BigBear.ai Holdings (BBAI) stock plummeted by 10.38% during the pre-market session on Tuesday, underperforming the broader AI stock rally. The decline came after the company's shares had soared nearly 97% year-to-date, driven by the growing demand for AI solutions and the company's expanding product portfolio.
While BigBear.ai had been benefiting from the AI frenzy, with its products being integrated into the solutions of industry giants like Amazon and Palantir, the stock's plummet on Tuesday suggests that investors may be taking profits after the significant year-to-date gains.
Another potential factor contributing to the sell-off could be the company's lackluster fiscal 2024 outlook. Despite its strong product portfolio and expanding client base, BigBear.ai expects total revenues between $165 million and $180 million for fiscal 2024, reflecting a modest year-over-year growth of 8.64%. Moreover, the consensus estimate for fiscal 2024 earnings is pegged at a loss of 75 cents per share, indicating continued profitability challenges.
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