Bakkt (NYSE:BKKT) Stock Falls 5.3% – Time to Sell?

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

Analysts Set New Price Targets

Several equities research analysts recently commented on BKKT shares. Wall Street Zen upgraded Bakkt from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th. Benchmark decreased their target price on Bakkt from $19.00 to $12.00 and set a “buy” rating for the company in a research note on Wednesday, August 12th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Bakkt in a report on Tuesday, September 29th. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $12.00.

Bakkt Trading Down 5.3%

The stock’s 50-day moving average is $7.75 and its 200-day moving average is $8.30. The company has a market cap of $251.72 million, a price-to-earnings ratio of 12.41 and a beta of 6.06.

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

Insider Activity

In related news, Director Michael Alfred acquired 296,567 shares of the business’s stock in a transaction dated Tuesday, August 18th. The shares were bought at an average price of $7.12 per share, with a total value of $2,111,557.04. Following the transaction, the director directly owned 1,201,567 shares of the company’s stock, valued at $8,555,157.04. This trade represents a 32.77% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 10.05% of the stock is owned by company insiders.

Institutional Trading of Bakkt

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Essential Partners LLC acquired a new position in Bakkt during the 1st quarter worth approximately $31,000. State of Wyoming grew its stake in Bakkt by 217.1% in the first quarter. State of Wyoming now owns 10,679 shares of the company’s stock valued at $79,000 after acquiring an additional 7,311 shares during the period. Cetera Investment Advisers acquired a new stake in Bakkt in the first quarter valued at approximately $105,000. Bank of America Corp DE grew its stake in Bakkt by 51.8% in the first quarter. Bank of America Corp DE now owns 16,758 shares of the company’s stock valued at $123,000 after acquiring an additional 5,718 shares during the period. Finally, Integrated Wealth Concepts LLC bought a new stake in shares of Bakkt during the second quarter valued at approximately $154,000. 11.11% of the stock is owned by institutional investors.

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.