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

Bakkt Holdings, Inc. (NYSE:BKKT)’s stock is scheduled to reverse split before the market opens on 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 market closes on Friday, April 26th.

Bakkt Stock Performance

NYSE BKKT opened at $0.36 on Thursday. The firm’s 50 day moving average price is $0.59 and its 200-day moving average price is $1.15. Bakkt has a 52-week low of $0.33 and a 52-week high of $2.75. The company has a market cap of $115.84 million, a PE ratio of -0.43 and a beta of 4.12.

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

Analyst Ratings Changes

A number of equities research analysts recently commented on BKKT shares. Citigroup decreased their target price on shares of Bakkt from $0.50 to $0.30 and set a “sell” rating for the company in a research report on Wednesday, March 27th. Rosenblatt Securities reissued a “buy” rating and set a $0.75 target price on shares of Bakkt in a research report on Tuesday, March 26th.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in BKKT. United Capital Management of KS Inc. acquired a new stake in Bakkt during the fourth quarter valued at $37,000. SG Americas Securities LLC acquired a new stake in Bakkt during the third quarter valued at $31,000. AJOVista LLC acquired a new stake in Bakkt during the fourth quarter valued at $65,000. Vontobel Holding Ltd. acquired a new stake in Bakkt during the third quarter valued at $35,000. Finally, International Assets Investment Management LLC grew its position in Bakkt by 155.8% during the fourth quarter. International Assets Investment Management LLC now owns 31,332 shares of the company’s stock valued at $70,000 after buying an additional 19,082 shares during the period. Hedge funds and other institutional investors own 11.11% of the company’s stock.

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.