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

Bakkt Holdings, Inc. (NYSE:BKKT)’s stock is 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 closing bell on Friday, April 26th.

Bakkt Stock Down 10.1 %

BKKT stock opened at $0.36 on Thursday. The company has a market capitalization of $115.84 million, a P/E ratio of -0.43 and a beta of 4.12. The company has a 50-day simple moving average of $0.59 and a 200 day simple moving average of $1.15. Bakkt has a fifty-two week low of $0.33 and a fifty-two week high of $2.75.

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

Analysts Set New Price Targets

BKKT has been the subject of several research analyst reports. Citigroup reduced their price objective on shares of Bakkt from $0.50 to $0.30 and set a “sell” rating for the company in a report on Wednesday, March 27th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $0.75 price objective on shares of Bakkt in a report on Tuesday, March 26th.

Insider Buying and Selling at Bakkt

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Kingswood Wealth Advisors LLC acquired a new position in shares of Bakkt in the fourth quarter worth about $394,000. PEAK6 Investments LLC purchased a new position in Bakkt during the 3rd quarter worth approximately $7,185,000. Mirae Asset Global Investments Co. Ltd. grew its position in Bakkt by 47.8% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,928,052 shares of the company’s stock worth $4,300,000 after purchasing an additional 623,748 shares in the last quarter. SG Americas Securities LLC grew its position in Bakkt by 514.6% during the 4th quarter. SG Americas Securities LLC now owns 162,692 shares of the company’s stock worth $363,000 after purchasing an additional 136,220 shares in the last quarter. Finally, Vontobel Holding Ltd. purchased a new position in Bakkt during the 3rd quarter worth approximately $35,000. 11.11% of the stock is currently owned by institutional investors and hedge funds.

About Bakkt

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.