HomeTrending StocksHere is why Palantir Technologies Inc (PLTR) stock surged on Tuesday?

Here is why Palantir Technologies Inc (PLTR) stock surged on Tuesday?

Palantir Technologies Inc. (PLTR) shares gained 13.74% in after-hours on Tuesday, October 5, 2021, and closed the daily trading at $26.40. Even in the regular trading session, PLTR’s stock gained 0.17%. PLTR shares have risen 157.03% over the last 12 months, and they have moved down 8.41% in the past week. Over the past three months, the stock has gained 1.40%, while over the past six months, it has gained 1.35%.

Let’s have a brief look at its recent news.


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PLTR selected by U.S army

On October 05, 2021, Palantir Technologies Inc. (PLTR) was selected by the U.S. Army’s Program Manager for Intelligence Systems and Analytics to deliver the Army’s Intelligence data fabric and analytics foundation for the Capability Drop 2 (CD-2) program.

Palantir was selected to progress to the next phase of the Army’s competitive $823m indefinite-delivery, indefinite-quantity (IDIQ) contract.

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NIH continues support for PLTR

On October 04, 2021, the National Institutes of Health’s (NIH) National Center for Advancing Translational Sciences (NCATS) awarded Palantir Technologies Inc (PLTR), a contract to continue providing a secure cloud-based data enclave to centralize data on COVID-19 for collaborative clinical research.

The contract has a potential value of $59.5m over two years, with an initial task order for $7.9m over the first five months.

PLTR and Wejo collaboration

On September 16, 2021, Wejo, a global leader in connected vehicle data, and Palantir Technologies (PLTR) announced the early success of a new partnership aiming to solve the most ambitious problems of the mobility revolution. The partnership aim is to create an integrated data ecosystem for the automotive industry and beyond.

PLTR recent financial results announcement

On August 12, 2021, Palantir Technologies Inc. (PLTR) announced financial results for the second quarter ended June 30, 2021.

Q2 2021 financial highlights

  • PLTR reported total revenue of $376 million in Q2 2021 compared to $251.8 million in Q2 2020.
  • The total cost of revenue was $90.9 million in Q2 2021 compared to $68.4 million in Q2 2020.
  • Total operating expenses were $430.8 million in Q2 2021 compared to $282.6 million in Q2 2020.
  • It suffered a net loss of $138.5 million or net loss per basic and diluted share of $0.07 in Q2 2021 compared to a net loss of $110.4 or net loss per basic and diluted share of $0.17 million in Q2 2020.

The financial outlook for Q3 and FY 21

  • For Q3 2021, the company is expecting approximately $385 million of revenue. And the adjusted operating margin of 22%.
  • For FY 2021, the company raised its outlook and now expects adjusted free cash flow of more than $300 million, up from $150 million.

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Conclusion

The recent contract awarded by the U.S army was the reason behind its good performance on Tuesday and it can continue to climb up in the coming trading sessions.

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