Bakkt Holdings, Inc. (NYSE:BKKT – Get Rating) saw a significant drop in short interest in the month of March. As of March 31st, there was short interest totalling 12,770,000 shares, a drop of 8.1% from the March 15th total of 13,890,000 shares. Currently, 22.5% of the shares of the company are short sold. Based on an average daily volume of 3,290,000 shares, the days-to-cover ratio is presently 3.9 days.
Insider Buying and Selling at Bakkt
In related news, CEO Gavin Constantine Michael sold 340,002 shares of the stock in a transaction that occurred on Wednesday, February 1st. The stock was sold at an average price of $1.59, for a total value of $540,603.18. Following the completion of the transaction, the chief executive officer now directly owns 2,446,547 shares of the company’s stock, valued at approximately $3,890,009.73. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Gavin Constantine Michael sold 340,002 shares of the company’s stock in a transaction dated Wednesday, February 1st. The shares were sold at an average price of $1.59, for a total value of $540,603.18. Following the completion of the sale, the chief executive officer now owns 2,446,547 shares of the company’s stock, valued at $3,890,009.73. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Mark Sonbolian Elliot sold 16,500 shares of the firm’s stock in a transaction dated Wednesday, January 25th. The shares were sold at an average price of $1.69, for a total transaction of $27,885.00. Following the transaction, the insider now directly owns 303,914 shares in the company, valued at approximately $513,614.66. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 591,535 shares of company stock worth $939,576. 1.70% of the stock is owned by company insiders.
Institutional Trading of Bakkt
Hedge funds have recently modified their holdings of the business. Spearhead Capital Advisors LLC acquired a new position in Bakkt during the third quarter valued at $25,000. Price T Rowe Associates Inc. MD acquired a new stake in shares of Bakkt during the third quarter worth approximately $27,000. Point72 Hong Kong Ltd purchased a new position in Bakkt during the second quarter valued at approximately $30,000. Captrust Financial Advisors increased its stake in Bakkt by 320.5% in the 1st quarter. Captrust Financial Advisors now owns 6,560 shares of the company’s stock valued at $40,000 after buying an additional 5,000 shares during the period. Finally, Bank of Montreal Can purchased a new stake in Bakkt in the 4th quarter worth approximately $41,000. Hedge funds and other institutional investors own 8.39% of the company’s stock.
Analysts Set New Price Targets
A number of equities analysts have issued reports on the company. Citigroup lowered Bakkt from a “neutral” rating to a “sell” rating in a research note on Tuesday, March 14th. Rosenblatt Securities reiterated a “buy” rating and issued a $2.10 price target on shares of Bakkt in a research report on Friday, March 31st. Finally, Wells Fargo & Company cut their target price on shares of Bakkt from $2.50 to $2.00 and set an “equal weight” rating for the company in a research note on Monday, January 9th.
Bakkt Stock Up 3.8 %
Shares of NYSE BKKT traded up $0.05 during mid-day trading on Friday, hitting $1.38. 774,697 shares of the company traded hands, compared to its average volume of 3,012,367. Bakkt has a 1 year low of $1.08 and a 1 year high of $5.13. The stock has a market capitalization of $366.49 million, a price-to-earnings ratio of -0.18 and a beta of 4.71. The business has a 50 day moving average of $1.48 and a two-hundred day moving average of $1.69.
Bakkt (NYSE:BKKT – Get Rating) last released its earnings results on Thursday, March 9th. The company reported $1.52 earnings per share for the quarter, topping the consensus estimate of ($0.21) by $1.73. The business had revenue of $15.60 million for the quarter, compared to the consensus estimate of $18.30 million. Bakkt had a negative net margin of 1,054.21% and a positive return on equity of 85.81%. As a group, research analysts anticipate that Bakkt will post -0.64 EPS for the current year.
Bakkt Company Profile
Bakkt Holdings, Inc operates a digital asset platform. The company’s platform enables consumers to buy, sell, convert, and spend digital assets. Its customers include merchants, retailers, and financial institutions. Bakkt Holdings, Inc has a strategic alliance with the Global Payments to collaborate on use cases starting with enabling cryptocurrency redemption in customer loyalty programs offered by bankcard clients, as well as expanding its banking-as-a-service offerings to include consumer access to cryptocurrency.