Palantir Technologies expanded its contract with the USSOCOM to nearly $37 million
Shares of Palantir Technologies Inc (NASDAQ:PLTR) were last seen 4% lower at $73.32, but earlier hit a record high of $80.91 after software firm said it expanded its partnership with the U.S. Special Operations Command (USSOCOM). The new contract is valued at roughly $37 million, and allows Palantir to further build its artificial intelligence (AI) mission management capabilities.
On the charts, PLTR has been rallying since early November, up 28% over the last month and 335% since the start of 2024. The 10-day moving average provided support during its most recent uptrend, with the stock fresh off its fourth weekly gain in the last five.
Despite the outperformance, 13 of the 15 analysts in coverage carry a "hold" or worse rating, while the 12-month consensus price target of $40.13 is a 45.8% discount to current levels. This leaves room for plenty of bull notes that could provide tailwinds.
Over in the options pits, PLTR is popular after today's news. So far, 280,000 calls and 203,000 puts have been exchanged, which is double the overall options volume typically seen at this point. The weekly 12/13 80-strike call is the most popular, with new positions opening there.