Palantir (NYSE:PLTR) stock is rising higher on Wednesday after the big data analytics company secured a $250 million firm-fixed-price contract.
That contract was made with the U.S. Department of Defense and will have Palantir conducting research and development into machine learning and artificial intelligence (AI). The company’s contract will reach completion on Sept. 25, 2026.
The contract update highlighting the Palantir agreement notes that “Army Contracting Command, Aberdeen Proving Ground, Maryland, is the contracting activity.” It also notes that working locations and funding will be “determined with each order.”
Palantir’s focus is on collecting and evaluating large amounts of data. Doing so allows the company’s software platform to go through this information and identify patterns. That can be helpful for recognizing potential threats or offering deeper insight into information.
How This Affects PLTR Stock
With news of the new contract for Palantir, more than 877,000 shares have changed hands this morning. However, that’s still a far way off from its daily average trading volume of about 60 million shares.
Even with the lackluster trading volume, shares of PLTR stock are still up 1.2% as of Wednesday morning. Investors will also note that PLTR shares are up 118.5% since the start of the year.
There’s more of the most recent stock market news that traders need to know about down below!
We’re offering up all of the biggest stock market stories that traders need to know about on Wednesday! Among that is what’s causing shares of Know Labs (NYSEMKT:KNW), Faraday Future (NASDAQ:FFIE) and Safe and Green Development (NASDAQ:SGDVV) stock to move today. All of that info is available at the following links!
More Wednesday Stock Market News
- Why Is Know Labs (KNW) Stock Down 37% Today?
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- Why Is Safe & Green Development (SGDVV) Stock Up 16% Today?
On the date of publication, William White did not hold (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.
