Weiss Ratings Reiterates "Sell (E+)" Rating for Bakkt (NYSE:BKKT)

Key Points

• Weiss Ratings has reiterated a "Sell (E+)" rating for Bakkt (NYSE:BKKT), while other brokerages have mixed views, with one initiating a "buy" rating and a price target of $13.00.
• Bakkt's stock recently rose 6.2% to $40.05, although it has a market capitalization of approximately $863.12 million and a PE ratio of -9.14.
• Insider activity includes CEO Akshay Sudhir Naheta purchasing 30,000 shares for $256,500, increasing his ownership by 18.58%.

Bakkt (NYSE:BKKT - Get Free Report)'s stock had its "sell (e+)" rating reiterated by stock analysts at Weiss Ratings in a research report issued on Tuesday,Weiss Ratings reports.

A number of other brokerages have also commented on BKKT. Benchmark initiated coverage on shares of Bakkt in a research note on Monday, September 8th. They issued a "buy" rating and a $13.00 price target for the company. Wall Street Zen lowered shares of Bakkt from a "hold" rating to a "sell" rating in a research note on Saturday, August 16th. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $13.00.

Bakkt Stock Up 6.2%

Shares of NYSE BKKT traded up $2.34 during trading on Tuesday, reaching $40.05. 971,224 shares of the company traded hands, compared to its average volume of 1,151,916. The firm has a 50 day simple moving average of $16.20 and a 200-day simple moving average of $13.94. Bakkt has a 52-week low of $6.81 and a 52-week high of $49.79. The stock has a market capitalization of $863.12 million, a PE ratio of -9.14 and a beta of 5.88.

Bakkt (NYSE:BKKT - Get Free Report) last announced its quarterly earnings results on Monday, August 11th. The company reported ($2.16) EPS for the quarter, missing analysts' consensus estimates of ($0.69) by ($1.47). Bakkt had a negative return on equity of 99.39% and a negative net margin of 0.77%.The company had revenue of $577.88 million during the quarter, compared to the consensus estimate of $17.10 million.

Insider Buying and Selling

In other news, CEO Akshay Sudhir Naheta bought 30,000 shares of the firm's stock in a transaction on Friday, August 22nd. The shares were bought at an average price of $8.55 per share, for a total transaction of $256,500.00. Following the purchase, the chief executive officer owned 191,426 shares in the company, valued at approximately $1,636,692.30. The trade was a 18.58% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.50% of the company's stock.

Institutional Investors Weigh In On Bakkt

Institutional investors and hedge funds have recently modified their holdings of the stock. JPMorgan Chase & Co. raised its position in shares of Bakkt by 3,275.7% during the second quarter. JPMorgan Chase & Co. now owns 2,498 shares of the company's stock valued at $35,000 after buying an additional 2,424 shares during the last quarter. Bank of America Corp DE increased its position in Bakkt by 914.3% in the second quarter. Bank of America Corp DE now owns 2,982 shares of the company's stock worth $42,000 after purchasing an additional 2,688 shares during the last quarter. Flaharty Asset Management LLC bought a new stake in Bakkt in the first quarter worth $26,000. Tower Research Capital LLC TRC bought a new stake in Bakkt in the second quarter worth $56,000. Finally, SBI Securities Co. Ltd. increased its position in Bakkt by 66.9% in the second quarter. SBI Securities Co. Ltd. now owns 5,144 shares of the company's stock worth $72,000 after purchasing an additional 2,061 shares during the last quarter. Institutional investors own 11.11% of the company's stock.

About Bakkt

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.

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