Bakkt (NYSE:BKKT) Shares Gap Down to $9.99

Bakkt Holdings, Inc. (NYSE:BKKT - Get Free Report) shares gapped down prior to trading on Monday . The stock had previously closed at $9.99, but opened at $9.30. Bakkt shares last traded at $9.31, with a volume of 34,986 shares changing hands.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on BKKT shares. Rosenblatt Securities reiterated a "buy" rating and issued a $18.75 target price on shares of Bakkt in a report on Tuesday, March 26th. Citigroup dropped their target price on Bakkt from $12.50 to $7.50 and set a "sell" rating on the stock in a report on Wednesday, March 27th.

Bakkt Trading Down 0.3 %

The business has a fifty day moving average price of $13.79 and a two-hundred day moving average price of $28.17. The company has a market cap of $3.20 billion, a price-to-earnings ratio of -11.86 and a beta of 4.12.

Bakkt (NYSE:BKKT - Get Free Report) last released its quarterly earnings data on Monday, March 25th. The company reported ($7.25) EPS for the quarter, missing analysts' consensus estimates of ($2.75) by ($4.50). Bakkt had a negative return on equity of 33.06% and a negative net margin of 9.59%. The firm had revenue of $214.50 million during the quarter, compared to analyst estimates of $214.00 million. On average, analysts anticipate that Bakkt Holdings, Inc. will post -0.32 EPS for the current year.

Insider Buying and Selling

In other news, major shareholder Intercontinental Exchange, Inc acquired 110,480 shares of the company's stock in a transaction that occurred on Monday, March 4th. The shares were purchased at an average price of $21.75 per share, for a total transaction of $2,402,940.00. Following the completion of the acquisition, the insider now owns 299,053 shares of the company's stock, valued at approximately $6,504,402.75. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, major shareholder Intercontinental Exchange, Inc purchased 110,480 shares of the stock in a transaction on Monday, March 4th. The shares were bought at an average price of $21.75 per share, for a total transaction of $2,402,940.00. Following the completion of the acquisition, the insider now directly owns 299,053 shares in the company, valued at approximately $6,504,402.75. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, General Counsel Marc D'annunzio sold 2,009 shares of the stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $22.00, for a total value of $44,198.00. Following the transaction, the general counsel now owns 22,665 shares in the company, valued at approximately $498,630. The disclosure for this sale can be found here. 1.75% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Bakkt

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. United Capital Management of KS Inc. bought a new stake in shares of Bakkt in the fourth quarter valued at approximately $37,000. SG Americas Securities LLC bought a new stake in shares of Bakkt in the third quarter valued at approximately $31,000. AJOVista LLC bought a new stake in shares of Bakkt in the fourth quarter valued at approximately $65,000. International Assets Investment Management LLC boosted its position in shares of Bakkt by 155.8% in the fourth quarter. International Assets Investment Management LLC now owns 31,332 shares of the company's stock valued at $70,000 after acquiring an additional 19,082 shares during the period. Finally, Walled Lake Planning & Wealth Management LLC bought a new stake in shares of Bakkt in the fourth quarter valued at approximately $84,000. Institutional investors and hedge funds own 11.11% of the company's stock.

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.