Bakkt Holdings, Inc. $BKKT Shares Newly Acquired by Penn Capital Management Company LLC

Key Points

• Penn Capital Management opened a position in Bakkt, buying 226,112 shares worth about $1.77 million, or roughly 0.5% of the company.
• Bakkt beat quarterly earnings-per-share estimates, reporting $0.31 versus $0.21 expected, but revenue of $149.2 million fell well short of the $434.5 million consensus.
• Analysts’ consensus rating is Hold, with an average price target of $12; the stock opened at $4.69 and has traded between $3.86 and $25 over the past year.

Penn Capital Management Company LLC acquired a new position in shares of Bakkt Holdings, Inc. (NYSE:BKKT - Free Report) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 226,112 shares of the company's stock, valued at approximately $1,766,000. Penn Capital Management Company LLC owned approximately 0.50% of Bakkt at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of BKKT. Bank of New York Mellon Corp acquired a new stake in shares of Bakkt in the second quarter valued at about $550,000. Engineers Gate Manager LP lifted its position in Bakkt by 37.5% during the 2nd quarter. Engineers Gate Manager LP now owns 23,574 shares of the company's stock worth $184,000 after acquiring an additional 6,431 shares in the last quarter. Integrated Wealth Concepts LLC acquired a new position in Bakkt during the 2nd quarter worth approximately $154,000. Bank of America Corp DE lifted its position in Bakkt by 51.8% during the 1st quarter. Bank of America Corp DE now owns 16,758 shares of the company's stock worth $123,000 after acquiring an additional 5,718 shares in the last quarter. Finally, Cetera Investment Advisers purchased a new position in Bakkt in the 1st quarter worth approximately $105,000. Hedge funds and other institutional investors own 11.11% of the company's stock.

Bakkt Stock Up 9.0%

Shares of BKKT opened at $4.69 on Tuesday. The business's 50 day moving average is $6.82 and its two-hundred day moving average is $8.54. Bakkt Holdings, Inc. has a 52-week low of $3.86 and a 52-week high of $25.00.

Bakkt (NYSE:BKKT - Get Free Report) last released its quarterly earnings results on Monday, November 9th. The company reported $0.31 earnings per share for the quarter, topping analysts' consensus estimates of $0.21 by $0.10. The business had revenue of $149.20 million during the quarter, compared to the consensus estimate of $434.50 million. Bakkt had a negative net margin of 2.78% and a negative return on equity of 41.11%.

Insider Buying and Selling

In related news, Director Michael Alfred acquired 296,567 shares of Bakkt stock in a transaction on Tuesday, August 18th. The shares were purchased at an average cost of $7.12 per share, for a total transaction of $2,111,557.04. Following the purchase, the director directly owned 1,201,567 shares of the company's stock, valued at $8,555,157.04. The trade was a 32.77% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 10.05% of the stock is owned by company insiders.

Analyst Ratings Changes

Several analysts have issued reports on BKKT shares. Wall Street Zen raised shares of Bakkt from a "sell" rating to a "hold" rating in a research report on Saturday, August 15th. Benchmark dropped their price objective on shares of Bakkt from $19.00 to $12.00 and set a "buy" rating on the stock in a research note on Wednesday, August 12th. Finally, Weiss Ratings cut shares of Bakkt from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Friday, October 30th. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Bakkt currently has a consensus rating of "Hold" and an average target price of $12.00.

Bakkt Company Profile

Bakkt Holdings, Inc is a digital-asset services company that provides cryptocurrency infrastructure for businesses and institutions. Its platform is designed to support crypto custody, trading and onramp services, enabling customers to buy, sell, hold and transfer digital assets through integrated technology.

The company serves financial institutions, fintech companies, brands and other businesses seeking to offer cryptocurrency-related products without building the underlying infrastructure themselves.

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