Bakkt Holdings Inc [NYSE: BKKT] stock went on a downward path that fall over -40.31% on Thursday, amounting to a one-week price decrease of less than -39.05%. The company report on February 8, 2024 at 3:07 PM that Bakkt Issues Statement Regarding Recently Filed Amendments to Third Quarter Form 10-Q.
Bakkt Holdings, Inc. (“Bakkt”) (NYSE: BKKT) issued the following statement regarding the recently filed amendments to its Form 10-Q for the quarter ended September 30, 2023.
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On Wednesday, we filed amendments to our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2023 (the “Amended Form 10-Q”), to provide, among other things, further updates to the description of our business and the related risk factors, including those that may result from changes in the Company’s business following its acquisition of Apex Crypto LLC (now known as Bakkt Crypto Solutions, LLC). In the Amended Form 10-Q, we also included a risk factor relating to our ability to continue as a going concern 12 months following the date of the Amended Form 10-Q. Under generally accepted accounting principles, the going concern analysis can only include management’s plans that have been fully implemented and are probable of occurring as of the assessment date, which excludes new products/market launches that have not been fully implemented or do not have a sufficient revenue track record.
Over the last 12 months, BKKT stock dropped by -52.70%. The one-year Bakkt Holdings Inc stock forecast points to a potential upside of 37.86. The average equity rating for BKKT stock is currently 3.00, trading closer to a bullish pattern in the stock market.
The market cap for the stock reached $79.13 million, with 80.93 million shares outstanding and 77.28 million shares in the current float. Compared to the average trading volume of 4.35M shares, BKKT stock reached a trading volume of 28579360 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 $1.40 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 3.00. 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.
The Average True Range (ATR) for Bakkt Holdings Inc is set at 0.19, with the Price to Sales ratio for BKKT stock in the period of the last 12 months amounting to 0.14. The Price to Book ratio for the last quarter was 1.14, with the Price to Cash per share for the same quarter was set at 1.30.
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 -39.05. With this latest performance, BKKT shares dropped by -53.22% in over the last four-week period, additionally sinking by -38.62% over the last 6 months – not to mention a drop of -52.70% 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 30.88, with the RSI for the last a single of trading hit 25.80, and the three-weeks RSI is set at 35.20 for Bakkt Holdings Inc [BKKT]. The present Moving Average for the last 50 days of trading for this stock 1.6889, while it was recorded at 1.2811 for the last single week of trading, and 1.4086 for the last 200 days.
Insight into Bakkt Holdings Inc Fundamentals:
Bakkt Holdings Inc’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.17 and a Current Ratio set at 1.17.
BKKT Stock EPS
With the latest financial reports released by the company, Bakkt Holdings Inc posted -1.24/share EPS, while the average EPS was predicted by analysts to be reported at -0.18/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -588.90%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for BKKT.
Bakkt Holdings Inc [BKKT] Institutonal Ownership Details
The top three institutional holders of BKKT stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in BKKT stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in BKKT stock with ownership which is approximately 5.8325%.
