What's Going On With Palantir Stock Tuesday?

Palantir Technologies Inc PLTR shares are in the spotlight Tuesday after rallying to new 52-week highs on Monday. The company officially won a contract to overhaul the U.K.'s National Health Service (NHS) software systems. 

What To Know: The NHS has awarded a contract to develop new software for patient data to a group of companies led by Palantir. 

The NHS said it anticipates investing 25.6 million pounds ($32 million) in the platform during the first year and up to 330 million pounds over the expected seven-year contract period.

"This award is the culmination of 20 years of developing software that enables complex, sensitive data to be integrated in a way that protects security, respects privacy and puts the customer in full control," said Alex Karp, CEO of Palantir.

"There is no more important institution in the UK than the NHS and we are humbled to have now been chosen to provide that software across England to help bring down waiting lists, improve patient care and reduce health inequalities."

Tuesday's share price decline appears to be due to profit taking after the stock rallied approximately 25% over the last month. Palantir shares are up more than 220% since the start of the year. 

See Also: What's Going On With Broadcom And VMware Shares Today?

PLTR Price Action: Palantir shares were down 2.44% at $20.83 at the time of publication, according to Benzinga Pro.

Photo: Cory Doctorow from Flickr.