Bakkt (NYSE:BKKT) Stock Price Down 13.2%

Bakkt Holdings, Inc. (NYSE:BKKT - Get Free Report) shares traded down 13.2% on Tuesday . The company traded as low as $8.56 and last traded at $8.65. 83,614 shares changed hands during trading, a decline of 62% from the average session volume of 222,552 shares. The stock had previously closed at $9.96.

Wall Street Analyst Weigh In

A number of equities analysts have commented on BKKT shares. Rosenblatt Securities restated a "buy" rating and issued a $18.75 target price on shares of Bakkt in a research note on Tuesday, March 26th. Citigroup decreased their target price on Bakkt from $12.50 to $7.50 and set a "sell" rating for the company in a research report on Wednesday, March 27th.

Bakkt Trading Down 32.7 %

The firm has a 50-day simple moving average of $13.79 and a 200-day simple moving average of $28.17. The firm has a market cap of $2.16 billion, a P/E ratio of -8.88 and a beta of 4.12.

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

Insider Buying and Selling

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

Institutional Investors Weigh In On Bakkt

Large investors have recently bought and sold shares of the company. United Capital Management of KS Inc. acquired a new position in shares of Bakkt during the fourth quarter valued at approximately $37,000. International Assets Investment Management LLC increased its stake in Bakkt by 155.8% during the fourth quarter. International Assets Investment Management LLC now owns 31,332 shares of the company's stock worth $70,000 after acquiring an additional 19,082 shares during the last quarter. SG Americas Securities LLC purchased a new stake in Bakkt in the 3rd quarter valued at about $31,000. AJOVista LLC purchased a new stake in Bakkt in the fourth quarter valued at approximately $65,000. Finally, Walled Lake Planning & Wealth Management LLC acquired a new stake in shares of Bakkt during the fourth quarter worth about $84,000. Hedge funds and other institutional investors 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.