Palantir Technologies on Friday announced a partnership with Booz Allen Hamilton, a competitor in some government and defense services. Palantir stock rose on the news, continuing its 2024 rally.
The two companies said the partnership will focus on "driving transformational information infrastructure modernization and secure interoperability and rapidly accelerating integrated warfighting operations with coalition partners through data-centric systems that improve collaboration and combined mission planning with U.S. allies and partners."
On the stock market today, Palantir stock rose more than 4% to 75.05 while Booz Allen climbed more than 1% to 144.60. With the gain, Palantir stock has advanced 318% in 2024.
Palantir gets nearly 60% of its revenue from government agencies, mostly in the U.S.
Also on Nov. 7, Palantir and startup Anthropic announced a partnership with Amazon Web Services to provide U.S. intelligence and defense agencies access to its Claude 3 AI models.
In October, Palantir formed a partnership with defense firm L3Harris.
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Palantir Stock Technical Ratings
Palantir's Relative Strength Rating stands at a perfect 99.
Also, Palantir stock holds a Composite Rating of 99 out of a best-possible 99, according to IBD Stock Checkup.
IBD's Composite Rating combines five separate proprietary ratings into one easy-to-use rating. The best growth stocks have a Composite Rating of 90 or better.
PLTR stock holds an Accumulation/Distribution Rating of A. That rating analyzes price and volume changes in a stock over the past 13 weeks of trading. A+ signifies heavy institutional buying; E means heavy selling. Think of a C grade as neutral.
As of Dec. 6, Palantir stock is very extended above an entry point of 29.83. Also, PLTR stock trades well above a 5% buy zone. Some investors may want to take profits.
Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on artificial intelligence, cybersecurity and cloud computing.
