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.

Analysts at Benchmark assumed coverage on shares of Bakkt (NYSE:BKKT - Get Free Report) in a note issued to investors on Monday,Briefing.com Automated Import reports. The firm set a "buy" rating and a $13.00 price target on the stock. Benchmark's target price points to a potential upside of 49.13% from the stock's previous close.

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

Bakkt Price Performance

Shares of NYSE BKKT opened at $8.72 on Monday. The business's 50 day moving average is $13.50 and its two-hundred day moving average is $11.99. The stock has a market capitalization of $187.85 million, a P/E ratio of -1.97 and a beta of 5.30. Bakkt has a 1-year low of $6.81 and a 1-year high of $37.21.

Bakkt (NYSE:BKKT - Get Free Report) last released its earnings results on Monday, August 11th. The company reported ($2.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.69) by ($1.47). The firm had revenue of $577.88 million during the quarter, compared to analyst estimates of $17.10 million. Bakkt had a negative net margin of 0.77% and a negative return on equity of 99.39%.

Insider Activity at Bakkt

In other Bakkt news, CEO Andrew A. Main sold 14,440 shares of Bakkt stock in a transaction 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 directly 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 SEC, which is available through this hyperlink. Also, CEO Akshay Sudhir Naheta acquired 150,000 shares of Bakkt stock in a transaction on Thursday, August 21st. The shares were bought at an average cost of $8.12 per share, with a total value of $1,218,000.00. Following the completion of the transaction, the chief executive officer owned 161,426 shares of the company's stock, valued at approximately $1,310,779.12. This trade represents a 1,312.80% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 30,669 shares of company stock worth $558,482 in the last three months. 2.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Geode Capital Management LLC increased its position in Bakkt by 33.1% during the 2nd quarter. Geode Capital Management LLC now owns 247,177 shares of the company's stock valued at $3,448,000 after purchasing an additional 61,408 shares during the period. OMERS ADMINISTRATION Corp bought a new position in shares of Bakkt in the 1st quarter worth $210,000. Northern Trust Corp bought a new position in shares of Bakkt in the 4th quarter worth $354,000. Delta Investment Management LLC bought a new position in Bakkt during the 2nd quarter valued at $159,000. Finally, Cetera Investment Advisers bought a new position in Bakkt during the 2nd quarter valued at $153,000. 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.

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