Bakkt, Inc. (NYSE:BKKT) shares are down during Friday’s premarket session as the company announced a registered direct offering. Bakkt specializes in institutional-grade solutions focused on security, scale, and regulatory compliance — and while the latest offering could fund these initiatives, bearish market sentiment remains a concern.
Bakkt Announces $48.125M Direct Offering
Bakkt announced the pricing of a registered direct offering of 3,024,799 shares of Class A common stock and pre-funded warrants to purchase up to 2,475,201 shares (totaling approximately 5.5 million shares) at $8.75 per share to a single institutional investor, with gross proceeds of $48.125 million
The offering is set to close around March 2, 2026, with proceeds earmarked for working capital, general corporate purposes, and strategic initiatives.
The dilutive nature of the share offering — common in such direct placements — is likely driving the premarket decline in the share price following the announcement. The offering is limited to jurisdictions where such transactions are legally permitted under applicable securities laws.
Bakkt’s Stock Faces 10.34% Yearly Decline
Over the past year, Bakkt’s stock has faced a downward trend, declining by 10.34%. Currently, the stock is trading significantly below its key moving averages, which signals bearish sentiment in the market. Specifically, it is 16.8% below the 20-day SMA and a stark 50.4% below the 100-day SMA. These indicators suggest the stock has struggled to regain bullish momentum over the medium- to long-term.
Anticipated Bakkt Earnings Report: March 18, 2026
Looking further out, the next major catalyst for the stock arrives with the March 18, 2026, earnings report. Here are the anticipated financial metrics and analyst perspectives:
- EPS Estimate: Loss of 47 cents (Up from a loss of $2.95 YoY)
- Revenue Estimate: $279.87 million (Down from $1.80 billion YoY)
Analyst Consensus & Recent Actions: The stock carries a Hold Rating with an average price target of $52.85. Recent analyst moves include:
- Benchmark: Initiated with Buy (Target $13.00) (Sep. 8, 2025)
Bakkt’s Benzinga Edge: A Cautious Outlook
Below is the Benzinga Edge scorecard for Bakkt, highlighting its strengths and weaknesses compared to the broader market:
- Momentum: Neutral (Score: 40.76) — The company shows moderate market momentum.
The Verdict: Bakkt’s Benzinga Edge signal reflects a cautious outlook, with recent stock price action and internal challenges outweighing modest momentum resilience.
Short interest in Bakkt rose from 4.19M to 4.47M shares, representing 27.78% of publicly available shares. At an average daily volume of 1.18M shares, it would take approximately 3.78 days for short sellers to cover their positions.
BKKT Price Action: Bakkt shares were down 6.06% at $9.77 during premarket trading on Friday, according to Benzinga Pro data.
Photo by T. Schneider via Shutterstock
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