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

Bakkt Holdings, Inc. (NYSE:BKKT – Get Rating) saw a large 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. Currently, 23.3% of the company’s shares are sold short. Based on an average daily volume of 2,790,000 shares, the days-to-cover ratio is presently 4.7 days.

Bakkt Trading Up 44.5 %

Shares of BKKT opened at $1.72 on Friday. The firm’s 50-day moving average price is $1.60 and its 200-day moving average price is $1.85. The firm has a market capitalization of $454.15 million, a price-to-earnings ratio of -0.23 and a beta of 4.71. Bakkt has a 1-year low of $1.08 and a 1-year high of $7.76.

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

Insider Buying and Selling

In related news, Director Impact Acquisition Holding Vpc sold 50,000 shares of Bakkt stock in a transaction on Tuesday, March 14th. The shares were sold at an average price of $1.32, for a total value of $66,000.00. Following the transaction, the director now owns 7,573,540 shares in the company, valued at approximately $9,997,072.80. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Bakkt news, General Counsel Marc D’annunzio sold 43,157 shares of the firm’s stock in a transaction on Monday, February 6th. The shares were sold at an average price of $1.71, for a total value of $73,798.47. Following the sale, the general counsel now owns 471,491 shares of the company’s stock, valued at approximately $806,249.61. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Impact Acquisition Holding Vpc sold 50,000 shares of the firm’s stock in a transaction on Tuesday, March 14th. The stock was sold at an average price of $1.32, for a total transaction of $66,000.00. Following the completion of the sale, the director now directly owns 7,573,540 shares in the company, valued at approximately $9,997,072.80. The disclosure for this sale can be found here. Insiders have sold a total of 574,552 shares of company stock worth $951,128 in the last 90 days. 1.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. International Assets Investment Management LLC lifted its position in Bakkt by 24.2% during the 1st quarter. International Assets Investment Management LLC now owns 18,750 shares of the company’s stock valued at $116,000 after acquiring an additional 3,650 shares during the period. Captrust Financial Advisors lifted its position in Bakkt by 320.5% during the 1st quarter. Captrust Financial Advisors now owns 6,560 shares of the company’s stock valued at $40,000 after acquiring an additional 5,000 shares during the period. Renaissance Technologies LLC raised its holdings in Bakkt by 3.2% in the fourth quarter. Renaissance Technologies LLC now owns 251,700 shares of the company’s stock worth $300,000 after buying an additional 7,800 shares during the last quarter. Bank of Montreal Can purchased a new position in Bakkt in the first quarter worth about $66,000. Finally, Cubist Systematic Strategies LLC raised its holdings in Bakkt by 89.1% in the third quarter. Cubist Systematic Strategies LLC now owns 21,600 shares of the company’s stock worth $49,000 after buying an additional 10,177 shares during the last quarter. 8.39% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have issued reports on BKKT. Wells Fargo & Company cut their price target on shares of Bakkt from $2.50 to $2.00 and set an “equal weight” rating on the stock in a report on Monday, January 9th. Citigroup lowered shares of Bakkt from a “neutral” rating to a “sell” rating in a research note on Tuesday. Finally, Rosenblatt Securities cut their target price on shares of Bakkt from $2.20 to $2.10 and set a “buy” rating on the stock in a research note on Friday, March 10th.

About Bakkt

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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.