Marc D'annunzio Sells 7,780 Shares of Bakkt (NYSE:BKKT) Stock

Key Points

• Marc D'annunzio, Bakkt's General Counsel, sold 7,780 shares on April 28 at an average price of $8.86 for about $68,931 under a pre-arranged Rule 10b5-1 plan to cover tax withholding, cutting his stake by 6.6% to 110,059 shares.
• BKKT shares fell ~8.6% to $7.84 with volume around 821,790, leaving a market cap near $239.7 million and a 52-week range of $6.87–$49.79.
• Analyst sentiment is mixed—Benchmark trimmed its target to $22 (from $40) but kept a "buy" while Weiss kept a "sell (d-)"—the consensus is a "Hold" with an average target of $22, and institutional investors own about 11.11% of the stock.

Bakkt Holdings, Inc. (NYSE:BKKT - Get Free Report) General Counsel Marc D'annunzio sold 7,780 shares of Bakkt stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $8.86, for a total value of $68,930.80. Following the completion of the sale, the general counsel directly owned 110,059 shares of the company's stock, valued at approximately $975,122.74. The trade was a 6.60% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Marc D'annunzio also recently made the following trade(s):

• On Tuesday, February 24th, Marc D'annunzio sold 785 shares of Bakkt stock. The shares were sold at an average price of $10.09, for a total transaction of $7,920.65.

Bakkt Trading Down 8.6%

NYSE:BKKT traded down $0.74 during trading hours on Wednesday, reaching $7.84. The company had a trading volume of 821,790 shares, compared to its average volume of 1,424,160. The firm has a market cap of $239.67 million, a price-to-earnings ratio of -1.53 and a beta of 6.04. Bakkt Holdings, Inc. has a 52 week low of $6.87 and a 52 week high of $49.79. The firm's 50 day moving average price is $8.91 and its 200-day moving average price is $14.49.

Hedge Funds Weigh In On Bakkt

Several hedge funds have recently modified their holdings of BKKT. NorthCrest Asset Manangement LLC purchased a new position in shares of Bakkt in the third quarter worth $2,356,000. JPMorgan Chase & Co. lifted its holdings in shares of Bakkt by 3,275.7% in the second quarter. JPMorgan Chase & Co. now owns 2,498 shares of the company's stock worth $35,000 after buying an additional 2,424 shares in the last quarter. State of Wyoming purchased a new position in shares of Bakkt in the fourth quarter worth $34,000. Advisory Services Network LLC purchased a new position in shares of Bakkt in the third quarter worth $30,000. Finally, Alpine Global Management LLC purchased a new position in shares of Bakkt in the fourth quarter worth $171,000. Hedge funds and other institutional investors own 11.11% of the company's stock.

Analyst Ratings Changes

Several analysts have recently commented on BKKT shares. Benchmark decreased their price objective on shares of Bakkt from $40.00 to $22.00 and set a "buy" rating on the stock in a research report on Wednesday, March 18th. Weiss Ratings reissued a "sell (d-)" rating on shares of Bakkt in a report on Friday, March 27th. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $22.00.

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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