Bakkt (NYSE:BKKT) Price Target Lowered to $22.00 at Benchmark

Bakkt (NYSE:BKKT) had its target price lowered by Benchmark from $40.00 to $22.00 in a report released on Wednesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of Bakkt in a research report on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $22.00.

Bakkt Stock Performance

Shares of Bakkt stock opened at $8.94 on Wednesday. Bakkt has a 52-week low of $6.81 and a 52-week high of $49.79. The company’s 50 day moving average price is $12.51 and its 200-day moving average price is $16.93. The stock has a market capitalization of $278.59 million, a price-to-earnings ratio of -1.74 and a beta of 5.97.

Hedge Funds Weigh In On Bakkt

Hedge funds and other institutional investors have recently made changes to their positions in the business. Renaissance Technologies LLC purchased a new stake in Bakkt in the fourth quarter worth $5,643,000. Vanguard Group Inc. increased its position in Bakkt by 131.2% during the 3rd quarter. Vanguard Group Inc. now owns 664,561 shares of the company’s stock valued at $22,362,000 after purchasing an additional 377,101 shares during the period. Marshall Wace LLP bought a new position in Bakkt in the 3rd quarter worth $11,775,000. UBS Group AG raised its holdings in Bakkt by 638.5% in the 4th quarter. UBS Group AG now owns 264,462 shares of the company’s stock worth $2,655,000 after purchasing an additional 228,653 shares in the last quarter. Finally, Private Advisor Group LLC purchased a new stake in shares of Bakkt in the 3rd quarter worth about $5,308,000. Institutional investors own 11.11% of the company’s stock.

Bakkt Company Profile

Bakkt Holdings, Inc is a digital asset platform that aims to bridge traditional finance and digital assets by offering institutional-grade custody, trading and settlement services. Established in 2018 by Intercontinental Exchange (ICE), the company initially made headlines with the launch of its physically settled Bitcoin futures contracts in 2019. Since then, Bakkt has expanded its product lineup to include spot trading of cryptocurrencies, a secure digital wallet for retail customers and a payment gateway that enables merchants to accept digital assets alongside fiat currencies.

The company’s core offering centers on its custody infrastructure, which is built to meet robust regulatory and security standards.