Goldman Sachs Group Inc. Cuts Stock Position in Bakkt Holdings, Inc. $BKKT

Key Points

• Goldman Sachs Group Inc. reduced its stake in Bakkt Holdings by 43.7%, owning 20,314 shares after selling 15,748 shares during the first quarter.
• Despite a 42.8% increase in Bakkt's stock price, the company reported a significant earnings miss with an EPS of (2.16), falling short of analysts' expectations.
• Insider trading activity included CEO Akshay Sudhir Naheta purchasing 150,000 shares for about $1.22 million, while another CEO, Andrew A. Main, sold shares valued at approximately $263,000.

Goldman Sachs Group Inc. lessened its stake in Bakkt Holdings, Inc. (NYSE:BKKT - Free Report) by 43.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 20,314 shares of the company's stock after selling 15,748 shares during the period. Goldman Sachs Group Inc. owned 0.15% of Bakkt worth $176,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Flaharty Asset Management LLC purchased a new position in Bakkt in the first quarter valued at about $26,000. AlphaQuest LLC purchased a new stake in shares of Bakkt during the first quarter worth about $56,000. Northern Trust Corp purchased a new stake in shares of Bakkt during the fourth quarter worth about $354,000. Invesco Ltd. grew its stake in shares of Bakkt by 46.8% during the first quarter. Invesco Ltd. now owns 21,080 shares of the company's stock worth $183,000 after acquiring an additional 6,717 shares during the last quarter. Finally, OMERS ADMINISTRATION Corp purchased a new stake in shares of Bakkt during the first quarter worth about $210,000. Hedge funds and other institutional investors own 11.11% of the company's stock.

Bakkt Stock Up 42.8%

Shares of NYSE BKKT opened at $25.64 on Tuesday. The business's 50 day moving average price is $11.62 and its 200 day moving average price is $12.05. The firm has a market cap of $552.50 million, a P/E ratio of -5.79 and a beta of 5.30. Bakkt Holdings, Inc. has a 52 week low of $6.81 and a 52 week high of $37.21.

Bakkt (NYSE:BKKT - Get Free Report) last issued its 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). 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 analysts' expectations of $17.10 million.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on BKKT shares. Wall Street Zen lowered Bakkt from a "hold" rating to a "sell" rating in a research note on Saturday, August 16th. Benchmark started coverage on Bakkt in a research note on Monday, September 8th. They set a "buy" rating and a $13.00 price target on the stock. One equities research analyst has rated the stock with a Buy rating, According to MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $13.00.

Insider Buying and Selling

In related news, CEO Akshay Sudhir Naheta purchased 150,000 shares of the firm's stock in a transaction 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 completion of the acquisition, the chief executive officer owned 161,426 shares of the company's stock, valued at $1,310,779.12. The trade was a 1,312.80% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Andrew A. Main sold 14,440 shares of the business's stock in a transaction that occurred on Tuesday, July 15th. The shares were 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 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 disclosure for this sale can be found here. Insiders sold 30,669 shares of company stock valued at $558,482 over the last three months. 2.50% of the stock is currently owned by corporate insiders.

Bakkt Company Profile

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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