Bakkt Holdings, Inc. (NYSE:BKKT) Short Interest Down 31.6% in October

Bakkt Holdings, Inc. (NYSE:BKKT) was the target of a significant decline in short interest in the month of October. As of October 15th, there was short interest totaling 1,930,000 shares, a decline of 31.6% from the September 30th total of 2,820,000 shares. Currently, 16.1% of the shares of the stock are sold short. Based on an average trading volume of 2,710,000 shares, the days-to-cover ratio is currently 0.7 days. Based on an average trading volume of 2,710,000 shares, the days-to-cover ratio is currently 0.7 days. Currently, 16.1% of the shares of the stock are sold short.

Analysts Set New Price Targets

A number of equities analysts have commented on BKKT shares. Weiss Ratings restated a “sell (e+)” rating on shares of Bakkt in a research report on Tuesday, October 14th. Benchmark initiated coverage on shares of Bakkt in a research report on Monday, September 8th. They issued a “buy” rating and a $13.00 price target on the stock. Finally, Wall Street Zen lowered shares of Bakkt from a “hold” rating to a “sell” rating in a research report on Saturday, August 16th. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Bakkt presently has an average rating of “Hold” and a consensus price target of $13.00.

Bakkt Stock Down 19.9%

NYSE BKKT traded down $5.36 during trading hours on Tuesday, hitting $21.52. The company’s stock had a trading volume of 2,064,203 shares, compared to its average volume of 1,208,267. The stock has a fifty day moving average of $22.91 and a 200 day moving average of $16.44. Bakkt has a twelve month low of $6.81 and a twelve month high of $49.79. The firm has a market capitalization of $463.82 million, a P/E ratio of -4.86 and a beta of 5.88.

Bakkt (NYSE:BKKT) last announced its quarterly earnings data on Monday, August 11th. The company reported ($2.16) earnings per share for the quarter, missing the consensus estimate of ($0.69) by ($1.47). Bakkt had a negative net margin of 0.77% and a negative return on equity of 99.39%. The business had revenue of $577.88 million during the quarter, compared to analyst estimates of $17.10 million.

Insiders Place Their Bets

In other Bakkt news, CEO Akshay Sudhir Naheta bought 30,000 shares of the stock in a transaction that occurred on Friday, August 22nd. The shares were acquired at an average price of $8.55 per share, with a total value of $256,500.00. Following the completion of the purchase, the chief executive officer directly owned 191,426 shares in the company, valued at $1,636,692.30. The trade was a 18.58% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. 2.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Bakkt

Several large investors have recently bought and sold shares of the business. AlphaQuest LLC lifted its holdings in Bakkt by 50.1% in the third quarter. AlphaQuest LLC now owns 10,673 shares of the company’s stock valued at $359,000 after buying an additional 3,561 shares during the period. Great Lakes Advisors LLC bought a new stake in Bakkt in the third quarter valued at approximately $252,000. Pilgrim Partners Asia Pte Ltd bought a new stake in Bakkt in the third quarter valued at approximately $390,000. NorthCrest Asset Manangement LLC bought a new stake in Bakkt in the third quarter valued at approximately $2,356,000. Finally, Delta Investment Management LLC increased its stake in Bakkt by 15.6% in the third quarter. Delta Investment Management LLC now owns 13,151 shares of the company’s stock valued at $443,000 after purchasing an additional 1,774 shares in the last quarter. 11.11% of the stock is currently owned by institutional investors and hedge funds.

Bakkt Company Profile

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.