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

Shares of Bakkt Holdings, Inc. (NYSE:BKKT) are scheduled 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 opened at $0.36 on Thursday. The company has a market capitalization of $115.84 million, a price-to-earnings ratio of -0.43 and a beta of 4.12. The firm has a 50-day moving average price of $0.59 and a 200-day moving average price of $1.15. Bakkt has a twelve month low of $0.33 and a twelve month high of $2.75.

Bakkt (NYSE:BKKT) last posted its earnings results 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 business had revenue of $214.50 million during the quarter, compared to analysts’ expectations of $214.00 million. Bakkt had a negative return on equity of 33.06% and a negative net margin of 9.59%. On average, sell-side analysts expect that Bakkt will post -0.32 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

BKKT has been the subject of several recent 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 research note on Wednesday, March 27th. Rosenblatt Securities reaffirmed a “buy” rating and set a $0.75 price objective on shares of Bakkt in a research note on Tuesday, March 26th.

Insider Transactions at Bakkt

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

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Kingswood Wealth Advisors LLC bought a new position in Bakkt in the 4th quarter worth $394,000. PEAK6 Investments LLC bought a new position in Bakkt in the 3rd quarter worth $7,185,000. Mirae Asset Global Investments Co. Ltd. raised its holdings in Bakkt by 47.8% in 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 shares of Bakkt by 514.6% in the 4th quarter. SG Americas Securities LLC now owns 162,692 shares of the company’s stock worth $363,000 after buying an additional 136,220 shares during the period. Finally, Vontobel Holding Ltd. purchased a new stake in shares of Bakkt in the 3rd quarter worth about $35,000. 11.11% of the stock is currently owned by 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.