Bakkt (NYSE:BKKT) Trading Down 13.2%

Bakkt Holdings, Inc. (NYSE:BKKT)’s stock price traded down 13.2% during mid-day trading on Tuesday . The company traded as low as $8.56 and last traded at $8.65. 83,614 shares changed hands during trading, a decline of 62% from the average session volume of 222,552 shares. The stock had previously closed at $9.96.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on BKKT shares. Citigroup cut their price target on shares of Bakkt from $12.50 to $7.50 and set a “sell” rating on the stock in a report on Wednesday, March 27th. Rosenblatt Securities restated a “buy” rating and set a $18.75 target price on shares of Bakkt in a report on Tuesday, March 26th.

Bakkt Stock Down 5.8 %

The business has a 50 day moving average price of $13.15 and a 200-day moving average price of $27.87.

Bakkt (NYSE:BKKT) last issued its quarterly earnings data on Monday, March 25th. The company reported ($7.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.75) by ($4.50). Bakkt had a negative net margin of 9.59% and a negative return on equity of 33.06%. The firm had revenue of $214.50 million during the quarter, compared to analyst estimates of $214.00 million. Analysts expect that Bakkt Holdings, Inc. will post -8 EPS for the current year.

Insider Buying and Selling

In related news, General Counsel Marc D’annunzio sold 2,009 shares of the business’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $22.00, for a total value of $44,198.00. Following the transaction, the general counsel now owns 22,665 shares in the company, valued at $498,630. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, major shareholder Intercontinental Exchange, Inc purchased 110,480 shares of the business’s stock in a transaction that occurred on Monday, March 4th. The shares were purchased at an average cost of $21.75 per share, with a total value of $2,402,940.00. Following the completion of the acquisition, the insider now directly owns 299,053 shares of the company’s stock, valued at approximately $6,504,402.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Marc D’annunzio sold 2,009 shares of the firm’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $22.00, for a total transaction of $44,198.00. Following the transaction, the general counsel now directly owns 22,665 shares of the company’s stock, valued at $498,630. The disclosure for this sale can be found here. 1.75% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Bakkt

A number of institutional investors have recently modified their holdings of the stock. SG Americas Securities LLC bought a new stake in Bakkt in the third quarter valued at about $31,000. United Capital Management of KS Inc. acquired a new stake in shares of Bakkt during the 4th quarter valued at approximately $37,000. AJOVista LLC bought a new position in Bakkt during the fourth quarter worth $65,000. International Assets Investment Management LLC boosted its holdings in Bakkt by 155.8% in the fourth quarter. International Assets Investment Management LLC now owns 31,332 shares of the company’s stock worth $70,000 after purchasing an additional 19,082 shares during the period. Finally, Walled Lake Planning & Wealth Management LLC bought a new stake in Bakkt during the fourth quarter valued at $84,000. Institutional investors and hedge funds own 11.11% of the company’s stock.

About Bakkt

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.