerage set a "buy" rating and a $13.00 price target on the stock. Benchmark's price objective would suggest a potential upside of 36.48% from the stock's current price.

Separately, Wall Street Zen lowered shares of Bakkt from a "hold" rating to a "sell" rating in a research note on Saturday, August 16th. One analyst has rated the stock with a Buy rating, According to MarketBeat, Bakkt presently has an average rating of "Buy" and an average target price of $13.00.

Bakkt Trading Down 4.2%

BKKT traded down $0.42 during trading on Monday, reaching $9.53. 746,342 shares of the company's stock were exchanged, compared to its average volume of 1,002,720. The firm has a fifty day moving average price of $12.79 and a two-hundred day moving average price of $11.88. Bakkt has a one year low of $6.81 and a one year high of $37.21. The stock has a market capitalization of $205.26 million, a PE ratio of -2.15 and a beta of 5.30.

Bakkt (NYSE:BKKT - Get Free Report) last posted 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). Bakkt had a negative net margin of 0.77% and a negative return on equity of 99.39%. The firm had revenue of $577.88 million during the quarter, compared to the consensus estimate of $17.10 million.

Insider Buying and Selling at Bakkt

In other Bakkt news, CEO Andrew A. Main sold 14,440 shares of Bakkt stock in a transaction dated Tuesday, July 15th. The stock was 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 in the company, valued at approximately $7,866,046.23. The trade was a 3.23% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Akshay Sudhir Naheta purchased 150,000 shares of the business's stock in a transaction on 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 directly owned 161,426 shares in the company, valued at approximately $1,310,779.12. The trade was a 1,312.80% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 30,669 shares of company stock worth $558,482. Corporate insiders own 2.50% of the company's stock.

Hedge Funds Weigh In On Bakkt

Hedge funds have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. boosted its stake in Bakkt by 3,275.7% during 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 last quarter. Bank of America Corp DE raised its holdings in shares of Bakkt by 914.3% in the second 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 last quarter. Flaharty Asset Management LLC purchased a new stake in shares of Bakkt in the first quarter valued at about $26,000. Tower Research Capital LLC TRC purchased a new stake in shares of Bakkt in the second quarter valued at about $56,000. Finally, Barclays PLC raised its holdings in shares of Bakkt by 73.4% in the fourth quarter. Barclays PLC now owns 5,091 shares of the company's stock valued at $126,000 after purchasing an additional 2,155 shares during the last quarter. Institutional investors and hedge funds 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.