Bakkt (NYSE:BKKT) Trading 3.4% Higher – Here’s Why

Shares of Bakkt Holdings, Inc. (NYSE:BKKT) traded up 3.4% during trading on Friday . The company traded as high as $27.91 and last traded at $27.56. 648,949 shares were traded during mid-day trading, an increase of 61% from the average session volume of 403,300 shares. The stock had previously closed at $26.66.

Bakkt Stock Up 3.4 %

The stock has a market capitalization of $376.77 million, a PE ratio of -2.25 and a beta of 5.49. The firm’s fifty day moving average price is $19.16 and its two-hundred day moving average price is $16.46.

Institutional Investors Weigh In On Bakkt

Hedge funds have recently added to or reduced their stakes in the stock. Headlands Technologies LLC purchased a new position in shares of Bakkt in the 2nd quarter worth $54,000. Barclays PLC purchased a new position in Bakkt in the third quarter worth about $28,000. Summit Securities Group LLC bought a new stake in shares of Bakkt during the 2nd quarter valued at about $75,000. Point72 DIFC Ltd purchased a new stake in shares of Bakkt during the 2nd quarter valued at about $118,000. Finally, Cubist Systematic Strategies LLC bought a new position in shares of Bakkt in the 2nd quarter worth approximately $132,000. 11.11% of the stock is currently owned by hedge funds and other institutional investors.

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.