Why Palantir Technologies Shares Are Rising

Palantir Technologies Inc PLTR shares are trading higher by 4.66% to $7.74 Monday morning after the company announced the Department of Homeland Security renewed its contract to support Homeland Security Investigations (HSI) with Investigative Case Management software. The contract is worth $95.9M over a five-year period.

What Else?

Since 2011, Palantir says the company has partnered with HSI to advance its mission of investigating and preventing transnational crime and high-level threats that exploit international trade, travel, and financial infrastructure.

HSI's core mission includes combating human trafficking and child exploitation, dismantling international drug trafficking organizations, disrupting cyber criminals, preventing identify and benefit fraud and the investigation of international war crimes.

Why it Matters

"Every single day, HSI personnel use Palantir's software to execute their mission of investigating and disrupting major criminal networks that threaten our national security and undermine our critical infrastructure," said Akash Jain, President of Palantir USG.

"The positive impact of this work is real and Palantir's software plays a critical role in making it possible. We remain firmly committed to HSI's mission and the Special Agents and Analysts driving this impact day in and out."

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According to data from Benzinga Pro, Palantir has a 52-week high of $29.19 and a 52-week low of $6.44.