Palantir jumps after securing 5-year contract with National Nuclear Security Administration
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- Palantir rose 3.47% in early trading on 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 gained 3.47% early 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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