Why Palantir Stock Is Surging Higher Today
The U.S. Army has chosen Palantir Technologies (NYSE: PLTR) to build its next-generation targeting system, and the choice is causing Palantir shares to rocket higher. Shares of the government tech company jumped as much as 10% at the open, before falling back to up 4% as of 10:30 a.m. ET.
Palantir began as a government IT company, famously helping the Pentagon track down Osama bin Laden. In recent years, since the company's initial public offering, Palantir has been attempting to build out its commercial offering. However, government deals still make up more than half of revenue and are a big part of this story.
On Tuesday, Palantir announced that the Army has awarded it a $178.4 million contract for the development and delivery of the Tactical Intelligence Targeting Access Node (TITAN) ground station system. The deal involves Palantir building and delivering 10 TITAN ground stations, which are designed to use data collected by sensors to pinpoint targets.
Source Fool.com
