BigBear.ai Stock News and Forecast: Why is BBAI stock soaring?
- BigBear.ai stock soared 18% on Tuesday to close at $10.34.
- BBAI stock again on the move on Wednesday adding 17% in the premarket.
- The AI company stock is one of the top trending names on social media sites.
BigBear.ai (BBAI) stock is spiking again on Wednesday as it looks to build momentum from Monday's gains. BBAI stock closed Monday at $10.34 but is already trading above $12 in Wednesday's premarket.
BigBear is a leading provider of artificial intelligence solutions and data analytics. It operates in the defense space. The company says it is a leader in decision dominance. BigBear operates with US defense agencies and intelligence services. BigBear has its headquarters in Columbia, Maryland but also has offices in Virginia and other US locations. BigBear operates three distinct platforms, Observe, Orient and Dominate. This may sound like it has some likeness to another retail favorite Palantir (PLTR) and indeed the two companies announced a strategic partnership in November last year.
BigBear.ai (BBAI) stock news
There does not appear to be much to be found behind the sharp move on Tuesday. So far, as mentioned, this is continuing to see BBAI stock make more gains on Wednesday. The stock is trending on various social media sites but again no specific reason is behind the move. It rather appears to be a momentum play with traders jumping on the bandwagon.
BBAI CEO Dr. Reggie Brothers has spoken recently at the SXSW Panel discussion entitled "Space, Cyber and the Rise of China". BigBear.ai Chief Operations Officer Sam Gordy is due to speak at the USGIF GEOINT Symposium in Aurora, Colorado from April 24 to 27, but we cannot see any strong headlines to quantify the current rally.
BigBear.ai reported earnings on March 17 and missed on the top-and-bottom lines. Earnings Per Share came in at -$1.02 and revenue of $33.5 million was about $8 million short of estimates.
BigBear.ai (BBAI) stock forecast
We have to urge extreme caution here. We can find no reason for the rally and this could be just a case of momentum or to put it more crudely a pump and dump. So if you are trading BBAI stock please take care, use stops, or some other form of risk management. From the chart, we are potentially putting in a bearish double top around $10. We will be interested to see if this move continues in the regular session. BBAI stock previously spiked from $7.80 to $10 in early March but quickly fell back to $6 after a disappointing set of results.
BBAI stock chart, daily
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Author
Ivan Brian
FXStreet
Ivan Brian started his career with AIB Bank in corporate finance and then worked for seven years at Baxter. He started as a macro analyst before becoming Head of Research and then CFO.
