Palantir Technologies Inc PLTR shares are trading lower Thursday morning. The stock initially popped after the company announced a contract extension with the U.S. Army Research Laboratory.
The U.S. Army Research Laboratory will extend its work with Palantir to support all branches of the Armed Services, Joint Staff and Special Forces as they test artificial intelligence and machine learning capabilities across the Department of Defense (DoD). The extension will enable the DoD to scale its critical capabilities to additional mission areas as well as emerging priorities.
Palantir said the contract is worth up to $229 million over a one-year period.
Palantir first partnered with the Army Research Lab in 2018 to provide operational data and AI capabilities. Palantir provides organizations with solutions to manage large disparate data sets in an attempt to gain insight and drive operational outcomes.
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PLTR Price Action: Palantir has a 52-week high of $18.84 and a 52-week low of $6.44.
The stock was down 1.01% at $7.87 at time of publication, according to Benzinga Pro.
Photo: Cory Doctorow from Flickr.
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