Why BigBear.ai Stock Is Skyrocketing Today
BigBear.ai (NYSE: BBAI) stock is surging higher in Thursday's trading. The software company's share price was up 17.2% as of 3 p.m. ET and had been up as much as 18.1% earlier in the session.
BigBear.ai's valuation is rapidly climbing higher following an announcement that the company has won a new contract through the U.S. Navy. With today's gains, the stock is now up more than 130% over the last year.
Before the market opened this morning, BigBear.ai published a press release announcing that it had landed a new contract through the Navy's SeaPort Next Generation (SeaPort NxG) program. The contract is an indefinite delivery/indefinite quantity (IDIQ) partnership that will see BigBear.ai provide systems and process engineering along with additional technologies and support services for the Navy and other federal agencies. The contract win is the first announced under new CEO Kevin McAleenan, and investors are betting that signals a significant sales driver for the business.
Source Fool.com
