BigBear.ai Holdings, Inc. (BBAI) stock plummeted 11.59% in intraday trading on Wednesday, as a director of the company executed a significant sale of shares, sparking concerns among investors.

According to regulatory filings, BBAI Ultimate Holdings, LLC, a director of BigBear.ai Holdings, sold a total of 10,748,468 shares over three consecutive days. On December 16th, the director sold 5,313,090 shares at $2.89 each. On December 17th, another 2,574,535 shares were sold at $3.11 each, followed by a sale of 2,860,843 shares at $3.59 each on December 18th.

These transactions reduced the director's shareholding in BigBear.ai Holdings to 70,386,768 shares. Insider selling, especially of such a significant magnitude, is often viewed as a bearish signal by investors, as it may indicate a lack of confidence in the company's future prospects.