Bakkt (NYSE:BKKT) Cut to Sell at Wall Street Zen

Bakkt (NYSE:BKKT) was downgraded by investment analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued to investors on Saturday.

Bakkt Stock Up 4.2%

Shares of NYSE BKKT opened at $10.00 on Friday. The stock has a market cap of $139.10 million, a PE ratio of -2.26 and a beta of 5.31. Bakkt has a 52-week low of $6.81 and a 52-week high of $37.21. The business has a 50-day moving average price of $14.82 and a 200 day moving average price of $12.74.

Bakkt (NYSE:BKKT) last posted its quarterly earnings data on Monday, August 11th. The company reported ($2.16) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.69) by ($1.47). The firm had revenue of $577.88 million during the quarter, compared to analysts’ expectations of $17.10 million. Bakkt had a negative net margin of 0.77% and a negative return on equity of 99.39%.

Insider Transactions at Bakkt

In related news, CEO Andrew A. Main sold 14,440 shares of the firm’s stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $18.21, for a total value of $262,952.40. Following the completion of the sale, the chief executive officer owned 431,963 shares in the company, valued at $7,866,046.23. This trade represents a 3.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold 30,669 shares of company stock worth $558,482 over the last three months. Corporate insiders own 2.50% of the company’s stock.

Hedge Funds Weigh In On Bakkt

A number of large investors have recently modified their holdings of the business. JPMorgan Chase & Co. lifted its holdings in shares of Bakkt by 2,231.1% in the 4th quarter. JPMorgan Chase & Co. now owns 1,725 shares of the company’s stock valued at $43,000 after buying an additional 1,651 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Bakkt by 137.0% in the 4th 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 during the period. Barclays PLC lifted its holdings in shares of Bakkt by 73.4% in the 4th quarter. Barclays PLC now owns 5,091 shares of the company’s stock valued at $126,000 after buying an additional 2,155 shares during the period. Northern Trust Corp acquired a new stake in shares of Bakkt in the 4th quarter valued at approximately $354,000. Finally, 683 Capital Management LLC acquired a new stake in shares of Bakkt in the 4th quarter valued at approximately $359,000. 11.11% of the stock is owned by hedge funds and other institutional investors.

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.