Palantir Technologies (NYSE:PLTR) stock is on the move Thursday following news of a deal with Wejo to create an integrated data ecosystem for the automotive industry.
Wejo is a global leader in connected vehicle data that is on its way to a public listing. The company has signed a merger agreement with special purpose acquisition company (SPAC) Virtuoso Acquisition (NASDAQ:VOSO).
The deal between Wejo and Palantir Technologies will combine the former’s data asset with the latter’s Foundry platform. This should allow the two to illuminate use cases from the 16 billion data points per day that Wejo collects.
Sarah Larner, executive vice president of Strategy & Innovation at Wejo, said the following about the deal boosting PLTR stock higher today.
“The partnership between Wejo and Palantir is ultimately about delivering on the promise of connected vehicle data to improve the way we live, work, and travel for the better. It’s about putting our DataForGoodTM products and services to work, and making a safer and better transportation experience. The partnership is accelerating the invaluable connected vehicle data insights we can give.”
PLTR stock is seeing heavy trading today following news of its deal with Wejo. As of this writing, more than 41 million shares of the stock have changed hands. This is quickly approaching the company’s daily average trading volume of 42.2 million shares.
PLTR stock was up 4.8% as of Thursday morning and is up 21.4% since the start of the year.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.