Benzinga | Oct 6, 2021 09:01AM EDT

Why Palantir Shares Are Trading Higher Today

Palantir Technologies Inc. (NYSE:PLTR) is trading higher Wednesday after the company announced it won an $823 million contract to deliver the U.S. Army's Intelligence data fabric and analytics foundation for the Capability Drop 2 program.

After working with the Army on a successful "Test, Fix, Test" process, Palantir will support the Army as they proceed through final testing and fielding. The company was selected to advance to the next phase of the Army's indefinite delivery, indefinite quantity contract.

Palantir said it will be using its Gotham Platform to support Army Intelligence users worldwide. The Gotham platform is an operating system for defense decision making.

"This capability will field modern data integration, correlation, fusion, and analytic capabilities that prepare the Army for the next fight against emerging near peer threats," said Palantir.

Palantir makes products for human-driven analysis of real-world data. The company has continually said that it expects revenue growth of 30% or greater through 2025.

PLTR Price Action: Palantir has traded as high as $45 and as low as $8.90 over a 52-week period.

The stock was up 7.61% at $24.97 at time of publication.

Photo: Cory Doctorow from Flickr.