Bakkt Holdings, Inc. (NYSE:BKKT) Short Interest Up 6.0% in February

Bakkt Holdings, Inc. (NYSE:BKKT – Get Rating) was the recipient of a significant increase in short interest in the month of February. As of February 28th, there was short interest totalling 13,160,000 shares, an increase of 6.0% from the February 13th total of 12,410,000 shares. Approximately 23.3% of the company’s shares are sold short. Based on an average daily trading volume, of 2,790,000 shares, the short-interest ratio is currently 4.7 days.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Wells Fargo & Company dropped their target price on Bakkt from $2.50 to $2.00 and set an “equal weight” rating on the stock in a report on Monday, January 9th. Rosenblatt Securities decreased their target price on shares of Bakkt from $2.20 to $2.10 and set a “buy” rating for the company in a report on Friday, March 10th. Finally, Citigroup lowered shares of Bakkt from a “neutral” rating to a “sell” rating in a report on Tuesday.

Insider Transactions at Bakkt

In related news, insider Mark Sonbolian Elliot sold 16,500 shares of the company’s stock in a transaction on Wednesday, January 25th. The shares were sold at an average price of $1.69, for a total transaction of $27,885.00. Following the completion of the sale, the insider now directly owns 303,914 shares in the company, valued at approximately $513,614.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Bakkt news, Director Impact Acquisition Holding Vpc sold 100,000 shares of the firm’s stock in a transaction dated Friday, January 13th. The shares were sold at an average price of $2.06, for a total value of $206,000.00. Following the completion of the sale, the director now directly owns 7,623,540 shares in the company, valued at $15,704,492.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mark Sonbolian Elliot sold 16,500 shares of the stock in a transaction that occurred on Wednesday, January 25th. The stock was sold at an average price of $1.69, for a total value of $27,885.00. Following the completion of the transaction, the insider now directly owns 303,914 shares of the company’s stock, valued at approximately $513,614.66. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 574,552 shares of company stock worth $951,128. Company insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On Bakkt

A number of institutional investors have recently bought and sold shares of BKKT. State Street Corp boosted its stake in shares of Bakkt by 842.3% in the second quarter. State Street Corp now owns 1,058,253 shares of the company’s stock worth $2,222,000 after acquiring an additional 945,944 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Bakkt by 67.3% in the first quarter. Vanguard Group Inc. now owns 2,158,040 shares of the company’s stock worth $13,294,000 after buying an additional 868,031 shares in the last quarter. HBK Sorce Advisory LLC boosted its position in shares of Bakkt by 383.7% during the fourth quarter. HBK Sorce Advisory LLC now owns 1,040,000 shares of the company’s stock worth $1,112,000 after acquiring an additional 825,000 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in Bakkt by 30.4% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,904,399 shares of the company’s stock valued at $2,266,000 after acquiring an additional 444,041 shares in the last quarter. Finally, Renaissance Technologies LLC bought a new stake in Bakkt in the 2nd quarter valued at $895,000. 8.39% of the stock is owned by institutional investors.

Bakkt Stock Performance

Shares of BKKT traded up $0.03 during mid-day trading on Friday, hitting $1.22. 857,875 shares of the company traded hands, compared to its average volume of 3,380,761. The stock has a market cap of $322.13 million, a price-to-earnings ratio of -0.17 and a beta of 4.71. The stock has a 50-day moving average price of $1.59 and a two-hundred day moving average price of $1.86. Bakkt has a 1 year low of $1.08 and a 1 year high of $7.76.

Bakkt (NYSE:BKKT – Get Rating) last issued its quarterly earnings data on Thursday, March 9th. The company reported $1.52 EPS for the quarter, topping the consensus estimate of ($0.21) by $1.73. Bakkt had a positive return on equity of 68.56% and a negative net margin of 1,054.21%. The company had revenue of $15.60 million during the quarter, compared to analyst estimates of $18.30 million. On average, analysts forecast that Bakkt will post -0.64 EPS for the current year.

About Bakkt

(Get Rating)

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.