Bakkt Holdings, Inc. (NYSE:BKKT) Sees Significant Increase in Short Interest

Bakkt Holdings, Inc. (NYSE:BKKT - Get Free Report) was the target of a significant increase in short interest in September. As of September 30th, there was short interest totalling 832,700 shares, an increase of 11.7% from the September 15th total of 745,800 shares. Approximately 14.4% of the company's stock are sold short. Based on an average daily trading volume, of 119,300 shares, the days-to-cover ratio is currently 7.0 days.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Van ECK Associates Corp lifted its position in shares of Bakkt by 136.3% in the first quarter. Van ECK Associates Corp now owns 6,857,094 shares of the company's stock valued at $3,153,000 after buying an additional 3,955,725 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Bakkt by 9.2% in the first quarter. Vanguard Group Inc. now owns 3,722,829 shares of the company's stock valued at $1,712,000 after buying an additional 313,227 shares during the last quarter. HighPoint Advisor Group LLC acquired a new stake in shares of Bakkt in the fourth quarter valued at approximately $201,000. Quadrature Capital Ltd acquired a new stake in shares of Bakkt in the fourth quarter valued at approximately $89,000. Finally, Cubist Systematic Strategies LLC acquired a new stake in shares of Bakkt in the second quarter valued at approximately $132,000. 11.11% of the stock is currently owned by institutional investors.

Bakkt Stock Down 3.2 %

Shares of NYSE:BKKT traded down $0.37 during mid-day trading on Thursday, reaching $11.36. 59,407 shares of the stock were exchanged, compared to its average volume of 234,375. The company has a market cap of $153.59 million, a P/E ratio of -0.69 and a beta of 4.72. Bakkt has a one year low of $5.57 and a one year high of $68.75. The stock's 50 day simple moving average is $11.86 and its 200-day simple moving average is $13.79.

Bakkt (NYSE:BKKT - Get Free Report) last posted its quarterly earnings results on Wednesday, August 14th. The company reported ($2.67) earnings per share for the quarter, missing analysts' consensus estimates of ($1.77) by ($0.90). The company had revenue of $509.90 million during the quarter, compared to the consensus estimate of $877.20 million. Bakkt had a negative net margin of 3.85% and a negative return on equity of 47.29%. During the same quarter in the prior year, the business earned ($4.75) earnings per share. Analysts anticipate that Bakkt will post -6.47 EPS for the current fiscal year.

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.