Why Palantir Stock Popped 10% Today
Shares of government data-analytics company Palantir (NYSE: PLTR) stock shot up to close 9.8% higher Monday after the company announced that the U.S. Army will be exercising an "option" to extend its partnership on the Army Vantage data-analytics platform -- and for even a bit more money than the original contract was worth.
One year ago, the Army hired Palantir to work on Vantage under a potential four-year contract, awarding the company a $110 million contract for the first (or "base") year, with the potential for contract renewals at one year intervals for three years afterwards.
Today, the defense contractor confirmed that the Army is exercising at least the first of these options and awarding Palantir an additional $113.8 million for the work.
Source Fool.com
