Bakkt (NYSE:BKKT) Price Target Cut to $2.10

Bakkt (NYSE:BKKT – Get Rating) had its target price lowered by Rosenblatt Securities from $2.20 to $2.10 in a research note issued to investors on Friday morning, Benzinga reports. Rosenblatt Securities currently has a buy rating on the stock.

Separately, Wells Fargo & Company dropped their target price on shares of Bakkt from $2.50 to $2.00 and set an equal weight rating on the stock in a research report on Monday, January 9th.

Bakkt Price Performance

NYSE BKKT opened at $1.29 on Friday. The firm’s fifty day moving average price is $1.59 and its 200 day moving average price is $1.88. The company has a market capitalization of $340.61 million, a price-to-earnings ratio of -0.17 and a beta of 4.71. Bakkt has a 12 month low of $1.08 and a 12 month high of $7.76.

Insiders Place Their Bets

In other Bakkt news, CEO Gavin Constantine Michael sold 340,002 shares of the firm’s stock in a transaction on Wednesday, February 1st. The shares were sold at an average price of $1.59, for a total transaction of $540,603.18. Following the transaction, the chief executive officer now directly owns 2,446,547 shares of the company’s stock, valued at approximately $3,890,009.73. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Bakkt news, CEO Gavin Constantine Michael sold 340,002 shares of the firm’s stock in a transaction on Wednesday, February 1st. The shares were sold at an average price of $1.59, for a total transaction of $540,603.18. Following the transaction, the chief executive officer now directly owns 2,446,547 shares of the company’s stock, valued at approximately $3,890,009.73. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Impact Acquisition Holding Vpc sold 100,000 shares of the firm’s stock in a transaction 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 completion of the sale, the director now owns 7,623,540 shares of the company’s stock, valued at approximately $15,704,492.40. The disclosure for this sale can be found here. In the last three months, insiders have sold 524,552 shares of company stock valued at $885,128. Insiders own 1.70% of the company’s stock.

Institutional Investors Weigh In On Bakkt

A number of institutional investors have recently added to or reduced their stakes in BKKT. State Street Corp increased its holdings in shares of Bakkt by 842.3% in the 2nd quarter. State Street Corp now owns 1,058,253 shares of the company’s stock valued at $2,222,000 after purchasing an additional 945,944 shares in the last quarter. Vanguard Group Inc. increased its holdings in Bakkt by 67.3% in the first quarter. Vanguard Group Inc. now owns 2,158,040 shares of the company’s stock valued at $13,294,000 after buying an additional 868,031 shares in the last quarter. HBK Sorce Advisory LLC lifted its position in shares of Bakkt by 383.7% during the 4th quarter. HBK Sorce Advisory LLC now owns 1,040,000 shares of the company’s stock valued at $1,112,000 after acquiring an additional 825,000 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Bakkt by 30.4% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,904,399 shares of the company’s stock worth $2,266,000 after acquiring an additional 444,041 shares in the last quarter. Finally, Renaissance Technologies LLC acquired a new stake in shares of Bakkt in the 2nd quarter worth approximately $895,000. Hedge funds and other institutional investors own 8.39% of the company’s stock.

Bakkt Company Profile

(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.