Key Points
- Bakkt director Michael Alfred bought 365,000 shares on May 15 at an average price of $8.34, a transaction worth about $3.04 million. After the purchase, his stake rose to 405,000 shares.
- Alfred also bought an additional 220,000 shares on May 18 at $8.20 apiece, bringing his recent insider buying total to a significant level. The activity suggests strong insider confidence in the stock.
- Bakkt recently reported a wider-than-expected quarterly loss of $0.41 per share and revenue of $243.59 million, both below analyst estimates. Analyst sentiment remains mixed, with a consensus rating of Hold and an average price target of $22.00.
Bakkt Holdings, Inc. (NYSE:BKKT - Get Free Report) Director Michael Alfred purchased 220,000 shares of the firm's stock in a transaction that occurred on Monday, May 18th. The stock was acquired at an average price of $8.20 per share, with a total value of $1,804,000.00. Following the completion of the purchase, the director owned 625,000 shares in the company, valued at $5,125,000. This represents a 54.32% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.
Michael Alfred also recently made the following trade(s):
- On Friday, May 15th, Michael Alfred purchased 365,000 shares of Bakkt stock. The stock was acquired at an average price of $8.34 per share, with a total value of $3,044,100.00.
Bakkt Price Performance
Shares of Bakkt stock opened at $8.72 on Tuesday. The company has a 50-day moving average of $8.63 and a 200 day moving average of $12.40. The firm has a market cap of $266.33 million, a price-to-earnings ratio of -2.31 and a beta of 5.85. Bakkt Holdings, Inc. has a 1 year low of $6.87 and a 1 year high of $49.79.
Bakkt (NYSE:BKKT - Get Free Report) last issued its quarterly earnings results on Monday, May 11th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.31). The business had revenue of $243.59 million during the quarter, compared to the consensus estimate of $297.94 million. Bakkt had a negative return on equity of 64.73% and a negative net margin of 8.37%.
Institutional Trading of Bakkt
A number of institutional investors and hedge funds have recently modified their holdings of the business. Legal & General Group Plc increased its holdings in shares of Bakkt by 110.7% in the 3rd quarter. Legal & General Group Plc now owns 982 shares of the company's stock worth $33,000 after purchasing an additional 516 shares in the last quarter. Advisory Services Network LLC purchased a new position in shares of Bakkt during the third quarter valued at approximately $30,000. Bank of America Corp DE raised its holdings in shares of Bakkt by 39.8% during the third quarter. Bank of America Corp DE now owns 4,169 shares of the company's stock valued at $140,000 after purchasing an additional 1,187 shares during the last quarter. Northwestern Mutual Wealth Management Co. purchased a new position in shares of Bakkt during the third quarter valued at approximately $41,000. Finally, BNP Paribas Financial Markets raised its holdings in shares of Bakkt by 268.3% during the third quarter. BNP Paribas Financial Markets now owns 2,158 shares of the company's stock valued at $73,000 after purchasing an additional 1,572 shares during the last quarter. Institutional investors own 11.11% of the company's stock.
Analyst Ratings Changes
BKKT has been the subject of a number of recent research reports. Weiss Ratings cut Bakkt from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Wednesday, April 29th. Benchmark lowered their price objective on Bakkt from $40.00 to $22.00 and set a "buy" rating for the company in a research note on Wednesday, March 18th. Finally, Wall Street Zen upgraded Bakkt from a "strong sell" rating to a "sell" rating in a research note on Saturday. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $22.00.
Read Our Latest Report on BKKT
About Bakkt
(
Get Free Report)
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.
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