Key Points
- Bakkt director Michael Alfred bought 296,567 shares at an average price of $7.12, investing approximately $2.11 million and increasing his direct ownership by 32.77% to 1.20 million shares.
- Bakkt shares opened at $7.73, with a market capitalization of about $344.7 million; the stock has traded between $6.71 and $49.79 over the past year and carries a high beta of 5.91.
- Analyst sentiment is mixed, with a consensus “Hold” rating and a $12 price target. The company beat quarterly EPS estimates but reported revenue of $170.15 million versus the $373.27 million consensus forecast.
Bakkt Holdings, Inc. (NYSE:BKKT - Get Free Report) Director Michael Alfred bought 296,567 shares of Bakkt stock in a transaction on Tuesday, August 18th. The shares were purchased at an average cost of $7.12 per share, for a total transaction of $2,111,557.04. Following the completion of the purchase, 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 purchase was disclosed in a document filed with the SEC, which is available at this link.
Michael Alfred also recently made the following trade(s):
- On Wednesday, June 10th, Michael Alfred purchased 100,000 shares of Bakkt stock. The shares were purchased at an average price of $7.83 per share, with a total value of $783,000.00.
- On Tuesday, June 9th, Michael Alfred purchased 180,000 shares of Bakkt stock. The stock was acquired at an average cost of $7.71 per share, for a total transaction of $1,387,800.00.
Bakkt Trading Up 11.5%
NYSE BKKT opened at $7.73 on Thursday. The stock has a market cap of $344.66 million, a PE ratio of 17.17 and a beta of 5.91. Bakkt Holdings, Inc. has a twelve month low of $6.71 and a twelve month high of $49.79. The stock has a fifty day simple moving average of $7.98 and a 200-day simple moving average of $8.94.
Bakkt (NYSE:BKKT - Get Free Report) last issued its quarterly earnings data on Monday, August 10th. The company reported $1.94 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $170.15 million for the quarter, compared to analyst estimates of $373.27 million.
Wall Street Analysts Forecast Growth
Several equities analysts have recently commented on the stock. Weiss Ratings upgraded shares of Bakkt from a "sell (e+)" rating to a "sell (d-)" rating in a report on Thursday, July 2nd. Benchmark cut their target price on Bakkt from $19.00 to $12.00 and set a "buy" rating on the stock in a research report on Wednesday, August 12th. Finally, Wall Street Zen upgraded Bakkt from a "sell" rating to a "hold" rating in a research note on Saturday, August 15th. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $12.00.
Get Our Latest Stock Report on Bakkt
Institutional Trading of Bakkt
Large investors have recently made changes to their positions in the company. UBS Group AG raised its holdings in Bakkt by 638.5% during the fourth quarter. UBS Group AG now owns 264,462 shares of the company's stock worth $2,655,000 after purchasing an additional 228,653 shares in the last quarter. BNP Paribas Financial Markets raised its stake in shares of Bakkt by 268.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 2,158 shares of the company's stock worth $73,000 after buying an additional 1,572 shares in the last quarter. Tower Research Capital LLC TRC acquired a new stake in shares of Bakkt in the 2nd quarter valued at approximately $56,000. Bank of America Corp DE boosted its stake in shares of Bakkt by 914.3% in the second quarter. Bank of America Corp DE now owns 2,982 shares of the company's stock valued at $42,000 after buying an additional 2,688 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. acquired a new position in Bakkt during the third quarter worth $41,000. 11.11% of the stock is owned by institutional investors and hedge funds.
Bakkt Company Profile
(
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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