One retail favorite stock that’s been on a nice incline over the past couple weeks is Palantir (NYSE:PLTR). Today, PLTR stock is down approximately 1.6% at the time of writing, despite a rather interesting partnership that’s in the spotlight today.
Zooming out, PLTR stock has certainly been on a wild ride since going public in 2020. In fact, since hitting a high of $45 per share, PLTR stock has since sunk nearly 75% from its peak as of today. Of course, much of Palantir’s previous enthusiasm surrounded the short-squeeze mania we saw in the markets during early 2021.
Now, as we look forward to what could be a choppy economic ride, investors aren’t so sure where this stock will be headed. On the one hand, Palantir’s data solutions, for government organizations involved in the military, certainly look promising. Given the ongoing Russia-Ukraine conflict, Palantir could be a beneficiary of this turmoil.
On the other hand, expectations that interest rates will rise quickly could provide headwinds for Palantir. This company is not yet profitable and is a longer-term bet for more aggressive investors.
In any case, let’s dive into the partnership news investors may want to keep on their radar.
PLTR Stock Down Despite Announcing Strategic Partnership
Today, Palantir announced “a global strategic collaboration targeting data and technology solutions for the infrastructure and national security markets.” This strategic collaboration is with Jacobs (NYSE:J), a key player in the critical infrastructure market.
This partnership will focus on using data analytics to support complex water infrastructure problems. Given the importance of the water supply, this deal is one investors may be keeping a close eye on. For Palantir, it’s another chance to highlight the company’s ability to improve outcomes for a wide range of clientele.
Specifically, the goal of this partnership will be to optimize water and wastewater treatment plant operations. The hope is that Palantir’s data analytics will provide useful insights Jacobs can use to improve plant performance and reduce costs.
With this deal, it appears Palantir’s goal is to broaden its customer base, while showcasing its expertise. For investors in PLTR stock, this is another catalyst to watch. Unfortunately, the market just doesn’t appear to be in a mood right now.
On the date of publication, Chris MacDonald 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.
