Bakkt Holdings Inc (NYSE: BKKT): Stock Forecast For 2024 Remains Weak With A Downward Revision Of 35.3%

In today’s recent session, 1.25 million shares of the Bakkt Holdings Inc (NYSE:BKKT) have been traded, and its beta is 3.96. Most recently the company’s share price was $0.45, and it changed around -$0.01 or -3.21% from the last close, which brings the market valuation of the company to $60.25M. BKKT at last check was trading at a discount to its 52-week high of $2.75, offering almost -511.11% off that amount. The share price’s 52-week low was $0.41, which indicates that the recent value has risen by an impressive 8.89% since then. We note from Bakkt Holdings Inc’s average daily trading volume that its 10-day average is 9.42 million shares, with the 3-month average coming to 6.22 million.

Bakkt Holdings Inc stock received a consensus recommendation rating of Underweight, based on a mean score of 3.00. If we narrow it down even further, the data shows that 0 out of 1 analysts rate the stock as a Sell; another 0 rate it as Overweight. Among the rest, 0 recommended BKKT as a Hold, whereas 0 deemed it a Buy, and 1 rated it as Underweight. Bakkt Holdings Inc is expected to report earnings per share of -$0.08 for the current quarter.

3 Tiny Stocks Primed to Explode The world's greatest investor — Warren Buffett — has a simple formula for making big money in the markets. He buys up valuable assets when they are very cheap. For stock market investors that means buying up cheap small cap stocks like these with huge upside potential.

We've set up an alert service to help smart investors take full advantage of the small cap stocks primed for big returns.

Click here for full details and to join for free
Sponsored

Bakkt Holdings Inc (NYSE:BKKT) trade information

Instantly BKKT has been showing red trend so far today with a performance of -3.21% on intraday trading today. The performance over the last five days has remained in the red territory. The company’s shares are currently down -79.84% year-to-date, but still down -20.04% over the last five days. On the other hand, Bakkt Holdings Inc (NYSE:BKKT) is -22.48% down in the 30-day period. We can see from the shorts that 18.66 million shares have been sold at a short interest cover period of 2.49 day(s).

The consensus price target as assigned by Wall Street analysts is $2, which translates to bulls needing to increase their stock price by 77.5% from its current value. Analyst projections state that BKKT is forecast to be at a low of $2 and a high of $2.

Bakkt Holdings Inc (BKKT) estimates and forecasts

Bakkt Holdings Inc share prices are performing particularly well compared to other companies within the same industry. As is evident from the statistics, the company’s shares have fallen -61.57 percent over the past six months and at a 61.90% annual growth rate that is well above the industry average of 17.70%. Moreover, analysts have decided to roll up on their fiscal year 2024 revenue estimates. The rating firms predict that it will gain 52.90% in revenue this quarter, and will report an increase of 63.20% in the next quarter. The year-over-year growth rate is expected to be -89.70%, down from the previous year.

Consensus estimates provided by 3 financial analysts predict the company will bring in an average of $17.4 million in revenue for the current quarter. 3 analysts expect Bakkt Holdings Inc to make $18.44 million in revenue for the quarter ending Jun 2024. The company’s sales for the same quarters a year ago were $13 million and $15.8 million respectively. Analysts predict that the company’s current quarter sales will jump, forecast at 33.80%. Forecasts for the next quarter put sales growth at 16.70%.

BKKT Dividends

Bakkt Holdings Inc’s next quarterly earnings report is expected to be released on February 29.

Bakkt Holdings Inc (NYSE:BKKT)’s Major holders

Upon looking at major shareholders, it appears that insiders hold 19.28% of Bakkt Holdings Inc shares, and 23.77% of them are in the hands of institutional investors. The stock currently has a share float of 29.46%. Bakkt Holdings Inc stock is held by 142 institutions, with Blackrock Inc. being the largest institutional investor. By Jun 29, 2023, it held 5.06% of the shares, which is about 4.62 million shares worth $5.68 million.

Vanguard Group Inc, with 3.47% or 3.17 million shares worth $3.9 million as of Jun 29, 2023, holds the second largest percentage of outstanding shares.

Exchange Traded Concepts Tr-Bitwise Crypto Industry Innovators ETF and Vanguard Total Stock Market Index Fund were the top two Mutual Funds as of Jun 29, 2023. The former held 2.33 million shares worth $2.87 million, making up 2.55% of all outstanding shares. On the other hand, Vanguard Total Stock Market Index Fund held roughly 1.81 million shares worth around $2.22 million, which represents about 1.98% of the total shares outstanding.