Bakkt (NYSE:BKKT) Shares Down 7.7% - Here's Why

Bakkt Holdings, Inc. (NYSE:BKKT - Get Free Report)'s stock price fell 7.7% during trading on Thursday . The stock traded as low as $14.32 and last traded at $14.73. 401,526 shares changed hands during trading, a decline of 7% from the average session volume of 430,359 shares. The stock had previously closed at $15.95.

Bakkt Stock Performance

The firm's 50-day moving average price is $19.56 and its 200 day moving average price is $17.69. The company has a market cap of $157.35 million, a price-to-earnings ratio of -0.94 and a beta of 5.47.

Institutional Investors Weigh In On Bakkt

Institutional investors have recently modified their holdings of the business. JPMorgan Chase & Co. grew its position in shares of Bakkt by 2,231.1% during the 4th quarter. JPMorgan Chase & Co. now owns 1,725 shares of the company's stock worth $43,000 after buying an additional 1,651 shares during the period. Barclays PLC acquired a new stake in shares of Bakkt during the 3rd quarter worth approximately $28,000. SBI Securities Co. Ltd. bought a new position in Bakkt during the 4th quarter worth approximately $87,000. SG Americas Securities LLC bought a new position in Bakkt during the 4th quarter worth approximately $109,000. Finally, Headlands Technologies LLC bought a new position in Bakkt during the 4th quarter worth approximately $223,000. Institutional investors and hedge funds own 11.11% of the company's stock.

About Bakkt

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.