Palantir jumps 6% after securing 5-year contract with National Nuclear Security Administration

Palantir
Palantir logo on New York Stock Exchange.

  • Palantir rose 5.9% Monday after securing a five-year contract with the National Nuclear Security Administration.
  • Palantir will configure an operating system that will integrate data for the NNSA’s safety analytics project.
  • The data-mining company is down 2.04% year-to-date after a lockup expiration weighed on shares.
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Shares of Palantir jumped 5.9% to as high as $24.45 a share Monday after securing a five-year contract with the National Nuclear Security Administration (NNSA).

The data surveillance company announced it was selected by the NNSA to provide its Office of Safety, Infrastructure, and Operations with a platform for data-driven decision-making in an agreement worth up to $89.9 million for up to five years.

Palantir will configure an operating system that will integrate data for the NNSA’s safety analytics project. This is Palantir’s first contract with the NNSA, a semi-autonomous agency within the US Department of Energy.

Shares of Palantir are down 2.04% year-to-date. After hitting new record highs in February, the data company has pared back gains amid a lockup expiration that’s prompted profit-taking from company insiders.

The NNSA is one of many government agencies that utilize Palantir’s software. In December, Palantir won a three-year contract with the FDA to help the agency approve drugs and monitor the safety of items like hand sanitizer. The data company also works with the US Health and Human Services Department, along with other agencies.

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Cathie Wood’s Ark Innovation ETF added 1.2 million shares of Palantir as the stock slipped to its lowest price in nearly 4 months

cathie wood ceo ark invest profile 2x1

Cathie Wood’s flagship fund bought the dip in Palantir on Wednesday, ETF records show.

Wood’s Ark Innovation ETF added roughly 1.2 million shares of Palantir as the stock sank to $21.88, its lowest closing price since November 23.

As of Wednesday’s close, the exchange-traded fund holds 10.8 million shares of Palantir worth $251 million. The data surveillance company makes up 1.07% of the Ark Innovation ETF.

Shares of Palantir closed down nearly 6% on Wednesday and continued to slide in premarket trading Thursday but reversed course after the opening bell. Palantir jumped as high as 1.9% to $22.30 Thursday morning.

The data company has fallen 17% in the last month amid a lockup expiration that’s prompted profit-taking from company insiders.

In a CNBC interview in February, Wood explained that her Palantir trade is a long-term bet. She also praised CEO Alex Karp’s plan to forfeit short-term profits and invest aggressively in the future.

“It’s exactly how we invest. We want our companies to invest aggressively. We don’t want profits now,” the investing titan told CNBC.

Read the original article on Business Insider