Palantir (PLTR) Shares Lower Despite Agreeing $11.25m US Coast Guard Partnership Renewal

Palantir (NYSE: PLTR) has extended its partnership with the US Coast Guard to help it respond to the COVID-19 pandemic, the company said on Thursday.

The US Coast Guard has been using Palantir’s software since April 2020 as a data management, analytics, and operations tool for its response to the pandemic.

The contract renewal has a base value of $6.25 million and a potential total of $11.25 million for nine months.

WELCOME BONUS - Free Share Bundle When You Invest £50! Get up to £500 cashback for investing with IG.

Invest in 15,000+ shares and ETFs. Open an account now, invest at least £50, and you’ll get a free share bundle worth between £40 and £200. T&Cs apply.

5.0

Open Account Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

The Coast Guard will continue to use Palantir to create a common operating picture and help determine resource allocation, including vaccines, to best respond to the pandemic and enhance readiness, the company said.

“Palantir is proud to help enhance Coast Guard readiness, and keep their staff and families safe. We look forward to continuing to provide the Coast Guard with the very best technology to help them ensure our Nation’s maritime safety and security,” said Doug Philippone, Palantir’s Global Defense Lead.

Palantir’s shares are down 0.33% premarket despite the news.

Should You Invest in Palantir Shares?

One of the most frequently asked questions we receive is, “what stocks are best to buy right now?” It’s a wide-ranging question, but one that we have answered… Our AskTraders stock analysts regularly review the market and compile a list of which companies you should be adding to your portfolio, including short and longer-term positions. Here are the best stocks to buy right now