Bakkt (NYSE:BKKT) Stock Price Down 11.3% – Should You Sell?

Bakkt Holdings, Inc. (NYSE:BKKT) shares traded down 11.3% on Tuesday . The company traded as low as $23.87 and last traded at $23.8490. 648,466 shares traded hands during trading, a decline of 46% from the average session volume of 1,200,783 shares. The stock had previously closed at $26.88.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on BKKT. Weiss Ratings reiterated a “sell (e+)” rating on shares of Bakkt in a research note on Tuesday, October 14th. Benchmark initiated coverage on Bakkt in a research report on Monday, September 8th. They issued a “buy” rating and a $13.00 target price on the stock. Finally, Wall Street Zen cut Bakkt from a “hold” rating to a “sell” rating in a research note on Saturday, August 16th. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $13.00.

Bakkt Price Performance

The firm has a market capitalization of $461.41 million, a P/E ratio of -4.83 and a beta of 5.88. The stock has a fifty day simple moving average of $22.91 and a two-hundred day simple moving average of $16.44.

Bakkt (NYSE:BKKT) last released 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). The company had revenue of $577.88 million during the quarter, compared to the consensus estimate of $17.10 million. Bakkt had a negative net margin of 0.77% and a negative return on equity of 99.39%.

Insiders Place Their Bets

In other Bakkt news, CEO Akshay Sudhir Naheta bought 150,000 shares of the stock in a transaction that occurred on Thursday, August 21st. The shares were bought at an average price of $8.12 per share, for a total transaction of $1,218,000.00. Following the acquisition, the chief executive officer directly owned 161,426 shares of the company’s stock, valued at approximately $1,310,779.12. The trade was a 1,312.80% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.50% of the company’s stock.

Institutional Trading of Bakkt

A number of large investors have recently bought and sold shares of the company. Flaharty Asset Management LLC purchased a new stake in Bakkt in the 1st quarter worth about $26,000. JPMorgan Chase & Co. grew its stake in Bakkt by 3,275.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,498 shares of the company’s stock worth $35,000 after buying an additional 2,424 shares in the last quarter. Bank of America Corp DE grew its position in Bakkt by 914.3% in the second quarter. Bank of America Corp DE now owns 2,982 shares of the company’s stock worth $42,000 after acquiring an additional 2,688 shares in the last quarter. AlphaQuest LLC purchased a new position in Bakkt in the first quarter worth $56,000. Finally, Tower Research Capital LLC TRC purchased a new position in Bakkt in the second quarter worth $56,000. 11.11% of the stock is owned by hedge funds and other institutional investors.

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.