Palantir (NYSE:PLTR) stock is taking off on Monday after announcing a massive government deal that’s behind the shares’ increase.
The deal has Palantir working with the National Nuclear Security Administration (NNSA). This will have it providing the agency’s Office of Safety, Infrastructure, and Operations with a platform for “knowledge management and data-driven decision-making.”
This deal will have Palantir acting as the platform for the NNSA’s Safety Analytics, Forecasting, and Evaluation Reporting (SAFER) project. This is a project dedicated to determining the best way to use human and financial resources to best manage nuclear resources. The priority of the plan is safety first.
According to a news release from Palantir, the deal is set to last for five years. To go along with that, the company says that it expects the value of the deal to be worth as much as $89.9 million. It’s also worth pointing out that this is the first deal between PLTR and the NNSA.
Akash Jain, president of Palantir USG, said this about the news pushing PLTR stock up higher today.
“Our work with NNSA illustrates Palantir’s mission to provide software to the world’s most important institutions in support of their most critical work. We are excited to expand our work within the U.S. government and provide the NNSA with a high-tech solution to make the best possible use of its resources in support of the Nation’s nuclear security missions.”
With today’s announcement, PLTR stock has moved more than 25 million shares. To put that in perspective, the stock’s daily average trading volume is 85.7 million shares.
PLTR stock was up 5.2% as of Monday morning.
Palantir isn’t the only company that investors will want to keep an eye on today.
The stock market is in full swing today as investors return from Easter Weekend. As such, we’re already seeing major momentum from some stocks. That includes GameStop (NYSE:GME), Nano-X Imaging (NASDAQ:NNOX), and various EV stocks. Investors can learn more about why these stocks are moving at the links below.
More Monday Stocks News
- GME Stock: Here’s Why the r/WallStreetBets Fave Just Hit Some Turbulence
- NNOX Stock: Nano-X Rockets Higher on Big FDA Milestone
- EV Stocks: What to Know About TSLA, NIO, CCIV, XPEV and LI Stocks Today
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.