Bakkt (NYSE:BKKT) Trading Down 3.3% – What’s Next?

Bakkt Holdings, Inc. (NYSE:BKKT) shares dropped 3.3% during mid-day trading on Tuesday . The stock traded as low as $17.56 and last traded at $17.85. Approximately 506,474 shares were traded during mid-day trading, an increase of 2% from the average daily volume of 495,896 shares. The stock had previously closed at $18.46.

Bakkt Stock Performance

The company has a 50-day moving average of $13.66 and a 200-day moving average of $14.58. The firm has a market capitalization of $248.29 million, a price-to-earnings ratio of -3.61 and a beta of 5.35.

Bakkt (NYSE:BKKT) last released its quarterly earnings results on Monday, May 12th. The company reported ($2.81) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.73) by ($2.08). Bakkt had a negative return on equity of 88.55% and a negative net margin of 0.83%. The firm had revenue of $1.07 billion for the quarter, compared to analyst estimates of $17.20 million.

Insider Buying and Selling

In other news, Director De’ana Dow sold 19,200 shares of the company’s stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $12.89, for a total transaction of $247,488.00. Following the sale, the director owned 22,728 shares in the company, valued at $292,963.92. This represents a 45.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, General Counsel Marc D’annunzio sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $14.21, for a total value of $142,100.00. Following the sale, the general counsel owned 69,807 shares in the company, valued at approximately $991,957.47. This represents a 12.53% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.50% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in BKKT. JPMorgan Chase & Co. grew its holdings in shares of Bakkt by 2,231.1% during the 4th quarter. JPMorgan Chase & Co. now owns 1,725 shares of the company’s stock worth $43,000 after purchasing an additional 1,651 shares in the last quarter. Headlands Technologies LLC acquired a new stake in Bakkt in the fourth quarter valued at about $223,000. Geode Capital Management LLC boosted its stake in Bakkt by 137.0% in the fourth quarter. Geode Capital Management LLC now owns 152,884 shares of the company’s stock valued at $3,788,000 after buying an additional 88,370 shares in the last quarter. Pilgrim Partners Asia Pte Ltd acquired a new stake in Bakkt in the fourth quarter valued at about $292,000. Finally, Barclays PLC boosted its stake in Bakkt by 73.4% in the fourth quarter. Barclays PLC now owns 5,091 shares of the company’s stock valued at $126,000 after buying an additional 2,155 shares in the last quarter. Institutional investors own 11.11% of the company’s stock.

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.