Bakkt Holdings, Inc. (NYSE:BKKT – Get Rating) gapped down before the market opened on Friday after an insider sold shares in the company. The stock had previously closed at $2.78, but opened at $2.52. Bakkt shares last traded at $2.17, with a volume of 171,725 shares changing hands.

Specifically, Director Impact Acquisition Holding Vpc sold 100,000 shares of the business's stock in a transaction on Friday, January 13th. The shares were sold at an average price of $2.06, for a total transaction of $206,000.00. Following the transaction, the director now directly owns 7,623,540 shares in the company, valued at $15,704,492.40. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders have sold 177,140 shares of company stock worth $347,434 over the last ninety days. Insiders own 1.70% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Wells Fargo & Company dropped their target price on shares of Bakkt from $2.50 to $2.00 and set an "equal weight" rating for the company in a report on Monday, January 9th. Rosenblatt Securities assumed coverage on shares of Bakkt in a research report on Tuesday, November 29th. They set a "buy" rating and a $2.20 target price for the company.

Bakkt Stock Performance

Bakkt (NYSE:BKKT – Get Rating) last posted its earnings results on Thursday, November 10th. The company reported $14.09 earnings per share for the quarter, beating analysts' consensus estimates of ($0.19) by $14.28. The business had revenue of $12.90 million during the quarter, compared to analyst estimates of $14.60 million. Bakkt had a positive return on equity of 45.35% and a negative net margin of 1,087.57%. As a group, sell-side analysts predict that Bakkt Holdings, Inc. will post 13.58 earnings per share for the current year.

Institutional Trading of Bakkt

A number of hedge funds have recently bought and sold shares of the company. International Assets Investment Management LLC increased its stake in shares of Bakkt by 24.2% during the first quarter. International Assets Investment Management LLC now owns 18,750 shares of the company's stock valued at $116,000 after buying an additional 3,650 shares during the period. Captrust Financial Advisors increased its position in Bakkt by 320.5% in the first quarter. Captrust Financial Advisors now owns 6,560 shares of the company's stock worth $40,000 after buying an additional 5,000 shares in the last quarter. Guild Investment Management Inc. increased its position in Bakkt by 5.2% in the second quarter. Guild Investment Management Inc. now owns 131,110 shares of the company's stock worth $340,000 after buying an additional 6,500 shares in the last quarter. Bank of Montreal Can purchased a new stake in shares of Bakkt during the first quarter worth about $66,000. Finally, Cubist Systematic Strategies LLC grew its position in shares of Bakkt by 89.1% during the third quarter. Cubist Systematic Strategies LLC now owns 21,600 shares of the company's stock worth $49,000 after purchasing an additional 10,177 shares in the last quarter. Institutional investors own 8.39% of the company's stock.

Bakkt Company Profile

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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.

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