Bakkt (NYSE:BKKT) Shares Down 5.3% - Here's What Happened

Key Points

• Bakkt shares fell 5.3% to $5.5850, with trading volume below average. The stock remains well below its 50-day and 200-day moving averages of $7.75 and $8.30, respectively.
• Analyst sentiment is mixed: Benchmark cut its price target to $12 while maintaining a Buy rating, Weiss Ratings reiterated Sell, and Wall Street Zen upgraded the stock to Hold. The consensus rating is Hold with a $12 price target.
• Bakkt exceeded quarterly EPS expectations, reporting $1.94 versus a $0.03 estimate, but revenue of $170.15 million fell short of the $373.27 million consensus. The company also reported negative return on equity and net margin, while an insider increased his holdings by 32.77%.

Bakkt Holdings, Inc. (NYSE:BKKT - Get Free Report) shares fell 5.3% during trading on Friday. The company traded as low as $5.42 and last traded at $5.5850. Approximately 1,282,332 shares changed hands during trading, a decline of 14% from the average session volume of 1,495,035 shares. The stock had previously closed at $5.90.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on BKKT shares. Benchmark lowered their price target on Bakkt from $19.00 to $12.00 and set a "buy" rating on the stock in a report on Wednesday, August 12th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Bakkt in a research note on Tuesday, September 29th. Finally, Wall Street Zen raised Bakkt from a "sell" rating to a "hold" rating in a research report on Saturday, August 15th. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Bakkt has an average rating of "Hold" and a consensus price target of $12.00.

Bakkt Trading Down 5.3%

The business has a 50 day simple moving average of $7.75 and a two-hundred day simple moving average of $8.30. The company has a market cap of $251.72 million, a PE ratio of 12.41 and a beta of 6.06.

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

Insiders Place Their Bets

In other Bakkt news, Director Michael Alfred acquired 296,567 shares of Bakkt stock in a transaction dated Tuesday, August 18th. The stock was bought at an average cost of $7.12 per share, with a total value of $2,111,557.04. Following the completion of the transaction, the director owned 1,201,567 shares of the company's stock, valued at $8,555,157.04. The trade was a 32.77% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 10.05% of the stock is currently owned by corporate insiders.

Institutional Trading of Bakkt

Institutional investors have recently bought and sold shares of the stock. Engineers Gate Manager LP raised its stake in shares of Bakkt by 37.5% in the second quarter. Engineers Gate Manager LP now owns 23,574 shares of the company's stock worth $184,000 after acquiring an additional 6,431 shares during the last quarter. Integrated Wealth Concepts LLC bought a new stake in shares of Bakkt during the second quarter valued at approximately $154,000. Bank of New York Mellon Corp acquired a new stake in shares of Bakkt in the second quarter valued at approximately $550,000. Essential Partners LLC acquired a new stake in shares of Bakkt in the first quarter valued at approximately $31,000. Finally, Bank of America Corp DE raised its position in Bakkt by 51.8% in the 1st quarter. Bank of America Corp DE now owns 16,758 shares of the company's stock worth $123,000 after purchasing an additional 5,718 shares during the last quarter. Institutional investors and hedge funds own 11.11% of the company's stock.

About Bakkt

Bakkt Holdings, Inc NYSE: BKKT is a digital-asset technology company that provides cryptocurrency services and infrastructure for institutions, businesses, fintech companies and other organizations. Its platform is designed to support the buying, selling, custody and transfer of digital assets, helping clients incorporate cryptocurrency capabilities into their products and services.

The company's offerings include institutional-grade digital-asset custody, crypto trading and brokerage services, as well as cryptocurrency on-ramps and off-ramps that connect traditional payment systems with digital assets.

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