The Vanguard Group, Inc. recently announced the acquisition of new stake in Bakkt Holdings Inc. (NYSE:BKKT). The institutional investor has increased its shareholding in the Technology company by 4.29% to 5.51 million shares with purchase of 0.23 million shares. This fresh investment now brings its stake to 7.20% valued currently at $8.04 million. In addition, BlackRock Fund Advisors raised its holdings by 0.4 million to 3.68 million shares. And Global X Management Co. LLC has lifted its position by 31.20% or 0.44 million shares – to 1.85 million shares.
With over 4.89 million Bakkt Holdings Inc. (BKKT) shares trading Tuesday and a closing price of $1.22 on the day, the dollar volume was approximately $5.97 million. The shares have shown a negative half year performance of -59.06% and its price on 03/14/23 lost nearly -5.43%. Currently, there are 76.59M common shares owned by the public and among those 60.65M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 3 analysts who have offered their price forecasts for BKKT have a consensus price objective of $1.62. The analysts have set the share’s price value over the next 12 months at a high of $2.10 and a low of $1.25. The average price target is 39.6% above its recent price level and an upside to the estimated low will see the stock gain 2.4% over that period. But an upside of 41.9% will see the stock hit the forecast high price target while median target price for the stock is $1.50.
Insiders at the company have transacted a total of 34 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 13 of these insider trades were purchases, accounting for 1,470,303 shares. Insider sales of the common stock occurred on 21 occasions, with total insider shares sold totaling 2,055,469 shares.
The top 3 mutual fund holders in Bakkt Holdings Inc. are Vanguard Total Stock Market Index, Vanguard Small Cap Index Fund, and iShares Russell 2000 ETF. Vanguard Total Stock Market Index owns 1.81 million shares of the company’s stock, all valued at over $2.64 million. Vanguard Small Cap Index Fund bought 8308.0 shares to see its total holdings expand to 1.56 million shares valued at over $2.27 million and representing 2.04% of the shares outstanding. iShares Russell 2000 ETF sold 4446.0 shares to bring its total holdings to over 1.41 million shares at a value of $2.05 million. iShares Russell 2000 ETF now owns shares totaling to 1.84% of the shares outstanding.
Shares of Bakkt Holdings Inc. (NYSE: BKKT) opened at $1.38, up $0.09 from a prior closing price of $1.29. However, the script later moved the day high at 1.4000, down -5.43%. The company’s stock has a 5-day price change of -4.69% and -27.38% over the past three months. BKKT shares are trading 2.52% year to date (YTD), with the 12-month market performance down to -74.79% lower. It has a 12-month low price of $1.08 and touched a high of $7.76 over the same period. BKKT has an average intraday trading volume of 3.10 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -14.83%, -22.19%, and -42.87% respectively.
Institutional ownership of Bakkt Holdings Inc. (NYSE: BKKT) shares accounts for 30.80% of the company’s 76.59M shares outstanding. Mutual fund holders own 19.58%, while other institutional holders and individual stakeholders account for 23.75% and 11.25% respectively.
It has a market capitalization of $360.51M. The earnings-per-share (ttm) stands at -$9.44. Price movements for the stock have been influenced by the stock’s volatility, which stands at 16.74% over the week and 10.00% over the month.
Analysts forecast that Bakkt Holdings Inc. (BKKT) will achieve an EPS of -$0.18 for the current quarter, -$0.17 for the next quarter and -$0.63 for 2023. The lowest estimate earnings-per-share for the quarter is -$0.21 while analysts give the company a high EPS estimate of -$0.14. Earnings per share for the fiscal year are expected to increase by 92.20%, and 27.00% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 3 brokerage firm advisors rate Bakkt Holdings Inc. (BKKT) as a “Moderate Buy” at a consensus score of 2.70. Specifically, 1 Wall Street analysts polled rate the stock as a buy, while 2 of the 3 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the BKKT, a number of firms have released research notes about the stock. Wells Fargo stated their Equal Weight rating for the stock in a research note on September 29, 2022, with the firm’s price target at $2.50. Citigroup coverage for the Bakkt Holdings Inc. (BKKT) stock in a research note released on July 19, 2022 offered a Neutral rating with a price target of $3.
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