Insider Buying: Bakkt (NYSE:BKKT) Director Buys $2,111,557.04 in Stock

Key Points

• Bakkt director Michael Alfred bought 296,567 shares at an average price of $7.12, investing approximately $2.11 million and increasing his direct ownership by 32.77% to 1.20 million shares.
• Bakkt shares rose 10.2% to $7.64, while the company reported quarterly EPS of $1.94—well above the $0.03 consensus estimate—but revenue of $170.15 million fell short of expectations.
• Analyst sentiment remains mixed, with one Buy and one Sell rating; the overall consensus is Hold with an average price target of $12.00.

Bakkt Holdings, Inc. (NYSE:BKKT - Get Free Report) Director Michael Alfred purchased 296,567 shares of the firm's stock in a transaction on Tuesday, August 18th. The shares were purchased at an average price of $7.12 per share, for a total transaction of $2,111,557.04. Following the completion of the purchase, the director directly owned 1,201,567 shares of the company's stock, valued at $8,555,157.04. This represents a 32.77% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link.

Michael Alfred also recently made the following trade(s):

• On Wednesday, June 10th, Michael Alfred acquired 100,000 shares of Bakkt stock. The stock was purchased at an average cost of $7.83 per share, with a total value of $783,000.00.
• On Tuesday, June 9th, Michael Alfred acquired 180,000 shares of Bakkt stock. The stock was purchased at an average price of $7.71 per share, for a total transaction of $1,387,800.00.

Bakkt Trading Up 10.2%

Bakkt stock traded up $0.71 during midday trading on Wednesday, reaching $7.64. 1,910,375 shares of the stock traded hands, compared to its average volume of 1,499,615. The firm has a market cap of $340.73 million, a PE ratio of 16.93 and a beta of 5.91. The company has a 50-day simple moving average of $7.98 and a two-hundred day simple moving average of $8.98. Bakkt Holdings, Inc. has a 12-month low of $6.71 and a 12-month high of $49.79.

Bakkt (NYSE:BKKT - Get Free Report) last issued its quarterly earnings results on Monday, August 10th. The company reported $1.94 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.03 by $1.91. Bakkt had a negative net margin of 2.78% and a negative return on equity of 41.11%. The company had revenue of $170.15 million for the quarter, compared to analyst estimates of $373.27 million.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in BKKT. Advisory Services Network LLC acquired a new stake in shares of Bakkt in the 3rd quarter valued at $30,000. Legal & General Group Plc grew its stake in shares of Bakkt by 110.7% during the third quarter. Legal & General Group Plc now owns 982 shares of the company's stock worth $33,000 after purchasing an additional 516 shares in the last quarter. Northwestern Mutual Wealth Management Co. purchased a new position in Bakkt in the third quarter valued at $41,000. Russell Investments Group Ltd. increased its holdings in Bakkt by 759.1% in the third quarter. Russell Investments Group Ltd. now owns 2,036 shares of the company's stock valued at $69,000 after buying an additional 1,799 shares during the last quarter. Finally, BNP Paribas Financial Markets raised its stake in Bakkt by 268.3% in the third quarter. BNP Paribas Financial Markets now owns 2,158 shares of the company's stock valued at $73,000 after buying an additional 1,572 shares in the last quarter. Institutional investors and hedge funds own 11.11% of the company's stock.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Wall Street Zen raised shares of Bakkt from a "sell" rating to a "hold" rating in a research report on Saturday. Weiss Ratings upgraded Bakkt from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Thursday, July 2nd. Finally, Benchmark decreased their target price on Bakkt from $19.00 to $12.00 and set a "buy" rating for the company in a report on Wednesday, August 12th. 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, the company has an average rating of "Hold" and an average target price of $12.00.

Bakkt Company Profile

Bakkt Holdings, Inc is a digital asset platform that aims to bridge traditional finance and digital assets by offering institutional-grade custody, trading and settlement services. Established in 2018 by Intercontinental Exchange (ICE), the company initially made headlines with the launch of its physically settled Bitcoin futures contracts in 2019. Since then, Bakkt has expanded its product lineup to include spot trading of cryptocurrencies, a secure digital wallet for retail customers and a payment gateway that enables merchants to accept digital assets alongside fiat currencies.

The company's core offering centers on its custody infrastructure, which is built to meet robust regulatory and security standards.

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