UBS Group AG Grows Position in Bakkt Holdings, Inc. $BKKT

UBS Group AG lifted its holdings in shares of Bakkt Holdings, Inc. (NYSE:BKKT) by 638.5% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 264,462 shares of the company’s stock after acquiring an additional 228,653 shares during the quarter. UBS Group AG’s holdings in Bakkt were worth $2,655,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in Bakkt by 131.2% in the third quarter. Vanguard Group Inc. now owns 664,561 shares of the company’s stock valued at $22,362,000 after acquiring an additional 377,101 shares during the period. Marshall Wace LLP bought a new position in Bakkt in the third quarter valued at about $11,775,000. Private Advisor Group LLC bought a new position in Bakkt in the third quarter valued at about $5,308,000. Geode Capital Management LLC lifted its holdings in Bakkt by 33.1% in the second quarter. Geode Capital Management LLC now owns 247,177 shares of the company’s stock valued at $3,448,000 after acquiring an additional 61,408 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in 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 acquiring an additional 54,494 shares during the period. 11.11% of the stock is owned by hedge funds and other institutional investors.

Bakkt Stock Down 0.9%

NYSE BKKT opened at $11.77 on Wednesday. The stock’s 50-day moving average price is $8.87 and its 200-day moving average price is $11.83. Bakkt Holdings, Inc. has a 52 week low of $6.87 and a 52 week high of $49.79. The company has a market capitalization of $525.06 million, a P/E ratio of -8.59 and a beta of 5.85.

Bakkt (NYSE:BKKT) last posted its quarterly earnings data on Monday, May 11th. The company reported ($0.41) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.31). Bakkt had a negative return on equity of 64.73% and a negative net margin of 8.37%.The company had revenue of $243.59 million during the quarter, compared to the consensus estimate of $297.94 million.

Insider Transactions at Bakkt

In other news, CFO Karen Alexander sold 4,684 shares of the firm’s stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $9.13, for a total value of $42,764.92. Following the transaction, the chief financial officer owned 55,771 shares of the company’s stock, valued at $509,189.23. This trade represents a 7.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel Marc D’annunzio sold 7,780 shares of the firm’s stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $8.86, for a total value of $68,930.80. Following the completion of the transaction, the general counsel directly owned 110,059 shares in the company, valued at $975,122.74. This trade represents a 6.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 2.50% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Weiss Ratings downgraded Bakkt from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, April 29th. Benchmark lowered their target price on Bakkt from $40.00 to $22.00 and set a “buy” rating on the stock in a report on Wednesday, March 18th. Finally, Wall Street Zen raised Bakkt from a “strong sell” rating to a “sell” rating in a report on Saturday, May 16th. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $22.00.

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.