Bakkt, Inc. (Bakkt (BKKT)) shares jumped more than 21% on Tuesday, as investors cheered a wave of insider buying and the company's push into stablecoins and digital payments — even though its latest quarterly results were pretty ugly.
The stock closed at $10.58, up from around $8.70 earlier this month, after SEC filings revealed that director Michael Alfred, through Alpine Fox LP, bought about 585,000 shares between May 15 and May 18 at prices around $8.20 to $8.34 per share. That's roughly $4.85 million worth of stock, and it boosted his indirect holdings to 625,000 shares. CEO Akshay Sudhir Naheta also exercised 33,557 stock options on May 15 at $10 per share under a pre-arranged trading plan.
Intercontinental Exchange, the parent company of the New York Stock Exchange, remains Bakkt's largest shareholder with about a 19.8% stake.
Quarterly Results Missed the Mark
Earlier this month, Bakkt reported first-quarter revenue of $243.59 million, down 77.1% from a year ago and well below the $310.89 million analysts were expecting. The company posted a loss of 41 cents per share, much wider than the consensus estimate of a 10-cent loss.
But Bakkt said it ended the quarter with $82.6 million in cash and restricted cash, which it believes is enough to fund its Markets, Agent and Global growth segments. The company is betting that its expansion into stablecoins and digital payments will eventually pay off.
Commercial Expansion Strategy
Despite the weak quarter, Bakkt outlined a strategy focused on scaling operations, strengthening infrastructure and expanding its position in the digital asset sector. The company recently appointed a new chief commercial officer and acquired DTR to boost its technology and regulatory capabilities.
The market seems to be looking past the near-term earnings miss and focusing on the long-term potential. Bakkt is positioning itself as a key player in the digital payments ecosystem, particularly around stablecoins, which have been gaining traction as a faster and cheaper way to move money.
Technical Analysis: Trend, RSI and Key Levels
Bakkt stock is currently trading at $10.18, which is 17.5% above its 20-day simple moving average of $8.80 — a sign of short-term bullish momentum. However, it's still 3.4% below its 100-day SMA of $10.70 and 28.6% below its 200-day SMA of $14.48, suggesting there's resistance ahead.
The Relative Strength Index (RSI) sits at 49.66, right in neutral territory. That means the stock isn't overbought or oversold, leaving room for further moves in either direction.
- Key Resistance: $11.50 — A level where rebounds have stalled before.
- Key Support: $9.50 — A level where buyers have stepped in previously.
Earnings Date and Analyst Price Targets
Bakkt is expected to report its next quarterly results on August 10, 2026. Analysts are forecasting revenue of $340.54 million, down from $577.88 million in the same period last year.
The stock carries a consensus Buy rating with a price target of $11.01. Recent analyst actions include:
- Clear Street: Buy, lowered target to $21 on March 20.
- Benchmark: Buy, lowered target to $22 on March 18.
- Benchmark: Initiated with Buy and a $13 target on September 8, 2025.
At the time of publication Tuesday, Bakkt shares were up 21.33% at $10.58, according to market data.
