Bakkt (NYSE:BKKT) Issues Earnings Results

Bakkt (NYSE:BKKT) released its quarterly earnings data on Monday. The company reported ($0.34) earnings per share for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.37), Zacks reports. Bakkt had a negative net margin of 8.37% and a negative return on equity of 64.73%.

Bakkt Price Performance

Shares of BKKT traded up $0.11 on Monday, hitting $7.64. The company’s stock had a trading volume of 1,135,338 shares, compared to its average volume of 1,501,105. The company has a market capitalization of $340.82 million, a PE ratio of -5.58 and a beta of 5.91. Bakkt has a fifty-two week low of $6.75 and a fifty-two week high of $49.79. The company has a 50 day moving average price of $8.19 and a 200 day moving average price of $9.36.

Insiders Place Their Bets

In other Bakkt news, Director Michael Alfred purchased 100,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 10th. The stock was purchased at an average cost of $7.83 per share, with a total value of $783,000.00. Following the acquisition, the director directly owned 905,000 shares of the company’s stock, valued at approximately $7,086,150. This trade represents a 12.42% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Over the last ninety days, insiders acquired 865,000 shares of company stock worth $7,018,900. Company insiders own 10.05% of the company’s stock.

Hedge Funds Weigh In On Bakkt

A number of institutional investors and hedge funds have recently bought and sold shares of BKKT. Advisory Services Network LLC bought a new stake in shares of Bakkt during the third quarter worth $30,000. Legal & General Group Plc raised its holdings in shares of Bakkt by 110.7% in the third quarter. Legal & General Group Plc now owns 982 shares of the company’s stock valued at $33,000 after buying an additional 516 shares during the last quarter. State of Wyoming acquired a new position in Bakkt during the 4th quarter worth about $34,000. JPMorgan Chase & Co. lifted its position in Bakkt by 3,275.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,498 shares of the company’s stock worth $35,000 after buying an additional 2,424 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. bought a new stake in Bakkt during the 3rd quarter worth about $41,000. Institutional investors and hedge funds own 11.11% of the company’s stock.

Analyst Upgrades and Downgrades

BKKT has been the subject of several recent analyst reports. Wall Street Zen upgraded Bakkt from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 16th. Weiss Ratings upgraded shares of Bakkt from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, July 2nd. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $22.00.

Bakkt Company Profile

Bakkt Holdings, Inc is a digital asset platform that aims to bridge traditional finance and digital assets by offering institutional-grade custody, trading and settlement services. Established in 2018 by Intercontinental Exchange (ICE), the company initially made headlines with the launch of its physically settled Bitcoin futures contracts in 2019. Since then, Bakkt has expanded its product lineup to include spot trading of cryptocurrencies, a secure digital wallet for retail customers and a payment gateway that enables merchants to accept digital assets alongside fiat currencies.

The company’s core offering centers on its custody infrastructure, which is built to meet robust regulatory and security standards.