Bakkt, Inc. (NASDAQ:BKKT) shares surged on Tuesday as investors reacted to the company’s commercial expansion strategy and insider purchases totaling about $4.85 million, despite weaker first-quarter financial results earlier this month.
• Bakkt stock is charging ahead with explosive momentum. What’s driving BKKT stock higher?
Insider Buying Boosts Investor Sentiment
SEC filings showed Director Michael Alfred, through Alpine Fox LP, purchased about 585,000 shares between May 15 and May 18 at weighted-average prices of $8.34 and $8.20 per share, increasing his indirect holdings to 625,000 shares.
CEO Akshay Sudhir Naheta also exercised 33,557 committed stock options on May 15 at $10 per share under a Rule 10b5-1 trading plan.
Intercontinental Exchange remains Bakkt’s largest shareholder, with approximately a 19.8% stake.
Quarterly Results Miss Expectations
Earlier this month, Bakkt reported first-quarter revenue of $243.59 million, down 77.1% year over year and below analyst estimates of $310.89 million.
The company …