Palantir Technologies (PLTR) on Monday announced an expansion of its contract with the U.S. Special Operations Command. Palantir stock initially gained in morning trading then reversed down.
On the stock market today, Palantir stock fell more than 2% to 74.39 in morning action. As of Friday’s market close, Palantir stock had advanced 344% in 2024, with much of the gain coming after Donald Trump’s Presidential election win.
Under the expanded contract with the U.S. Special Operations Command, Palantir will be the lead software integrator for its Mission Command System. The one-year contract is valued at $36.8 million, Palantir said.
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Expanding Defense Partnerships
Palantir stock ranks No. 5 on the IBD 50 roster of growth stocks. In addition, Palantir is among AI stocks to watch.
In early December, the federal government gave Palantir a higher rating for secure cloud computing services. And, Palantir announced a partnership with Booz Allen Hamilton (BAH), a competitor in some government and defense services.
Also on Nov. 7, Palantir and startup Anthropic announced a partnership with Amazon Web Services to provide U.S. intelligence and defense agencies access to the Claude 3 AI models. In October, Palantir formed an alliance with defense firm L3Harris (LHX).
Palantir’s Relative Strength Rating stands at 99 out of a best-possible 99.
Palantir Stock Technical Ratings
Also, Palantir stock holds a Composite Rating of 99 out of a best-possible 99, according to IBD Stock Check-up.
IBD’s Composite Rating combines five separate proprietary ratings into one easy-to-use rating. The best growth stocks have a Composite Rating of 90 or better.
PLTR stock holds an Accumulation/Distribution Rating of A. That rating analyzes price and volume changes in a stock over the past 13 weeks of trading. A+ signifies heavy institutional buying; E means heavy selling. Think of a C grade as neutral.
Palantir stock is very extended above an entry point of 29.83, according to MarketSurge.
Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on artificial intelligence, cybersecurity and cloud computing.
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