BigBear.ai (NYSE:BBAI) stock is rising higher on Thursday as investors react to a new U.S. Army Global Force Information Management System (GFIM) contract.
That contract from the U.S. Army lasts for nine months and comes in at $14.8 million. It covers further development of the GFIM project. BigBear.ai was selected for its successful work during the first phase of the GFIM project.
The goal of the GFIM project is to create an enterprise-wide intelligent automation platform for the U.S. Army. This will allow senior leaders and combatant commanders to “man, equip, train, ready, and resource the Army more effectively.”
BigBear.ai will work alongside Palantir Technologies (NYSE:PLTR) to develop the GFIM. When this project is complete, it will replace 14 legacy systems in use by the U.S. Army with this single new platform.
Lori Mongold, U.S. Army GFIM Chief Management Officer, said the following in a news release:
GFIM will radically transform and streamline the end-to-end business processes the Army uses to develop a future force and provide a current force. By merging historically distinct, major processes into an automated standalone environment, we will establish a critical foundation for integrating the Business and Warfighting Mission Areas to drive our digital transformation forward.
BBAI stock is experiencing heavy trading on the Army contract news. That has some 37 million shares on the move as of this writing. This is a major jump over its daily average trading volume of 438,000 shares.
BBAI stock is up 35.3% as of Thursday morning.
Investors on the lookout for more recent stock market news are in luck!
We’ve got all of the hottest stock market news worth knowing about on Thursday! Among that is what has shares of retail stocks, Chinese EV stocks, and CarMax (NYSE:KMX) stock are on the move today. All of that can be found at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.