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

Bakkt Holdings, Inc. (NYSE:BKKT) saw a large 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. Currently, 14.4% of the company’s stock are short sold. Based on an average trading volume of 119,300 shares, the days-to-cover ratio is currently 7.0 days.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of BKKT. Headlands Technologies LLC acquired a new stake in Bakkt during the second quarter worth $54,000. Summit Securities Group LLC acquired a new stake in shares of Bakkt during the 2nd quarter valued at about $75,000. Quadrature Capital Ltd bought a new stake in Bakkt in the fourth quarter valued at about $89,000. Point72 DIFC Ltd acquired a new position in Bakkt in the second quarter worth about $118,000. Finally, Cubist Systematic Strategies LLC bought a new position in Bakkt during the second quarter worth about $132,000. 11.11% of the stock is currently owned by institutional investors and hedge funds.

Bakkt Price Performance

BKKT traded down $0.25 on Thursday, hitting $11.48. The company had a trading volume of 38,340 shares, compared to its average volume of 234,270. The company’s fifty day moving average price is $11.95 and its 200 day moving average price is $13.81. Bakkt has a 1-year low of $5.57 and a 1-year high of $68.75. The stock has a market cap of $155.21 million, a price-to-earnings ratio of -0.71 and a beta of 4.72.

Bakkt (NYSE:BKKT) last posted its earnings results on Wednesday, August 14th. The company reported ($2.67) earnings per share for the quarter, missing the consensus estimate of ($1.77) by ($0.90). Bakkt had a negative return on equity of 47.29% and a negative net margin of 3.85%. The company had revenue of $509.90 million during the quarter, compared to analyst estimates of $877.20 million. During the same quarter last year, the firm posted ($4.75) earnings per share. On average, sell-side analysts forecast that Bakkt will post -6.47 EPS for the current 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.