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PLTR Stock Alert: Palantir Renews Partnership With WesTrac

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  • Palantir (PLTR) stock is rising alongside a renewed partnership.
  • This expands its agreement with WesTrac for another five years.
  • That has WesTrac getting data insight from PLTR’s Foundry platform.
PLTR Stock - PLTR Stock Alert: Palantir Renews Partnership With WesTrac

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Palantir (NYSE:PLTR) stock is in the news Friday after the data analytics company renewed its partnership with WesTrac for another five years.

WesTrac is one of the largest dealers that sells Caterpillar (NYSE:CAT) equipment. The renewed agreement between these two companies has Palantir providing the company with deep data insight via its Foundry platform.

Palantir’s foundry platform will initially be integrated into WesTrac’s Component Rebuild Centres and Inventory Management departments. This will help increase throughput and identify deficits to allow for more efficient operations.

Jarvas Croome, CEO at WesTrac, said the following about this news:

“Implementing Foundry has delivered a strong initial return on investment, and we anticipate the five-year expansion of our partnership with Palantir will enhance ROI and enable more data driven decisions. The Foundry platform has been a leading feature within WesTrac, with rapid uptake, high usability, and widespread acceptance by users across the business.”

PLTR Stock Movement on Friday

While the expanded partnership is welcome news for shareholders of PLTR stock, it hasn’t resulted in strong trading today. Instead, only about 2 million shares of the stock have changed hands. That’s still a ways off from its daily average trading volume of about 86 million shares.

PLTR stock is up 1.7% as of Friday morning and is up 192.8% year-to-date as of yesterday’s close.

Investors searching for more of the most recent stock market news today are in luck!

InvestorPlace is home to all of the latest stock market news that traders need to know about on Friday! Among that is what’s moving shares of DigitalOcean (NYSE:DOCN), Assertio (NASDAQ:ASRT), and Polished.com (NYSEMKT:POL) stock today. You can find out more on these matters at the links below!

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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.


Article printed from InvestorPlace Media, https://investorplace.com/2023/08/pltr-stock-alert-palantir-renews-partnership-with-westrac/.

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