PAYX - Palantir (PLTR) Stock Dips Despite 2 New Projects
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Palantir (NYSE:PLTR) stock is slipping on Wednesday as investors remained unimpressed with two new projects revealed by the data analytics company.
First up is a contract from the U.S. Army to build a prototype of the Tactical Intelligence Targeting Access Node (TITAN). It was awarded this contract alongside another company. It covers 14 months and is worth $36 million.
The goal of this TITAN contract is to create the first Intelligence ground station enabled by Artificial Intelligence (AI) and Machine Learning (ML). Palantir’s prototype will be competing against one in development by Raytheon Technologies (NYSE:RTX).
The next project announced by Palantir comes from a strategic partnership with Guidehouse. This will see Guidehouse building on Palantir’s Foundry platform. That includes creating solutions for its public sector customer base.
John Hunt, Partner at Guidehouse and leader of the Advanced Solutions segment, said this about the partnership.
“This strategic alliance brings together deep skills in business and technology strategy, product ideation, technology development and deployment, and organizational change management to help support clients make better and more impactful business decisions.”
Despite these new projects, PLTR investors aren’t impressed and trading is light today. As of this writing, only about 15 million shares have changed hands. That’s still far away from the company’s daily average trading volume of 41.6 million shares.
PLTR stock is down 1.6% as of Wednesday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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