Michael Alfred, a Director at Bakkt, Inc., has acquired 296,567 shares of the company's Class A Common Stock, valued at $2,111,557. The purchase was made on August 18, 2026, at a weighted-average price of $7.12 per share. This transaction comes as the stock trades near its 52-week low of $6.75, down 33% over the past six months.
The shares were bought at prices ranging from $6.88 to $7.32 per share. Following this transaction, Mr. Alfred indirectly owns 1,201,567 shares of Bakkt's Class A Common Stock through Alpine Fox LP.
Recent Financial Results
Bakkt Holdings recently reported its second-quarter financial results, revealing a significant earnings beat with diluted earnings per share of $1.94, surpassing Wall Street's estimate of $0.07. However, the company's revenue fell short of expectations, coming in at $170.14 million compared to the anticipated $314.77 million.
The company achieved a GAAP profit of $80.8 million during the quarter. Despite this earnings success, Benchmark lowered its price target for Bakkt Holdings from $19.00 to $12.00, while maintaining a Buy rating on the stock. Analyst Mark Palmer from Benchmark highlighted a 70% year-over-year revenue decline in Bakkt's second quarter report.
