Bakkt (NYSE:BKKT) Shares Gap Down – What’s Next?
by Michael Walen · The Markets DailyBakkt Holdings, Inc. (NYSE:BKKT – Get Free Report)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $21.41, but opened at $19.73. Bakkt shares last traded at $17.4070, with a volume of 790,303 shares.
Wall Street Analyst Weigh In
Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Bakkt in a research report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $13.00.
View Our Latest Analysis on BKKT
Bakkt Stock Down 18.2%
The firm has a market capitalization of $546.12 million, a PE ratio of -3.42 and a beta of 5.92. The business has a 50-day moving average price of $14.53 and a 200-day moving average price of $17.72.
Hedge Funds Weigh In On Bakkt
Institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of Bakkt by 131.2% in the third quarter. Vanguard Group Inc. now owns 664,561 shares of the company’s stock valued at $22,362,000 after buying an additional 377,101 shares in the last quarter. Marshall Wace LLP acquired a new stake in Bakkt in the third quarter valued at $11,775,000. Geode Capital Management LLC boosted its position in shares of Bakkt by 33.1% during the 2nd quarter. Geode Capital Management LLC now owns 247,177 shares of the company’s stock worth $3,448,000 after purchasing an additional 61,408 shares in the last quarter. Private Advisor Group LLC acquired a new position in shares of Bakkt during the 3rd quarter worth $5,308,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Bakkt by 65.7% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 137,430 shares of the company’s stock valued at $4,625,000 after purchasing an additional 54,494 shares during the period. 11.11% of the stock is currently owned by institutional investors and hedge funds.
Bakkt Company Profile
Bakkt Holdings, Inc is a digital asset platform that aims to bridge traditional finance and digital assets by offering institutional-grade custody, trading and settlement services. Established in 2018 by Intercontinental Exchange (ICE), the company initially made headlines with the launch of its physically settled Bitcoin futures contracts in 2019. Since then, Bakkt has expanded its product lineup to include spot trading of cryptocurrencies, a secure digital wallet for retail customers and a payment gateway that enables merchants to accept digital assets alongside fiat currencies.
The company’s core offering centers on its custody infrastructure, which is built to meet robust regulatory and security standards.