Key Points
- Bakkt General Counsel Marc D’Annunzio sold 1,272 shares for approximately $10,952 at an average price of $8.61. The sale covered tax-withholding obligations tied to vested equity awards, leaving him with 107,006 shares.
- Bakkt shares opened at $8.51 after reportedly falling 6.3%; the stock has a market capitalization of about $383 million and has traded between $6.71 and $49.79 over the past year.
- Analysts have a consensus “Hold” rating and an average price target of $12.00. Institutional investors and hedge funds own 11.11% of Bakkt, while the company recently reported $1.94 in quarterly EPS but revenue of $170.15 million, below the $373.27 million estimate.
Bakkt Holdings, Inc. (NYSE:BKKT - Get Free Report) General Counsel Marc D’Annunzio sold 1,272 shares of the stock in a transaction that occurred on Wednesday, September 23rd. The shares were sold at an average price of $8.61, for a total value of $10,951.92. Following the completion of the sale, the general counsel directly owned 107,006 shares of the company's stock, valued at $921,321.66. This represents a 1.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.
Bakkt Trading Down 6.3%
Shares of Bakkt stock opened at $8.51 on Friday. The company's fifty day simple moving average is $7.87 and its 200-day simple moving average is $8.49. The company has a market cap of $383.32 million, a price-to-earnings ratio of 18.90 and a beta of 5.92. Bakkt Holdings, Inc. has a 1 year low of $6.71 and a 1 year high of $49.79.
Bakkt (NYSE:BKKT - Get Free Report) last announced its earnings results on Monday, August 10th. The company reported $1.94 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.03 by $1.91. The business had revenue of $170.15 million for the quarter, compared to analyst estimates of $373.27 million. Bakkt had a negative net margin of 2.78% and a negative return on equity of 41.11%.
Institutional Trading of Bakkt
Institutional investors have recently made changes to their positions in the business. Bank of New York Mellon Corp bought a new stake in Bakkt in the second quarter valued at about $550,000. Engineers Gate Manager LP raised its position in Bakkt by 37.5% in the second quarter. Engineers Gate Manager LP now owns 23,574 shares of the company's stock worth $184,000 after purchasing an additional 6,431 shares in the last quarter. Integrated Wealth Concepts LLC bought a new position in Bakkt during the second quarter worth about $154,000. Bank of America Corp DE lifted its stake in Bakkt by 51.8% during the first quarter. Bank of America Corp DE now owns 16,758 shares of the company's stock worth $123,000 after purchasing an additional 5,718 shares during the period. Finally, Cetera Investment Advisers acquired a new stake in Bakkt during the first quarter valued at approximately $105,000. 11.11% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of brokerages have recently commented on BKKT. Wall Street Zen raised shares of 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 on the stock in a research report on Wednesday, August 12th. Finally, Weiss Ratings upgraded Bakkt from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Thursday, July 2nd. One research analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Bakkt presently has a consensus rating of "Hold" and an average target price of $12.00.
Check Out Our Latest Research Report on BKKT
About Bakkt
(
Get Free Report)
Bakkt Holdings, Inc is a digital asset technology company that provides cryptocurrency services to institutions, businesses and consumers. The company's platform supports the buying, selling and custody of digital assets, with an emphasis on security, compliance and integration with established financial and commercial platforms.
Bakkt's services have included institutional crypto trading, digital-asset custody and technology that enables businesses to offer cryptocurrency access to their customers.
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