Bakkt (NYSE:BKKT) Trading Down 13.2%

Shares of Bakkt Holdings, Inc. (NYSE:BKKT) dropped 13.2% during mid-day trading on Tuesday . The stock traded as low as $8.56 and last traded at $8.65. Approximately 83,614 shares were traded during mid-day trading, a decline of 62% from the average daily volume of 222,552 shares. The stock had previously closed at $9.96.

Analyst Ratings Changes

BKKT has been the topic of several analyst reports. Citigroup lowered their target price on shares of Bakkt from $12.50 to $7.50 and set a “sell” rating on the stock in a research report on Wednesday, March 27th. Rosenblatt Securities reissued a “buy” rating and issued a $18.75 price objective on shares of Bakkt in a research note on Tuesday, March 26th.

Bakkt Stock Down 5.8 %

The business’s 50 day moving average is $13.15 and its 200-day moving average is $27.87.

Bakkt (NYSE:BKKT) last issued its quarterly earnings results on Monday, March 25th. The company reported ($7.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.75) by ($4.50). Bakkt had a negative net margin of 9.59% and a negative return on equity of 33.06%. The business had revenue of $214.50 million during the quarter, compared to analyst estimates of $214.00 million. Equities analysts anticipate that Bakkt Holdings, Inc. will post -8 earnings per share for the current fiscal year.

Insider Transactions at Bakkt

In other news, General Counsel Marc D’annunzio sold 2,009 shares of the firm’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $22.00, for a total value of $44,198.00. Following the sale, the general counsel now owns 22,665 shares in the company, valued at $498,630. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, General Counsel Marc D’annunzio sold 2,009 shares of the firm’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $22.00, for a total value of $44,198.00. Following the sale, the general counsel now owns 22,665 shares in the company, valued at $498,630. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, major shareholder Intercontinental Exchange, Inc acquired 350,880 shares of the stock in a transaction dated Thursday, April 25th. The stock was bought at an average price of $0.87 per share, for a total transaction of $305,265.60. Following the purchase, the insider now owns 649,934 shares of the company’s stock, valued at approximately $565,442.58. The disclosure for this purchase can be found here. 1.75% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Bakkt

A number of institutional investors have recently bought and sold shares of BKKT. SG Americas Securities LLC acquired a new stake in Bakkt during the third quarter worth $31,000. Van ECK Associates Corp boosted its stake in Bakkt by 17.7% during the third quarter. Van ECK Associates Corp now owns 1,965,802 shares of the company’s stock worth $2,300,000 after buying an additional 295,860 shares in the last quarter. PEAK6 Investments LLC acquired a new stake in Bakkt during the third quarter worth $7,185,000. Exchange Traded Concepts LLC boosted its stake in Bakkt by 14.7% during the fourth quarter. Exchange Traded Concepts LLC now owns 2,601,904 shares of the company’s stock worth $5,802,000 after buying an additional 332,936 shares in the last quarter. Finally, Kingswood Wealth Advisors LLC acquired a new stake in Bakkt during the fourth quarter worth $394,000. Institutional investors and hedge funds own 11.11% of the company’s stock.

About Bakkt

Bakkt Holdings, Inc offers software as a service and application programming interface solutions for crypto and loyalty, powering engagement, and performance. The company operates Bakkt Marketplace, a platform that enables consumers to buy, sell, and store crypto in an embedded web experience; Bakkt Crypto, a platform that supports clients with a range of crypto solutions; and Bakkt Trust, institutional-grade qualified custody solution for market participants.