Why Palantir's Stock Is Trading Higher Today

Palantir PLTR shares are trading higher on Monday after the company announced the U.S. Army's Program Executive Office for Enterprise Information Systems opted to execute the second year of its partnership with Palantir on the Army Vantage program for $113.8 million.

Palantir Technologies provides organizations with solutions to manage large disparate data sets in an attempt to gain insight and drive operational outcomes. Founded in 2003, Palantir released its Gotham software platform in 2008, which focuses on the government intelligence and defense sectors.

Palantir expanded into various commercial markets with its Foundry software platform in 2016 with the intent of becoming the data operating system for companies and industries. The Denver, Colorado company had 125 customers as of its IPO and roughly splits its revenue between commercial and government customers

Palantir shares were trading up 7.28% at $27.86. The stock has a 52-week high of $33.50 and a 52-week low of $8.90.