Bakkt (NYSE:BKKT) Shares Set to Reverse Split on Monday, April 29th

Bakkt Holdings, Inc. (NYSE:BKKT)’s stock is scheduled to reverse split before the market opens on Monday, April 29th. The 1-25 reverse split was announced on Tuesday, April 23rd. The number of shares owned by shareholders will be adjusted after the market closes on Friday, April 26th.

Bakkt Price Performance

Bakkt stock opened at $0.36 on Thursday. The business has a 50 day moving average of $0.59 and a 200-day moving average of $1.15. Bakkt has a 1 year low of $0.33 and a 1 year high of $2.75. The company has a market capitalization of $115.84 million, a P/E ratio of -0.43 and a beta of 4.12.

Bakkt (NYSE:BKKT) last released its quarterly earnings data on Monday, March 25th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.18). The firm had revenue of $214.50 million during the quarter, compared to analyst estimates of $214.00 million. Bakkt had a negative net margin of 9.59% and a negative return on equity of 33.06%. Equities analysts anticipate that Bakkt will post -0.32 EPS for the current year.

Analyst Ratings Changes

Several analysts have recently commented on BKKT shares. Rosenblatt Securities reaffirmed a “buy” rating and set a $0.75 price objective on shares of Bakkt in a research report on Tuesday, March 26th. Citigroup reduced their price target on shares of Bakkt from $0.50 to $0.30 and set a “sell” rating for the company in a research report on Wednesday, March 27th.

Insider Activity at Bakkt

In related news, General Counsel Marc D’annunzio sold 50,247 shares of Bakkt stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $0.88, for a total value of $44,217.36. Following the completion of the sale, the general counsel now owns 566,630 shares of the company’s stock, valued at approximately $498,634.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Bakkt news, General Counsel Marc D’annunzio sold 50,247 shares of Bakkt stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $0.88, for a total transaction of $44,217.36. Following the transaction, the general counsel now directly owns 566,630 shares of the company’s stock, valued at approximately $498,634.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Intercontinental Exchange, Inc acquired 2,762,009 shares of the business’s stock in a transaction on Monday, March 4th. The shares were purchased at an average cost of $0.87 per share, for a total transaction of $2,402,947.83. Following the completion of the acquisition, the insider now directly owns 7,476,345 shares in the company, valued at $6,504,420.15. The disclosure for this purchase can be found here. 1.78% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Bakkt

A number of hedge funds have recently made changes to their positions in BKKT. HighPoint Advisor Group LLC bought a new stake in Bakkt in the 4th quarter valued at about $201,000. Quadrature Capital Ltd bought a new stake in Bakkt in the 4th quarter valued at about $89,000. Walled Lake Planning & Wealth Management LLC bought a new stake in Bakkt in the 4th quarter valued at about $84,000. Chesapeake Capital Corp IL bought a new stake in Bakkt in the 4th quarter valued at about $90,000. Finally, AJOVista LLC bought a new stake in Bakkt in the 4th quarter valued at about $65,000. 11.11% of the stock is currently owned by institutional investors.

Bakkt Company Profile

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.