Bakkt Is Surging. Is the Stock Ready to Explode After Earnings?
Shares of the digital asset marketplace and platform Bakkt (NYSE: BKKT) have taken off and are now up roughly 64% over the last week. The company, which went public last year through a special purpose acquisition company (SPAC), shot up in its early trading sessions and surpassed $42 per share. But as more shares flooded the market, the stock came tumbling down and at one point traded for less than $4 per share. Now trading back around $7.26, is the stock ready to explode again? Let's investigate.
Bakkt has created a platform for consumers to keep all of their digital assets in one place. This doesn't just mean cryptocurrencies but also loyalty reward points, branded gift cards, video game assets, and eventually equities. The goal of the company is not only to make it easier for consumers to track and manage these assets but also to be able to convert and make better use of them.
Consumers can use Bakkt to buy and sell cryptocurrencies and then use those to purchase some everyday goods and services or to take advantage of exclusive offers from merchants. The platform is essentially encouraging people to use cryptocurrencies as a medium of exchange. Bakkt also opens its platforms up to merchants in order for them to better manage their liabilities from loyalty programs, interact with consumers, and accept alternative payments.
Source Fool.com
