- NYSE:PLTR gained 0.17% during Tuesday’s trading session.
- News after hours of a new U.S. Army contract sent the stock soaring.
- The news came just days after re-signing a contract with the NIH.
NYSE:PLTR investors got the news they were waiting for after the closing bell on Tuesday. Shares of Palantir gained 0.17% during the day, but soared by more than 13% after hours. The data analytics company edged higher alongside a rebound from the major indices, as the NASDAQ and S&P 500 climbed by more than 1%, while the Dow Jones added back 311 basis points following Monday’s sell off. Shares of Palantir are still down more than 13% over the past month, as the stock attempts to snap out of its recent downtrend.
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The news that sent the stock soaring in after hours trading is that Palantir announced it has won a new contract with the U.S. Army to use their Gotham data analytics platform. The deal is believed to be worth up to $823 million, making it one of the company’s largest ever contracts. Palantir even went so far as to confirm that this is just one of several projects it is engaged in that is working towards modernizing the U.S. Army intelligence. Palantir has recently taken flak for what appears to be a slow down in obtaining new government contracts which are widely seen as the company’s largest source of revenue.
PLTR stock forecast
The mega contract comes just days after Palantir confirmed that it is re-signing a new deal with the NIH for further research into COVID-19. It is believed that this contract is worth upwards of $60 million, so Palantir is certainly staying true to its word that it believes its can rapidly grow its revenues to upwards of $4 billion by 2024.
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