NEW YORK, July 4, 2026, 15:02 EDT
- BigBear.ai Holdings, Inc. NYSE:BBAI ended Tuesday at $3.53, dropping 3.02% for the day. Shares are still up 1.4% since June 26.
- BBAI was dropped from the Russell Microcap Index after the June rebalance, according to FTSE Russell’s final list.
- Three executives at BigBear.ai Holdings, Inc. – the CEO, CFO and general counsel – each reported Form 4 filings July 2 showing share disposals for tax withholding.
BigBear.ai Holdings, Inc. NYSE:BBAI edged up 1.4% between the June 26 close and July 2, coming out of the quiet holiday stretch with a move that stands out for a stock just cut from the Russell Microcap Index after the latest FTSE Russell rebalance. BBAI finished the July 2 session at $3.53, down 3.02% on volume of 24.13 million shares. U.S. stock markets were closed July 3 for Independence Day observed, making July 2 the last equity trading day of the week.
BBAI held up after the forced-flow date, but that doesn’t mean the stock is strong. Now the trade is less about index moves and more about whether there’s enough real demand, what the volume looks like, and if dilution risk picks up.
Here’s how the numbers stack up after the rebalance. The four-day period starts at the June 26 close—when the Russell changes kicked in after the bell—and ends at the July 2 close.
| Security | Ticker | June 26 close | July 2 close | Four-session change |
|---|---|---|---|---|
| BigBear.ai Holdings, Inc. | NYSE:BBAI | $3.48 | $3.53 | up 1.4% |
| iShares Micro-Cap ETF | NYSEARCA:IWC | $194.91 | $197.59 | up 1.4% |
| iShares Russell 2000 ETF | NYSEARCA:IWM | $299.83 | $297.58 | down 0.8% |
| Palantir Technologies Inc. | NASDAQ:PLTR | $112.93 | $129.30 | rose 14.5% |
BBAI matched the micro-cap index for the holiday-shortened week and did better than the Russell 2000. But shares fell far behind Palantir Technologies Inc. NASDAQ:PLTR, which jumped 14.5% in the same period. That’s what matters for BBAI holders right now—BigBear.ai is still getting priced as a small-cap with liquidity issues, not as the main AI-defense play.
FTSE Russell’s last deletion file included BBAI among Russell Microcap deletions. The firm said the reshuffled U.S. indexes took effect after the June 26 close. As of April 30, the group’s size bands put the Russell Microcap ceiling at $1.1 billion. BigBear.ai had a July 2 market cap of about $1.67 billion, so above that cutoff, but Russell sorts by the rank day, not the latest cap. The drop looks like movement out of the size band, not a call on the business.
Trading stayed light. Volume for July 2 came in at 24.13 million, which is just 57% of the 42.57 million average from Google Finance. BBAI finished the day roughly 62% under its 52-week high of $9.39 and about 17% up from the 52-week low at $3.01.
| Check | Confirmed data | Investor read |
|---|---|---|
| Index flow | BBAI showed up in the final list of Russell Microcap deletions. Russell changes started after the market closed June 26. | Microcap passive changed, but shares stayed in their late-June trading range. |
| Liquidity | 24.13 million shares traded July 2, well below the 42.57 million daily average. | This week hinges on whether buyers step back in after holiday slowdowns. |
| Share capacity | Holders signed off on boosting authorized commons to 1 billion, up from 500 million. As of April 13, 478.95 million shares out. | Board now has more shares to play with. Unused capacity stays a dilution risk for holders. |
| Insider filings | Three Form 4s July 2 logged 42,650 shares withheld at $3.60 by CEO, CFO, and general counsel. | These were tax covers for RSU vests, not insiders dumping stock in the market. |
Insider filings on July 2 had the potential to trip up readers. CEO Kevin McAleenan listed 23,562 shares withheld at $3.60. CFO Sean Ricker had 10,069 shares withheld. General Counsel Carolyn Blankenship reported 9,019 shares withheld. All three filings cited tax withholding tied to vested RSUs as the reason. Together, the shares were worth around $154,000 at the stated price.
BigBear.ai’s business hasn’t caught up with the recent move in its shares. The company put up Q1 revenue of $34.4 million, and said backlog reached $281.9 million. Revenue guidance for all of 2026 is in a range between $135 million and $165 million. Cash and investments totaled $431.5 million. McAleenan said contract wins were “close to $75 million.” Ricker called out “strong gross margin expansion.” BigBear.ai Holdings, Inc.
Earnings remain weak. First-quarter revenue slipped 1% from a year ago. Adjusted EBITDA loss grew to $9.9 million from $7.0 million. Net loss improved, coming in at $56.8 million versus $62.0 million last year. The company said the January payoff of its 2029 convertible notes and lower interest costs helped the quarter.
The capital table sits as the main week-ahead risk, even though it’s not shown in the four-day return. BigBear.ai had 478.95 million shares issued and outstanding out of 500 million authorized as of April 13, the proxy shows. A separate June filing said shareholders OK’d raising the authorized share cap to 1 billion, and the change took effect June 9. That move didn’t issue new shares, but it did open up more room for BigBear.ai management.
BigBear.ai’s investor-relations site listed no new events. So Monday’s session after the July 4 break is the next test for BBAI—can the stock hold Thursday’s $3.52 low, will volume return to its 42.57 million average, and can it take out last week’s $3.78 high to pull in new small-cap AI names?
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