Bakkt (NYSE:BKKT) Shares Gap Down on Insider Selling

Bakkt Holdings, Inc. (NYSE:BKKTGet Rating)’s share price gapped down before the market opened on Friday following insider selling activity. The stock had previously closed at $2.78, but opened at $2.52. Bakkt shares last traded at $2.17, with a volume of 171,725 shares traded.

Specifically, Director Impact Acquisition Holding Vpc sold 100,000 shares of the company’s stock in a transaction that occurred on Friday, January 13th. The stock was sold at an average price of $2.06, for a total transaction of $206,000.00. Following the transaction, the director now directly owns 7,623,540 shares of the company’s stock, valued at approximately $15,704,492.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In the last three months, insiders have sold 177,140 shares of company stock valued at $347,434. 1.70% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have commented on BKKT shares. Rosenblatt Securities started coverage on Bakkt in a report on Tuesday, November 29th. They set a “buy” rating and a $2.20 price objective for the company. Wells Fargo & Company decreased their price objective on Bakkt from $2.50 to $2.00 and set an “equal weight” rating for the company in a report on Monday, January 9th.

Bakkt Stock Down 26.3 %

The firm has a fifty day moving average price of $1.62 and a 200-day moving average price of $2.21.

Bakkt (NYSE:BKKTGet Rating) last released its earnings results on Thursday, November 10th. The company reported $14.09 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.19) by $14.28. The company had revenue of $12.90 million during the quarter, compared to analyst estimates of $14.60 million. Bakkt had a positive return on equity of 45.35% and a negative net margin of 1,087.57%. On average, analysts anticipate that Bakkt Holdings, Inc. will post 13.58 EPS for the current year.

Hedge Funds Weigh In On Bakkt

Several institutional investors have recently modified their holdings of BKKT. Spearhead Capital Advisors LLC bought a new position in shares of Bakkt in the third quarter valued at approximately $25,000. Private Advisor Group LLC purchased a new position in Bakkt in the second quarter valued at approximately $27,000. Lineweaver Wealth Advisors LLC purchased a new position in Bakkt in the second quarter valued at approximately $27,000. Strs Ohio purchased a new position in Bakkt in the second quarter valued at approximately $27,000. Finally, Price T Rowe Associates Inc. MD purchased a new position in Bakkt in the third quarter valued at approximately $27,000. 8.39% of the stock is owned by institutional investors.

About Bakkt

(Get Rating)

Bakkt Holdings, Inc operates a digital asset platform. The company's platform enables consumers to buy, sell, convert, and spend digital assets. Its customers include merchants, retailers, and financial institutions. Bakkt Holdings, Inc has a strategic alliance with the Global Payments to collaborate on use cases starting with enabling cryptocurrency redemption in customer loyalty programs offered by bankcard clients, as well as expanding its banking-as-a-service offerings to include consumer access to cryptocurrency.

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