Bakkt (NYSE:BKKT) Rating Reiterated by Rosenblatt Securities

Bakkt (NYSE:BKKT)‘s stock had its “buy” rating reiterated by research analysts at Rosenblatt Securities in a report released on Tuesday, Benzinga reports. They currently have a $0.75 price target on the stock. Rosenblatt Securities’ price objective would suggest a potential upside of 57.36% from the company’s previous close.

Bakkt Stock Performance

Shares of NYSE:BKKT opened at $0.48 on Tuesday. The company has a 50-day simple moving average of $0.93 and a 200-day simple moving average of $1.25. Bakkt has a one year low of $0.41 and a one year high of $2.75. The stock has a market capitalization of $130.90 million, a price-to-earnings ratio of -0.57 and a beta of 4.19.

Insider Activity

In other news, Director Impact Acquisition Holding Vpc sold 393,125 shares of the business’s stock in a transaction dated Friday, December 29th. The shares were sold at an average price of $2.56, for a total transaction of $1,006,400.00. Following the transaction, the director now directly owns 2,195,441 shares in the company, valued at $5,620,328.96. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, major shareholder Intercontinental Exchange, Inc purchased 2,762,009 shares of the company’s stock in a transaction dated Monday, March 4th. The shares were acquired at an average cost of $0.87 per share, for a total transaction of $2,402,947.83. Following the completion of the purchase, the insider now directly owns 7,476,345 shares in the company, valued at approximately $6,504,420.15. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Impact Acquisition Holding Vpc sold 393,125 shares of the business’s stock in a transaction dated Friday, December 29th. The stock was sold at an average price of $2.56, for a total transaction of $1,006,400.00. Following the transaction, the director now owns 2,195,441 shares in the company, valued at $5,620,328.96. The disclosure for this sale can be found here. Over the last three months, insiders sold 505,508 shares of company stock valued at $1,123,925. Insiders own 1.93% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. PEAK6 Investments LLC acquired a new position in Bakkt during the third quarter worth about $7,185,000. Horizon Kinetics Asset Management LLC grew its position in Bakkt by 2.1% during the second quarter. Horizon Kinetics Asset Management LLC now owns 492,887 shares of the company’s stock worth $606,000 after buying an additional 10,149 shares during the period. Vontobel Holding Ltd. purchased a new stake in shares of Bakkt in the third quarter valued at about $35,000. Van ECK Associates Corp lifted its holdings in shares of Bakkt by 17.7% in the third quarter. Van ECK Associates Corp now owns 1,965,802 shares of the company’s stock valued at $2,300,000 after purchasing an additional 295,860 shares in the last quarter. Finally, SG Americas Securities LLC purchased a new stake in shares of Bakkt in the third quarter valued at about $31,000. 11.11% of the stock is currently owned by institutional investors and hedge funds.

Bakkt Company Profile

Bakkt Holdings, Inc offers a platform for crypto and redeeming loyalty points. The company's institutional-grade technology platform offers various solutions, such as Custody, an institutional-grade custody solution for market participants; Crypto Connect, a platform that enables consumers, businesses, and institutions to buy, sell, and store crypto in a digital experience; Crypto Rewards that focuses on enabling customers to earn crypto rewards, as well as redeem existing reward currencies into crypto; and Crypto Payouts for customers to automatically invest a portion of payments into crypto.