Short Interest in Bakkt Holdings, Inc. (NYSE:BKKT) Declines By 12.8%

Bakkt Holdings, Inc. (NYSE:BKKT - Get Free Report) saw a large decrease in short interest in the month of February. As of February 15th, there was short interest totalling 19,120,000 shares, a decrease of 12.8% from the January 31st total of 21,920,000 shares. Based on an average trading volume of 4,700,000 shares, the days-to-cover ratio is presently 4.1 days. Currently, 23.7% of the company's shares are short sold.

Insider Activity at Bakkt

In related news, Director Impact Acquisition Holding Vpc sold 182,819 shares of the stock in a transaction dated Monday, December 4th. The stock was sold at an average price of $2.10, for a total transaction of $383,919.90. Following the completion of the sale, the director now directly owns 4,420,250 shares in the company, valued at approximately $9,282,525. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Bakkt news, Director Impact Acquisition Holding Vpc sold 182,819 shares of the stock in a transaction that occurred on Monday, December 4th. The stock was sold at an average price of $2.10, for a total value of $383,919.90. Following the completion of the sale, the director now owns 4,420,250 shares in the company, valued at approximately $9,282,525. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Sean Roberts Collins sold 46,501 shares of the stock in a transaction that occurred on Friday, December 8th. The stock was sold at an average price of $1.71, for a total value of $79,516.71. Following the completion of the sale, the director now owns 275,960 shares of the company's stock, valued at approximately $471,891.60. The disclosure for this sale can be found here. Insiders sold 1,651,127 shares of company stock worth $3,610,576 in the last ninety days. 1.93% of the stock is owned by company insiders.

Institutional Trading of Bakkt

Institutional investors and hedge funds have recently modified their holdings of the business. PEAK6 Investments LLC bought a new stake in shares of Bakkt in the third quarter worth $7,185,000. State Street Corp lifted its position in Bakkt by 842.3% during the second quarter. State Street Corp now owns 1,058,253 shares of the company's stock valued at $2,222,000 after purchasing an additional 945,944 shares in the last quarter. Van ECK Associates Corp lifted its position in Bakkt by 47.6% during the fourth quarter. Van ECK Associates Corp now owns 2,901,369 shares of the company's stock valued at $6,470,000 after purchasing an additional 935,567 shares in the last quarter. Vanguard Group Inc. lifted its position in Bakkt by 67.3% during the first quarter. Vanguard Group Inc. now owns 2,158,040 shares of the company's stock valued at $13,294,000 after purchasing an additional 868,031 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in Bakkt by 47.8% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,928,052 shares of the company's stock valued at $4,300,000 after purchasing an additional 623,748 shares in the last quarter. Institutional investors own 8.39% of the company's stock.

Bakkt Stock Performance

Shares of Bakkt stock remained flat at $0.58 on Friday. The company's stock had a trading volume of 16,326,931 shares, compared to its average volume of 6,352,811. The company's 50 day moving average price is $1.41 and its two-hundred day moving average price is $1.34. Bakkt has a twelve month low of $0.56 and a twelve month high of $2.75.

Analyst Upgrades and Downgrades

Separately, Rosenblatt Securities lowered their target price on Bakkt from $1.70 to $0.75 and set a "buy" rating for the company in a research note on Friday.

About Bakkt

Bakkt Holdings, Inc offers a platform for crypto and redeeming loyalty points. The company's institutional-grade technology platform offers various solutions, such as Custody, an institutional-grade custody solution for market participants; Crypto Connect, a platform that enables consumers, businesses, and institutions to buy, sell, and store crypto in a digital experience; Crypto Rewards that focuses on enabling customers to earn crypto rewards, as well as redeem existing reward currencies into crypto; and Crypto Payouts for customers to automatically invest a portion of payments into crypto.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.