BigBearai’s AI solutions company has seen its stock rocket higher after signing a contract with the US Department of Defense’s Chief Digital and Artificial Intelligence Office (CDAO). The contract will advance the company’s Virtual Anticipation Network (VANE) prototype to full use. VANE is designed to track news from foreign countries, enabling the DoD to better identify potential threats to the US.
According to President of National Security Ryan Legge, the contract supports modernization efforts in the nation’s defense and equips “warfighters with sophisticated intelligence capabilities”. This has led to significant investor excitement, with shares up 49.49% as of writing.
Heavy trading is also evident, with over 135 million units changing hands today. Analysts’ consensus rating for BigBearai remains Strong Buy, with an average price target of $4.33 and a potential 41.41% downside. The company’s year-to-date gain of 60.9% and past 52-week rally of 311.49% are also noteworthy.
Source: https://www.tipranks.com/news/bigbearai-stock-rockets-today-after-signing-a-dod-contract