Insider Buying: Bakkt (NYSE:BKKT) CEO Buys 30,000 Shares of Stock

Key Points

• Bakkt CEO Akshay Sudhir Naheta purchased 30,000 shares of the company at an average price of $8.55 per share, increasing his total holdings to 191,426 shares worth approximately $1.64 million.
• Following recent trades, Bakkt's stock traded down by 5.4%, hitting $8.38, with a significant trading volume of 632,852 shares.
• Bakkt's quarterly earnings report showed a loss of ($2.16) EPS, missing estimates, despite revenue of $577.88 million, leading to a revised rating from analysts from "hold" to "sell."

Bakkt Holdings, Inc. (NYSE:BKKT - Get Free Report) CEO Akshay Sudhir Naheta acquired 30,000 shares of the company's stock in a transaction on Friday, August 22nd. The stock was bought at an average price of $8.55 per share, for a total transaction of $256,500.00. Following the purchase, the chief executive officer owned 191,426 shares in the company, valued at approximately $1,636,692.30. This trade represents a 18.58% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Akshay Sudhir Naheta also recently made the following trade(s):

• On Thursday, August 21st, Akshay Sudhir Naheta bought 150,000 shares of Bakkt stock. The shares were bought at an average cost of $8.12 per share, with a total value of $1,218,000.00.

Bakkt Trading Down 5.4%

Shares of Bakkt stock traded down $0.4770 on Monday, hitting $8.3830. 632,852 shares of the company traded hands, compared to its average volume of 1,831,589. Bakkt Holdings, Inc. has a 12-month low of $6.81 and a 12-month high of $37.21. The company has a 50-day moving average price of $14.24 and a 200 day moving average price of $12.37.

Bakkt (NYSE:BKKT - Get Free Report) last released its quarterly earnings data on Monday, August 11th. The company reported ($2.16) earnings per share (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 for the quarter, compared to analyst estimates of $17.10 million.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Geode Capital Management LLC raised its position in shares of Bakkt by 137.0% in the fourth quarter. Geode Capital Management LLC now owns 152,884 shares of the company's stock valued at $3,788,000 after purchasing an additional 88,370 shares during the period. OMERS ADMINISTRATION Corp acquired a new position in Bakkt in the 1st quarter valued at $210,000. 683 Capital Management LLC bought a new position in Bakkt in the 4th quarter worth $359,000. Northern Trust Corp acquired a new position in Bakkt during the 4th quarter worth $354,000. Finally, Delta Investment Management LLC bought a new stake in Bakkt during the second quarter valued at about $159,000. Institutional investors and hedge funds own 11.11% of the company's stock.

Analysts Set New Price Targets

Separately, Wall Street Zen cut Bakkt from a "hold" rating to a "sell" rating in a research note on Saturday, August 16th.

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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