Bakkt Holdings, Inc.
$8.92
-9.0%Bakkt Holdings, Inc. operates a digital asset platform. The company's platform enables consumers to buy, sell, convert, and spend digital assets. Its customers include merchants, retailers, and financial institutions. Bakkt Holdings, Inc. has a strategic alliance with the Global Payments to collaborate on use cases starting with enabling cryptocurrency redemption in customer loyalty programs offered by bankcard clients, as well as expanding its banking-as-a-service offerings to include consumer access to cryptocurrency. The company was formerly known as VPC Impact Acquisition Holdings and changed its name to Bakkt Holdings, Inc. The company was founded in 2018 and is headquartered in Alpharetta, Georgia. Bakkt Holdings, Inc. is a subsidiary of Intercontinental Exchange Holdings, Inc.
At a Glance
Live SnapshotIntrinsic Alpha Methodology
Thesis Lenses
Signal
Medium confidenceValuation multiple is compressed (P/E -0.6).
Valuation inputs: P/E -0.6, earnings yield N/A, momentum -9.0%.
If multiples stay elevated while momentum fades, downside repricing risk rises.
Driver
High confidenceReturn profile is soft (ROE -95.1%, ROIC -1.1%).
Profitability stack: net margin -4.6%, ROE -95.1%, ROIC -1.1%.
Quality deterioration often appears in margins before it shows up in headline EPS.
Risk
High confidenceDownside profile is elevated and scenario stress-testing is essential.
Risk factors: liabilities/assets +30.7%, momentum -9.0%, net margin -4.6%.
Higher leverage with weak momentum and thin margins can amplify drawdown severity.
Bakkt Holdings, Inc. Market vs Earnings Trajectory
Performance Analysis
EPS Growth
Declining earnings warrant investigation into business challenges and competitive position.
Price-EPS Relationship
Both price and earnings are declining together, reflecting deteriorating business fundamentals.
Stock Price Change
Over the 1Y period, stock price has decreased by 31.8%.
P/E Ratio (TTM)
Relatively low P/E may indicate undervaluation or lower growth expectations.
Bakkt Holdings, Inc. Fair Value Envelope
Bakkt Holdings, Inc. Profit Bridge
Profitability Analysis
Gross Margin
Negative gross margin indicates the company is losing money on each sale—unsustainable long-term.
Operating Margin
Operating losses indicate the core business is unprofitable. Requires restructuring or revenue growth.
Net Profit Margin
Net losses indicate the company is burning cash. Sustainability depends on path to profitability.
Profitability Insight
Critical situation: Negative gross margins indicate fundamental business model issues. The company loses money on every sale—immediate strategic changes required.
Bakkt Holdings, Inc. Cash Conversion Engine
Cash Flow Quality Analysis
FCF Conversion Rate
Excellent cash generation. The company converts earnings to cash at or above 100%, indicating high-quality earnings.
CapEx Intensity
Asset-light business model. Low capital requirements leave more cash available for shareholders and growth investments.
FCF Growth Trend
Significant FCF decline raises concerns. Urgent review needed of operational performance and capital allocation.
Working Capital Impact
Significant working capital drain. Growth may be consuming cash through inventory buildup or receivables extension—monitor closely.
Cash Flow Quality Insight
Working capital strain: Significant cash tied up in operations. Monitor receivables collection, inventory turns, and payment terms to optimize cash conversion cycle.
Bakkt Holdings, Inc. Funding & Solvency Profile
Financial Health Analysis
Current Ratio
Excellent liquidity position. The company can easily cover its short-term obligations with substantial cushion.
Debt-to-Equity Ratio
Conservative capital structure. The company relies primarily on equity financing, indicating low financial risk.
Working Capital
Strong working capital position provides significant operational flexibility and financial cushion.
Asset Composition
Balanced asset mix between current and non-current assets, typical of many stable businesses.
Financial Health Insight
Strong financial foundation: Excellent liquidity combined with conservative leverage suggests the company is well-positioned to weather economic uncertainties and fund growth opportunities.
Bakkt Holdings, Inc. Street Expectations Map
Wall Street analysts project that BKKT stock may decline over the coming 12 months. The consensus 1-year price target stands at 7.50, with estimates ranging from a low of 2.00 to a high of 13.00.
The consensus 1-year price target stands at 7.50, with estimates ranging from a low of 2.00 to a high of 13.00.
Analyst Consensus Analysis
Upside Potential
Significant downside risk. Stock trading well above analyst consensus suggests elevated valuation concerns and potential correction.
Analyst Agreement
High uncertainty. Very wide target spread indicates significant disagreement among analysts—major valuation uncertainty or transformation underway.
Risk-Reward Profile
Unfavorable risk-reward. Downside risk exceeds upside potential. Consider defensive positioning or alternative opportunities.
Analyst Conviction
High uncertainty: Wide dispersion indicates analysts struggle to agree on valuation—proceed with caution and independent analysis.
Market Sentiment Insight
Extreme uncertainty: Massive dispersion in price targets reflects fundamental disagreement on business trajectory. This could signal transformation, disruption, or complex valuation—requires deep sector expertise and contrarian mindset.
Bakkt Holdings, Inc. Insider Positioning
During the last 12 months, insiders have purchased $5.92M and sold $541K worth of BKKT shares, resulting in $5.38M of net buying activity.
3 Months
585.0K
4.85M
23.3K
196.93K
+4.7M
+$4.65M
3-6 Months
0
0.00
3.2K
32.56K
-33K
-$33K
6-9 Months
0
0.00
979
19.83K
-20K
-$20K
9-12 Months
130.0K
1.07M
16.2K
291.42K
+783K
+$783K
Top Buyers
Alfred Michael
Director
$4.85M
Naheta Akshay Sudhir
Director, Officer: Ceo And President
$1.07M
Top Sellers
Main Andrew A
Director, Officer: Co-Ceo & President
$263K
D'Annunzio Marc
Officer: General Counsel & Secretary
$145K
Alexander Karen
Officer: Chief Financial Officer
$59K
Baes Nicholas
Officer: Chief Operating Officer
$43K
Henderson Joseph Sean-Walsh
Officer: Chief Accounting Officer
$30K
Insider Activity Analysis
Net Insider Sentiment
Strong bullish signal with $5.38M net buying. Insiders are aggressively accumulating shares, suggesting significant confidence in future prospects.
Buy/Sell Ratio
Exceptional buy/sell ratio. Buying dramatically outweighs selling—one of the strongest possible insider signals.
Recent Trend (3 Months)
Very strong recent buying momentum. Recent insider purchases significantly outpace sales, suggesting near-term optimism.
Insider Participation
5 insider sellers vs. 2 buyers. Widespread selling across multiple insiders may signal concerns.
Insider Activity Insight
Compelling insider conviction: The combination of strong buy/sell ratio and multiple buyers suggests insiders see attractive risk/reward. Consider this alongside fundamental analysis for confirmation.
bkkt Dividend History
Learning Layer
Related Guides
Build conviction on BKKT by pairing this stock hub with focused valuation guides.
Research Paths
Snapshot
Start with context, operating signals, and key market metrics.
Value Model
Stress test fair value across bear, base, and bull assumptions.
Statements
Validate revenue quality, margins, and balance sheet durability.
Earnings Call
Read management commentary and compare it with reported outcomes.
Dividends
Check payout sustainability and long-term distribution behavior.
Analyst Expectations
Review consensus spread and where estimate risk is concentrated.