Why BigBear.ai Stock Skyrocketed This Week
BigBear.ai (NYSE: BBAI) stock posted big gains over the last week of trading. The company's share price ended Friday's daily trading session up 23.4% from the previous week's market close, according to data from S&P Global Market Intelligence. Meanwhile, the S 500 index closed out the week down 2%, and the Nasdaq Composite index ended the stretch down 2.3%.
Despite bearish news on interest rates from the Federal Reserve this week, BigBear.ai stock managed to record explosive gains. The company's share price closed out the period with a dramatic increase thanks to new contract and partnership wins.
On Monday, BigBear.ai published a press release announcing a new partnership with Proof Labs. Through the partnership, BigBear will be working on a cyber resilient on-orbit (CROO) cybersecurity solution intended for use by the U.S. Air Force. The news powered a day of big gains for the company's stock.
Source Fool.com
