Bakkt’s (BKKT) Sell (E+) Rating Reaffirmed at Weiss Ratings

Weiss Ratings reaffirmed their sell (e+) rating on shares of Bakkt (NYSE:BKKT) in a report published on Tuesday,Weiss Ratings reports.

Several other equities research analysts have also commented on the stock. Benchmark assumed coverage on shares of Bakkt in a research note on Monday, September 8th. They set a “buy” rating and a $13.00 price target on the stock. Wall Street Zen downgraded shares of Bakkt from a “hold” rating to a “sell” rating in a research report on Saturday, August 16th. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Bakkt presently has an average rating of “Hold” and an average target price of $13.00.

Bakkt Price Performance

Shares of NYSE:BKKT opened at $44.95 on Tuesday. The company’s fifty day moving average price is $16.91 and its 200 day moving average price is $14.16. Bakkt has a 12 month low of $6.81 and a 12 month high of $49.79. The firm has a market capitalization of $968.67 million, a P/E ratio of -10.15 and a beta of 5.88.

Bakkt (NYSE:BKKT) last announced its quarterly earnings results on Monday, August 11th. The company reported ($2.16) EPS for the quarter, missing the consensus estimate of ($0.69) by ($1.47). Bakkt had a negative return on equity of 99.39% and a negative net margin of 0.77%.The company had revenue of $577.88 million for the quarter, compared to analyst estimates of $17.10 million.

Insider Buying and Selling at Bakkt

In other news, CEO Akshay Sudhir Naheta bought 30,000 shares of the stock in a transaction dated Friday, August 22nd. The shares were acquired at an average price of $8.55 per share, with a total value of $256,500.00. Following the completion of the acquisition, the chief executive officer directly owned 191,426 shares in the company, valued at approximately $1,636,692.30. The trade was a 18.58% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.50% of the stock is currently owned by insiders.

Institutional Trading of Bakkt

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Geode Capital Management LLC boosted its holdings in shares of Bakkt by 33.1% in the second quarter. Geode Capital Management LLC now owns 247,177 shares of the company’s stock valued at $3,448,000 after acquiring an additional 61,408 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Bakkt by 11.8% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 94,734 shares of the company’s stock valued at $821,000 after acquiring an additional 10,018 shares in the last quarter. Invesco Ltd. boosted its holdings in shares of Bakkt by 21.2% in the second quarter. Invesco Ltd. now owns 25,553 shares of the company’s stock valued at $356,000 after acquiring an additional 4,473 shares in the last quarter. OMERS ADMINISTRATION Corp purchased a new stake in shares of Bakkt in the first quarter valued at about $210,000. Finally, Delta Investment Management LLC purchased a new stake in shares of Bakkt in the second quarter valued at about $159,000. Hedge funds and other 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.