Benchmark Cuts Bakkt (NYSE:BKKT) Price Target to $12.00

Bakkt (NYSE:BKKT) had its target price decreased by Benchmark from $19.00 to $12.00 in a research note issued to investors on Wednesday morning, Marketbeat.com reports. Benchmark currently has a buy rating on the stock.

Several other research analysts have also commented on BKKT. Wall Street Zen upgraded shares of Bakkt from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 16th. Weiss Ratings raised shares of Bakkt from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, July 2nd. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $12.00.

Bakkt Trading Up 3.5%

Shares of NYSE:BKKT opened at $7.66 on Wednesday. Bakkt has a 12 month low of $6.75 and a 12 month high of $49.79. The company has a market capitalization of $341.53 million, a price-to-earnings ratio of -5.59 and a beta of 5.91. The firm’s 50-day moving average is $8.02 and its 200 day moving average is $9.12.

Bakkt (NYSE:BKKT) last announced its quarterly earnings data on Monday, August 10th. The company reported $1.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $1.91. The business had revenue of $170.15 million during the quarter, compared to the consensus estimate of $373.27 million. Bakkt had a negative net margin of 2.78% and a negative return on equity of 41.11%.

Insider Activity

In other news, Director Michael Alfred bought 100,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 10th. The stock was purchased at an average cost of $7.83 per share, with a total value of $783,000.00. Following the transaction, the director directly owned 905,000 shares in the company, valued at $7,086,150. This trade represents a 12.42% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Over the last ninety days, insiders bought 500,000 shares of company stock valued at $3,974,800. 10.05% of the stock is owned by corporate insiders.

Institutional Trading of Bakkt

Institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in Bakkt by 131.2% in the 3rd quarter. Vanguard Group Inc. now owns 664,561 shares of the company’s stock valued at $22,362,000 after buying an additional 377,101 shares during the last quarter. Renaissance Technologies LLC acquired a new stake in shares of Bakkt in the 4th quarter valued at approximately $5,643,000. Geode Capital Management LLC boosted its stake in shares of Bakkt by 13.2% in the fourth quarter. Geode Capital Management LLC now owns 489,428 shares of the company’s stock valued at $4,914,000 after buying an additional 56,910 shares in the last quarter. Marshall Wace LLP purchased a new stake in shares of Bakkt in the third quarter valued at approximately $11,775,000. Finally, UBS Group AG grew its holdings in Bakkt by 638.5% during the fourth quarter. UBS Group AG now owns 264,462 shares of the company’s stock worth $2,655,000 after acquiring an additional 228,653 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.