Bakkt (NYSE:BKKT) Shares to Reverse Split on Monday, April 29th

Bakkt Holdings, Inc. (NYSE:BKKT) shares are going to reverse split on the morning of Monday, April 29th. The 1-25 reverse split was announced on Tuesday, April 23rd. The number of shares owned by shareholders will be adjusted after the market closes on Friday, April 26th.

Bakkt Stock Performance

NYSE:BKKT opened at $0.36 on Thursday. The stock has a 50-day simple moving average of $0.59 and a two-hundred day simple moving average of $1.15. Bakkt has a 52-week low of $0.33 and a 52-week high of $2.75. The firm has a market capitalization of $115.84 million, a PE ratio of -0.43 and a beta of 4.12.

Bakkt (NYSE:BKKT) last released its quarterly earnings results on Monday, March 25th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.18). Bakkt had a negative net margin of 9.59% and a negative return on equity of 33.06%. The company had revenue of $214.50 million for the quarter, compared to the consensus estimate of $214.00 million. Equities analysts forecast that Bakkt will post -0.32 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on BKKT shares. Rosenblatt Securities reaffirmed a “buy” rating and issued a $0.75 price objective on shares of Bakkt in a research note on Tuesday, March 26th. Citigroup dropped their price objective on Bakkt from $0.50 to $0.30 and set a “sell” rating for the company in a research note on Wednesday, March 27th.

Insider Transactions at Bakkt

In other news, major shareholder Intercontinental Exchange, Inc bought 2,762,009 shares of the firm’s stock in a transaction that occurred on Monday, March 4th. The shares were bought at an average cost of $0.87 per share, for a total transaction of $2,402,947.83. Following the completion of the transaction, the insider now owns 7,476,345 shares of the company’s stock, valued at $6,504,420.15. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, General Counsel Marc D’annunzio sold 50,247 shares of the business’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $0.88, for a total value of $44,217.36. Following the sale, the general counsel now directly owns 566,630 shares in the company, valued at $498,634.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Intercontinental Exchange, Inc bought 2,762,009 shares of the firm’s stock in a transaction that occurred on Monday, March 4th. The stock was purchased at an average price of $0.87 per share, for a total transaction of $2,402,947.83. Following the completion of the transaction, the insider now directly owns 7,476,345 shares of the company’s stock, valued at approximately $6,504,420.15. The disclosure for this purchase can be found here. Corporate insiders own 1.78% of the company’s stock.

Institutional Investors Weigh In On Bakkt

Hedge funds have recently made changes to their positions in the company. Kingswood Wealth Advisors LLC purchased a new stake in Bakkt during the fourth quarter valued at approximately $394,000. PEAK6 Investments LLC purchased a new stake in Bakkt during the third quarter valued at approximately $7,185,000. Mirae Asset Global Investments Co. Ltd. raised its position in Bakkt by 47.8% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,928,052 shares of the company’s stock valued at $4,300,000 after purchasing an additional 623,748 shares during the period. SG Americas Securities LLC raised its position in Bakkt by 514.6% during the fourth quarter. SG Americas Securities LLC now owns 162,692 shares of the company’s stock valued at $363,000 after purchasing an additional 136,220 shares during the period. Finally, Vontobel Holding Ltd. purchased a new stake in Bakkt during the third quarter valued at approximately $35,000. 11.11% of the stock is currently owned by hedge funds and other institutional investors.

Bakkt Company Profile

Bakkt Holdings, Inc offers software as a service and application programming interface solutions for crypto and loyalty, powering engagement, and performance. The company operates Bakkt Marketplace, a platform that enables consumers to buy, sell, and store crypto in an embedded web experience; Bakkt Crypto, a platform that supports clients with a range of crypto solutions; and Bakkt Trust, institutional-grade qualified custody solution for market participants.