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Bakkt (NYSE:BKKT) stock has been on a wild ride recently as the company’s shares underwent a reverse stock split last week.
That reverse stock split took place when markets closed on Friday. As a result, traders are starting to see the effects of this split on Monday morning. That’s resulted in some massive jumps and drops in price as exchanges adjust their prices.
The BKKT reverse stock split has Bakkt consolidate 25 shares of its stock into a single share. The company underwent a reverse stock split to boost the price of its shares. It did so to regain compliance with the New York Stock Exchange’s minimum bid price rule.
In addition to this, the company has adjusted its number of authorized shares to go with that reverse stock split. This takes its total authorized shares from 1 billion to 400 million.
BKKT Stock Movement Today
BKKT stock has seen volatility alongside the reverse stock split as its shares are adjusted. That resulted in a 2,610% jump when markets closed on Friday. It also saw the stock fall as much as 92% this morning. There may also be more volatility for the shares once markets open this morning.
According to Yahoo Finance, BKKT share are up slightly on Monday morning. However, Google Finance is reporting the shares are down 50% in pre-market trading.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Article printed from InvestorPlace Media, https://investorplace.com/2024/04/why-is-bakkt-bkkt-stock-moving-today/.
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