Palantir (PLTR) Stock Gains 5% Following U.S. Army Contract
Shares of Palantir Technologies Inc. (NYSE: PLTR), the software company building enterprise data platforms for organizations with complex and sensitive data environments, were trading more than 5% higher after-hours Tuesday after the company was selected by the U.S. Army’s Program Manager for Intelligence Systems and Analytics.
Under the contract, Palantir will progress to the next phase of the Army’s competitive $823 million indefinite delivery, indefinite quantity (IDIQ) contract, deploying the Palantir Gotham Platform to provide the Army’s Intelligence data fabric and analytics foundation for the Capability Drop 2 (CD-2) program.
Doug Philippone, Palantir’s Global Defense Lead, commented, "We look forward to the continued partnership with PEO IEW&S and the Army’s Intelligence Community in providing new and exciting technology that help them in their modernization efforts.”
This is the second contract win announced by Palantir this week. On Monday, the company announced the National Institutes of Health's (NIH) National Center for Advancing Translational Sciences (NCATS) awarded it a contract to continue providing a secure cloud-based data enclave to centralize data on COVID-19 for collaborative clinical research.
Wall Street analysts have been raising a red flag about Palantir's lack of new government contracts in the September quarter, so these new wins should help quell fears.