Bakkt Holdings, Inc. (NYSE:BKKT) Short Interest Down 5.7% in October

Bakkt Holdings, Inc. (NYSE:BKKT) saw a large decrease in short interest during the month of October. As of October 31st, there was short interest totalling 12,170,000 shares, a decrease of 5.7% from the October 15th total of 12,910,000 shares. Currently, 16.7% of the shares of the stock are short sold. Based on an average trading volume of 903,700 shares, the short-interest ratio is presently 13.5 days.

Bakkt Stock Performance

Shares of BKKT stock traded up $0.07 during mid-day trading on Friday, hitting $1.27. The company’s stock had a trading volume of 2,924,259 shares, compared to its average volume of 1,981,947. The company’s fifty day simple moving average is $1.08 and its 200-day simple moving average is $1.30. Bakkt has a 52 week low of $0.64 and a 52 week high of $2.87. The company has a market cap of $348.74 million, a PE ratio of -0.59 and a beta of 4.39.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in BKKT. Citigroup Inc. grew its stake in shares of Bakkt by 4,335.3% in the 2nd quarter. Citigroup Inc. now owns 20,846 shares of the company’s stock valued at $26,000 after buying an additional 20,376 shares during the period. Price T Rowe Associates Inc. MD acquired a new stake in shares of Bakkt in the 3rd quarter valued at about $27,000. Tower Research Capital LLC TRC grew its stake in shares of Bakkt by 109.2% in the 2nd quarter. Tower Research Capital LLC TRC now owns 23,496 shares of the company’s stock valued at $29,000 after buying an additional 12,267 shares during the period. Point72 Hong Kong Ltd acquired a new stake in shares of Bakkt in the 2nd quarter valued at about $30,000. Finally, SG Americas Securities LLC acquired a new stake in shares of Bakkt in the 3rd quarter valued at about $31,000. 8.39% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Rosenblatt Securities lowered their target price on Bakkt from $2.10 to $1.70 and set a “buy” rating for the company in a research report on Wednesday.

Bakkt Company Profile

Bakkt Holdings, Inc offers a platform for crypto and redeeming loyalty points. The company's institutional-grade technology platform offers various solutions, such as Custody, an institutional-grade custody solution for market participants; Crypto Connect, a platform that enables consumers, businesses, and institutions to buy, sell, and store crypto in a digital experience; Crypto Rewards that focuses on enabling customers to earn crypto rewards, as well as redeem existing reward currencies into crypto; and Crypto Payouts for customers to automatically invest a portion of payments into crypto.