BigBear.ai Inc shares are up more than 32% over the past week despite a pullback on Monday. Here’s what you need to know.

What To Know: BigBear.ai ( BBAI ) shares have been rallying in recent weeks. The stock gained momentum last week after the company announced its participation in Project Convergence – Capstone 5 (PC-C5), an experiment allowing multinational forces to test Next Generation Command Control systems.

BigBear.ai ( BBAI ) noted that its Virtual Anticipation Network (VANE) platform allowed multinational forces to identify emerging threats and gain situational awareness in the tests.

Shares also got a boost after HC Wainwright & Co. analyst Scott Buck highlighted strong business momentum in a note, maintaining BigBear.ai ( BBAI ) with a Buy rating and raising the price target from $6 to $9.

The HC Wainwright & Co. analyst said the momentum in BigBear.ai ( BBAI ) stock is being fueled by new customers and contracts paired with strong secular AI defense and security trends. Buck noted that the company had a total backlog of $384.9 million at the end of the first quarter.

“Revenue growth expectations, double-digit in 2026, are supported by the company's $384.9M backlog as of 1Q25, as well as early and encouraging signs that the company's products are resonating across key growth verticals,” the analyst said.

The recent business momentum, including deployments of biometric software and strategic partnerships in the UAE and with Analogic, has given Buck “greater confidence” in the company’s ability to deliver strong revenue growth.

“In addition, recent balance sheet improvements provide flexibility and could allow the business to pursue accretive M&A, accelerating revenue growth and timeline to more consistent profitability,” the HC Wainwright & Co. analyst said.

The $9 target from HC Wainwright & Co is the Street-high price target, according to Benzinga analyst data. BigBear.ai ( BBAI ) has a Street-low target of $3 and an average rating of Overweight.

BBAI Price Action: BigBear.ai ( BBAI ) shares were down 4.9% at $7.37 at the time of publication Monday, according to Benzinga Pro.

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