Bakkt (NYSE:BKKT) Shares to Reverse Split on Monday, April 29th

Shares of Bakkt Holdings, Inc. (NYSE:BKKT) are going to reverse split on the morning of Monday, April 29th. The 1-25 reverse split was announced on Tuesday, April 23rd. The number of shares owned by shareholders will be adjusted after the market closes on Friday, April 26th.

Bakkt Price Performance

Shares of Bakkt stock opened at $0.36 on Thursday. The business has a 50-day moving average of $0.59 and a 200 day moving average of $1.15. Bakkt has a 12 month low of $0.33 and a 12 month high of $2.75. The stock has a market capitalization of $115.84 million, a price-to-earnings ratio of -0.43 and a beta of 4.12.

Bakkt (NYSE:BKKT) last posted its quarterly earnings results on Monday, March 25th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.18). The company had revenue of $214.50 million during the quarter, compared to analyst estimates of $214.00 million. Bakkt had a negative net margin of 9.59% and a negative return on equity of 33.06%. Equities research analysts anticipate that Bakkt will post -0.32 earnings per share for the current year.

Analyst Upgrades and Downgrades

BKKT has been the topic of a number of analyst reports. Citigroup reduced their price target on Bakkt from $0.50 to $0.30 and set a “sell” rating on the stock in a research report on Wednesday, March 27th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $0.75 price target on shares of Bakkt in a research report on Tuesday, March 26th.

Insider Buying and Selling at Bakkt

In other news, General Counsel Marc D’annunzio sold 50,247 shares of the firm’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $0.88, for a total transaction of $44,217.36. Following the sale, the general counsel now owns 566,630 shares of the company’s stock, valued at approximately $498,634.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Bakkt news, major shareholder Intercontinental Exchange, Inc bought 2,762,009 shares of the business’s stock in a transaction dated Monday, March 4th. The shares were acquired at an average price of $0.87 per share, with a total value of $2,402,947.83. Following the transaction, the insider now owns 7,476,345 shares of the company’s stock, valued at $6,504,420.15. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, General Counsel Marc D’annunzio sold 50,247 shares of the firm’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $0.88, for a total value of $44,217.36. Following the sale, the general counsel now directly owns 566,630 shares in the company, valued at approximately $498,634.40. The disclosure for this sale can be found here. 1.78% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in BKKT. SG Americas Securities LLC purchased a new position in Bakkt during the 3rd quarter worth approximately $31,000. Vontobel Holding Ltd. purchased a new position in Bakkt during the 3rd quarter worth approximately $35,000. United Capital Management of KS Inc. purchased a new position in shares of Bakkt in the 4th quarter valued at approximately $37,000. AJOVista LLC purchased a new position in shares of Bakkt in the 4th quarter valued at approximately $65,000. Finally, International Assets Investment Management LLC grew its stake in shares of Bakkt by 155.8% in the 4th quarter. International Assets Investment Management LLC now owns 31,332 shares of the company’s stock valued at $70,000 after purchasing an additional 19,082 shares during the last quarter. 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.