Wells Fargo slashes price target on Bakkt Holdings Inc. [BKKT] – find out why.

Bakkt Holdings Inc. [NYSE: BKKT] stock went on a downward path that fall over -6.80% on Wednesday, amounting to a one-week price decrease of less than -12.18%. The company report on April 3, 2023 at 8:15 AM that Bakkt Completes Acquisition of Apex Crypto.

Acquisition is expected to significantly expand client verticals, drive scale, and bolster path to profitability.

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Over the last 12 months, BKKT stock dropped by -70.47%. The one-year Bakkt Holdings Inc. stock forecast points to a potential upside of 32.18. The average equity rating for BKKT stock is currently 3.20, trading closer to a bullish pattern in the stock market.

The market cap for the stock reached $378.13 million, with 79.45 million shares outstanding and 64.49 million shares in the current float. Compared to the average trading volume of 2.63M shares, BKKT stock reached a trading volume of 1911603 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Guru’s Opinion on Bakkt Holdings Inc. [BKKT]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for BKKT shares is $2.02 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on BKKT stock is a recommendation set at 3.20. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Wells Fargo have made an estimate for Bakkt Holdings Inc. shares, keeping their opinion on the stock as Equal Weight, with their previous recommendation back on September 29, 2022. While these analysts kept the previous recommendation, Citigroup raised their target price to Neutral. The new note on the price target was released on July 19, 2022, representing the official price target for Bakkt Holdings Inc. stock. Previously, the target price had yet another raise to $28, while Jefferies analysts kept a Hold rating on BKKT stock.

The Average True Range (ATR) for Bakkt Holdings Inc. is set at 0.15, with the Price to Sales ratio for BKKT stock in the period of the last 12 months amounting to 6.93. The Price to Book ratio for the last quarter was 1.13, with the Price to Cash per share for the same quarter was set at 0.87.

BKKT Stock Performance Analysis:

Bakkt Holdings Inc. [BKKT] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -12.18. With this latest performance, BKKT shares gained by 0.74% in over the last four-week period, additionally sinking by -37.44% over the last 6 months – not to mention a drop of -70.47% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for BKKT stock in for the last two-week period is set at 42.77, with the RSI for the last a single of trading hit 36.65, and the three-weeks RSI is set at 45.32 for Bakkt Holdings Inc. [BKKT]. The present Moving Average for the last 50 days of trading for this stock 1.4922, while it was recorded at 1.4860 for the last single week of trading, and 2.0099 for the last 200 days.

Insight into Bakkt Holdings Inc. Fundamentals:

Operating Margin for any stock indicates how profitable investing would be, and Bakkt Holdings Inc. [BKKT] shares currently have an operating margin of -324.96 and a Gross Margin at +48.63. Bakkt Holdings Inc.’s Net Margin is presently recorded at -1059.44.

Return on Equity for this stock declined to -204.76, with Return on Assets sitting at -40.22.

Receivables Turnover for the company is 2.51 with a Total Asset Turnover recorded at a value of 0.04.Bakkt Holdings Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 3.50 and a Current Ratio set at 3.50.

Bakkt Holdings Inc. [BKKT] Insider Position Details

There are presently around $35 million, or 30.80% of BKKT stock, in the hands of institutional investors. The top three institutional holders of BKKT stocks are: VANGUARD GROUP INC with ownership of 5,556,625, which is approximately 4.194% of the company’s market cap and around 1.50% of the total institutional ownership; BLACKROCK INC., holding 4,226,590 shares of the stock with an approximate value of $5.79 million in BKKT stocks shares; and MIRAE ASSET GLOBAL INVESTMENTS CO., LTD., currently with $2.61 million in BKKT stock with ownership of nearly 30.406% of the company’s market capitalization.

Positions in Bakkt Holdings Inc. stocks held by institutional investors increased at the end of Thursday and at the time of the Thursday reporting period, where 50 institutional holders increased their position in Bakkt Holdings Inc. [NYSE:BKKT] by around 4,730,325 shares. Additionally, 39 investors decreased positions by around 1,397,737 shares, while 17 investors held positions by with 19,123,417 shares. The mentioned changes placed institutional holdings at 25,251,479 shares, according to the latest SEC report filing. BKKT stock had 13 new institutional investments in for a total of 350,235 shares, while 18 institutional investors sold positions of 1,034,799 shares during the same period.


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