Traders Purchase High Volume of Call Options on Bakkt (NYSE:BKKT)

Bakkt Holdings, Inc. (NYSE:BKKT) was the recipient of some unusual options trading on Tuesday. Traders bought 3,026 call options on the stock. This is an increase of approximately 1,233% compared to the average daily volume of 227 call options.

Institutional Investors Weigh In On Bakkt

Institutional investors and hedge funds have recently modified their holdings of the company. Headlands Technologies LLC purchased a new position in shares of Bakkt in the 2nd quarter valued at about $54,000. Barclays PLC acquired a new position in Bakkt during the 3rd quarter worth approximately $28,000. Summit Securities Group LLC acquired a new position in shares of Bakkt during the second quarter worth $75,000. Point72 DIFC Ltd acquired a new stake in Bakkt in the second quarter valued at $118,000. Finally, Cubist Systematic Strategies LLC purchased a new stake in Bakkt during the 2nd quarter worth about $132,000. Hedge funds and other institutional investors own 11.11% of the company’s stock.

Bakkt Price Performance

Shares of BKKT traded up $4.29 during mid-day trading on Tuesday, reaching $34.00. The stock had a trading volume of 6,816,102 shares, compared to its average volume of 300,462. The business’s fifty day moving average is $10.97 and its 200 day moving average is $14.11. Bakkt has a 52-week low of $5.57 and a 52-week high of $68.75. The firm has a market cap of $459.68 million, a price-to-earnings ratio of -2.78 and a beta of 4.71.

Bakkt Company Profile

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.