Bakkt (NYSE:BKKT) Trading Down 6.4% – Time to Sell?

Bakkt Holdings, Inc. (NYSE:BKKT) shares were down 6.4% during trading on Thursday . The stock traded as low as $19.36 and last traded at $19.6720. Approximately 252,053 shares changed hands during mid-day trading, a decline of 88% from the average daily volume of 2,027,657 shares. The stock had previously closed at $21.01.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of Bakkt in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from 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 cap of $667.63 million, a price-to-earnings ratio of -4.17 and a beta of 5.92. The business has a 50-day moving average of $14.52 and a 200-day moving average of $17.67.

Hedge Funds Weigh In On Bakkt

Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of Bakkt by 131.2% during the 3rd quarter. Vanguard Group Inc. now owns 664,561 shares of the company’s stock worth $22,362,000 after purchasing an additional 377,101 shares during the last quarter. Marshall Wace LLP bought a new position in Bakkt during the third quarter worth about $11,775,000. Geode Capital Management LLC increased its position in Bakkt by 33.1% during the second quarter. Geode Capital Management LLC now owns 247,177 shares of the company’s stock worth $3,448,000 after buying an additional 61,408 shares during the last quarter. Private Advisor Group LLC bought a new stake in Bakkt in the 3rd quarter valued at $5,308,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Bakkt by 65.7% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 137,430 shares of the company’s stock valued at $4,625,000 after purchasing an additional 54,494 shares during the last quarter. 11.11% of the stock is currently owned by institutional investors and hedge funds.

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.