BUZZ-BigBear.ai soars after US defense contract win

Shares of BigBear.ai BBAI.N up 38.8% on Weds at $6.82, highest since May 2022, after announcing Department of Defense (DoD) contract win

BBAI on course for biggest one-day pct gain in two years

Columbia, Maryland-based firm early Weds said it was awarded contract by the DoD Chief Digital and Artificial Intelligence Office (CDAO) to advance its Virtual Anticipation Network (VANE) prototype for geopolitical risk analysis

The prototype award designed to improve CDAO’s ability to better assess news media originating in countries that are potential foreign adversaries, co said

About 110 mln shares have traded on the session compared to the 10-DMA volume of roughly 34 mln shares, per LSEG

With move on Weds, shares up ~54% YTD. Stock closed at $1.58 a year ago

Co has ~251.6 mln shares outstanding for approx $1.7 bln market cap - LSEG