Rosenblatt Securities Reiterates “Buy” Rating for Bakkt (NYSE:BKKT)

Rosenblatt Securities reiterated their buy rating on shares of Bakkt (NYSE:BKKT) in a research report report published on Tuesday morning, Benzinga reports. Rosenblatt Securities currently has a $0.75 target price on the stock.

Bakkt Trading Down 3.5 %

Shares of BKKT opened at $0.46 on Tuesday. The firm has a market cap of $126.29 million, a P/E ratio of -0.55 and a beta of 4.19. The stock’s 50 day moving average is $0.91 and its two-hundred day moving average is $1.24. Bakkt has a 12 month low of $0.41 and a 12 month high of $2.75.

Insider Buying and Selling

In other Bakkt news, General Counsel Marc D’annunzio sold 50,247 shares of the firm’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $0.88, for a total transaction of $44,217.36. Following the completion of the sale, the general counsel now owns 566,630 shares of the company’s stock, valued at $498,634.40. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Bakkt news, General Counsel Marc D’annunzio sold 50,247 shares of Bakkt stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $0.88, for a total value of $44,217.36. Following the completion of the transaction, the general counsel now directly owns 566,630 shares of the company’s stock, valued at approximately $498,634.40. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Intercontinental Exchange, Inc bought 2,762,009 shares of the business’s stock in a transaction that occurred on Monday, March 4th. The shares were acquired at an average cost of $0.87 per share, for a total transaction of $2,402,947.83. Following the completion of the purchase, the insider now owns 7,476,345 shares in the company, valued at $6,504,420.15. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 112,383 shares of company stock worth $117,525. 1.93% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in BKKT. Captrust Financial Advisors raised its stake in Bakkt by 320.5% during the 1st quarter. Captrust Financial Advisors now owns 6,560 shares of the company’s stock worth $40,000 after acquiring an additional 5,000 shares in the last quarter. Bank of Montreal Can acquired a new stake in shares of Bakkt during the first quarter worth about $66,000. Price T Rowe Associates Inc. MD purchased a new stake in shares of Bakkt in the 3rd quarter valued at about $27,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new stake in shares of Bakkt in the 1st quarter valued at about $76,000. Finally, Point72 Hong Kong Ltd purchased a new position in Bakkt during the 2nd quarter worth approximately $30,000. 11.11% of the stock is owned by institutional investors and hedge funds.

Bakkt Company Profile

Bakkt Holdings, Inc offers a platform for crypto and redeeming loyalty points. The company's institutional-grade technology platform offers various solutions, such as Custody, an institutional-grade custody solution for market participants; Crypto Connect, a platform that enables consumers, businesses, and institutions to buy, sell, and store crypto in a digital experience; Crypto Rewards that focuses on enabling customers to earn crypto rewards, as well as redeem existing reward currencies into crypto; and Crypto Payouts for customers to automatically invest a portion of payments into crypto.