Bakkt (NYSE:BKKT) Shares Up 2.9% – Should You Buy?

Bakkt Holdings, Inc. (NYSE:BKKT) was up 2.9% on Friday . The company traded as high as $10.81 and last traded at $10.58. Approximately 1,491,513 shares changed hands during trading, an increase of 29% from the average daily volume of 1,159,308 shares. The stock had previously closed at $10.28.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on BKKT. Weiss Ratings reiterated a “sell (d-)” rating on shares of Bakkt in a report on Monday, December 15th. Benchmark initiated coverage on shares of Bakkt in a research note on Monday, September 8th. They set a “buy” rating and a $13.00 price objective for the company. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Bakkt currently has an average rating of “Hold” and a consensus price target of $13.00.

Bakkt Price Performance

The firm has a market cap of $329.88 million, a price-to-earnings ratio of -2.06 and a beta of 5.89. The firm has a fifty day simple moving average of $20.94 and a two-hundred day simple moving average of $17.57.

Institutional Trading of Bakkt

Several large investors have recently bought and sold shares of BKKT. Advisory Services Network LLC acquired a new position in Bakkt during the 3rd quarter valued at approximately $30,000. Legal & General Group Plc increased its position in shares of Bakkt by 110.7% in the 3rd quarter. Legal & General Group Plc now owns 982 shares of the company’s stock valued at $33,000 after acquiring an additional 516 shares during the period. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Bakkt in the 3rd quarter valued at $41,000. Russell Investments Group Ltd. raised its stake in Bakkt by 759.1% in the 3rd quarter. Russell Investments Group Ltd. now owns 2,036 shares of the company’s stock worth $69,000 after acquiring an additional 1,799 shares during the last quarter. Finally, BNP Paribas Financial Markets lifted its position in Bakkt by 268.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 2,158 shares of the company’s stock worth $73,000 after acquiring an additional 1,572 shares during the period. Hedge funds and other institutional investors own 11.11% of the company’s stock.

Bakkt Company Profile

Bakkt Holdings, Inc is a digital asset platform that aims to bridge traditional finance and digital assets by offering institutional-grade custody, trading and settlement services. Established in 2018 by Intercontinental Exchange (ICE), the company initially made headlines with the launch of its physically settled Bitcoin futures contracts in 2019. Since then, Bakkt has expanded its product lineup to include spot trading of cryptocurrencies, a secure digital wallet for retail customers and a payment gateway that enables merchants to accept digital assets alongside fiat currencies.

The company’s core offering centers on its custody infrastructure, which is built to meet robust regulatory and security standards.