Palantir (PLTR) said Friday it has received a one-year extension on a contract with the U.S. Army worth up to $115 million. PLTR stock traded higher in pre-market trading.
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The analytics and artificial intelligence company is powering a data operations programs called Army Vantage. The $115 million contract includes $35.6 million in initial funding and an award of $97.4 million, Palantir said.
On the stock market today, PLTR stock rose about 1% to 18.39.
PLTR Stock: Up 183% This Year
Palantir garners nearly 60% of revenue from government agencies. Further, PLTR stock fell last week after an analyst questioned whether the Army contract would be renewed at the same value.
The previous deal was for four years and $458 million.
Palantir’s news release described the extension as evidence of the company’s “success in empowering U.S. military decision-makers with actionable insights and advanced analytical capabilities through the delivery of a secure and open data environment.”
Palantir stock has gained 183% this year as of market close Thursday. Further, if PLTR can top Thursday’s high of 18.58, it would break a recent downtrend.
Further, PLTR stock has a 94 Composite Rating out of 99. And Palantir stock also has a 97 Relative Strength Rating.
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