BigBear.ai Holdings, a decision-making AI company, witnessed a 22.89% surge in its stock price on Friday, capping off an impressive 95% weekly gain. This significant upward movement was primarily driven by the announcement of a contract award from the Department of Defense's Chief Digital and Artificial Intelligence Office (CDAO).
The CDAO awarded BigBear.ai a contract to further develop its Virtual Anticipation Network (VANE) prototype, an AI language model aimed at assisting the government in evaluating the origins of news media from non-allied countries more effectively. Ryan Legge, the company's president for national security, expressed honor in supporting the modernization of the nation's defense efforts through cutting-edge AI technologies.
The news of the CDAO contract was well-received by analysts, with Cantor Fitzgerald substantially raising its price target for BigBear.ai from $3.50 to $8 and increasing its revenue estimates for the full year of 2025. Additionally, the company entered into a warrant exercise agreement with an existing accredited investor, resulting in gross proceeds of $21.9 million.
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