Goldman Sachs boosted its BigBear.ai stake by 569%, signaling growing institutional confidence in the AI defense firm.
Sectors & Industries
September 17, 2025
Table of Contents
Wall Street is watching BigBear.ai Holdings, Inc. (NYSE: BBAI) more closely than ever—and not without reason.
In a recent SEC filing, Goldman Sachs Group Inc. disclosed a massive increase in its holdings, acquiring 1,990,822 additional shares during the first quarter of 2025. This move brings its total position to over 2.34 million shares, valued at nearly $6.7 million. That’s a staggering 569% increase—and it now gives Goldman Sachs ownership of roughly 0.80% of the company.
For a company that's often lumped into the "AI penny stock" crowd, this level of institutional backing signals something more serious is underway.
BigBear.ai builds AI-powered decision intelligence platforms that serve critical functions across national security, logistics, digital identity, and more. Its technology is designed to help organizations ingest, enrich, and analyze massive volumes of data—turning it into actionable predictions and real-time operational insights.
Clients include both government agencies and commercial enterprises, where the company supports:
In short, BigBear.ai isn’t just riding the AI wave—it’s embedded in some of the most sensitive and strategic use cases of artificial intelligence today.
Goldman Sachs isn’t alone in ramping up exposure to BigBear.ai.
Other major institutions have increased their stakes as well. Rhumbline Advisers expanded its holdings by over 18%, NewEdge Advisors boosted theirs by more than 440%, and Mirae Asset Global ETFs added over 160,000 shares—bringing its total position to nearly half a million shares, worth more than $1.3 million. Meanwhile, AQR Capital Management opened a new position entirely.
All told, institutional investors and hedge funds now own over 7.5% of the company’s float—a meaningful vote of confidence in a stock that many retail investors may still be overlooking.
While institutional investors were adding shares, BigBear.ai’s Chief Financial Officer, Sean Ricker, sold nearly 12,000 shares on August 27th at an average price of $5.35, totaling just over $64,000.
That said, Ricker still holds 296,345 shares, worth approximately $1.58 million at current prices. It appears to be more of a routine trim than a signal of lost faith, especially considering the timing came during a major rally.
In its most recent quarterly report released August 11, 2025, BigBear.ai reported earnings per share of -$0.06, slightly better than the consensus estimate of -$0.07. Revenue came in at $32.47 million, down 18.3% from the same quarter a year ago.
The company's net margin remains deeply negative at -269%, and return on equity sits at -48.1%—highlighting ongoing operational challenges as it continues to scale. Still, beating expectations and reiterating full-year guidance gave the market some reassurance that the company is navigating its way forward.
Analyst sentiment on BigBear.ai is mixed but slightly tilted toward optimism. HC Wainwright recently revised its price target from $9.00 down to $8.00, maintaining a Buy rating. Other firms have either held or cautiously upgraded the stock.
According to MarketBeat, the company holds a "Moderate Buy" consensus rating, with a target price of $6.00—just slightly above where the stock currently trades.
Perhaps the clearest sign of speculative interest came from the options market this week.
On Tuesday, trading volume in BigBear.ai options soared past 153,000 contracts before noon. The vast majority were call options—a bullish sign—outpacing puts by nearly 17 to 1.
The most heavily traded contracts were those expiring in late 2025 with strike prices above the current share price, including:
This aggressive options activity points to traders betting on significant upside in the months ahead—possibly driven by future government contracts, AI sector momentum, or improving fundamentals.
Shares of BigBear.ai have climbed 17.3% in a single session, closing at $5.97, with over 211 million shares traded—nearly triple its average daily volume. The stock has a 52-week range of $1.36 to $10.36, and recent strength suggests momentum could be building again.
The company has a current market capitalization of $2.21 billion and a beta of 3.41, making it a high-risk, high-reward play in the AI sector.
When a firm like Goldman Sachs dramatically increases its stake in a high-volatility AI stock like BigBear.ai, it forces investors to take a second look.
Yes, the company still faces hurdles—from steep losses to declining revenues—but it operates in an industry with massive tailwinds. Its niche in defense-related AI and predictive analytics offers a differentiated story, and the flood of bullish options activity suggests traders see a long runway ahead.
If BigBear.ai can continue improving margins, land new government deals, or show signs of growth stabilization, this may be one of the more overlooked AI plays of the year.
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