Bakkt (NYSE:BKKT) Trading Down 6.8% – Here’s Why

Bakkt Holdings, Inc. (NYSE:BKKT)’s share price traded down 6.8% during mid-day trading on Tuesday . The company traded as low as $10.60 and last traded at $10.63. 768,969 shares changed hands during mid-day trading, a decline of 50% from the average session volume of 1,540,288 shares. The stock had previously closed at $11.40.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Bakkt in a research note on Monday, December 29th. One 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 presently has a consensus rating of “Hold” and a consensus price target of $13.00.

Bakkt Trading Down 6.8%

The firm has a market cap of $331.44 million, a PE ratio of -2.07 and a beta of 5.93. The firm has a fifty day simple moving average of $13.53 and a two-hundred day simple moving average of $16.92.

Institutional Investors Weigh In On Bakkt

A number of large investors have recently modified their holdings of BKKT. Vanguard Group Inc. lifted its holdings in Bakkt by 131.2% in the third quarter. Vanguard Group Inc. now owns 664,561 shares of the company’s stock worth $22,362,000 after buying an additional 377,101 shares during the period. Geode Capital Management LLC boosted its position in shares of Bakkt by 13.2% during the fourth quarter. Geode Capital Management LLC now owns 489,428 shares of the company’s stock valued at $4,914,000 after purchasing an additional 56,910 shares in the last quarter. Marshall Wace LLP bought a new stake in shares of Bakkt during the third quarter valued at approximately $11,775,000. UBS Group AG grew its stake in Bakkt by 638.5% in the fourth 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 during the period. Finally, Private Advisor Group LLC purchased a new position in Bakkt during the third quarter valued at $5,308,000. Institutional investors own 11.11% of the company’s stock.

About Bakkt

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.