Why Exela Technologies Stock Jumped 18% Today

Share of Exela Technologies (NASDAQ: XELA) jumped as much as 18% on Wednesday after announcing that B. Riley Securities has purchased more than $35 million of the company's common stock. As of 3 p.m. ET today, the stock is up 10.2% on the day. 

B Riley Securities is an investment bank, so this sizable stake in the business process automation company (its current market cap is $233 million) likely inspired confidence among investors. Executives and directors of Exela are also purchasing more than $1 million worth of common stock along with the B. Riley investment.

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Source Fool.com