Palantir Technologies Inc. PLTR shares jumped more than 3% in overnight trading on Robinhood following the company’s high-profile presence at the Army-Navy football game, where its executives were spotted alongside key political figures.
What Happened: The data analytics company’s stock, which closed at $76.07 on Friday after gaining 3.92% in regular trading, continued its upward momentum as images of an advertisement circulated on social media showing Palantir executives, including Chief Technology Officer Shyam Sankar and co-founder Joe Lonsdale, at the prestigious military matchup.
The event gained additional attention when Tesla Inc. CEO Elon Musk responded with an American flag emoji to a social media post showing President-elect Donald Trump and other officials at the game, where Palantir’s logo was prominently displayed.
This latest surge follows a string of positive developments for Palantir, including its recent addition to the Nasdaq 100 index, effective Dec. 23, and expansion of government contracts.
The company’s market value has now surpassed traditional defense contractor Lockheed Martin Corp., reaching $173 billion.
Why It Matters: Wedbush Securities Managing Director Dan Ives has labeled Palantir the “Messi of AI,” predicting 2025 will be a breakout year for the company’s artificial intelligence platform.
The company recently secured a $36.8 million expanded contract with U.S. Special Operations Command and achieved FedRAMP High Authorization for its Federal Cloud Service.
Adding to the momentum, reports indicate Sankar is being considered for a top Pentagon research and engineering position in the incoming administration. This development comes as Palantir continues to strengthen its government partnerships, including significant contracts with Immigration and Customs Enforcement.
The company’s CEO Alex Karp has maintained a firm stance on government collaboration, stating in company filings, “We stand by [government clients] when it is convenient, and when it is not.”
Read Next:
Image via Flickr
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
