PLTR Stock News: Palantir Technologies dips to close the week despite adding another contract

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  • NYSE:PLTR fell by 0.97% during Friday’s trading session. 
  • Palantir announces it has added yet another contract to its portfolio.
  • Palantir is potentially losing its ICE contract, which could be a blessing in disguise.

NYSE:PLTR snapped its recent three-day winning streak on Friday, as the broader markets lacked any sort of direction following a disappointing jobs report. Shares of Palantir fell by 0.97% on Friday, and closed the week at $23.50. The major indices were little changed on Friday although all three closed the day in the red following the report of the September jobs report. The Dow Jones edged lower by 8 basis points although still recorded a positive week overall. Despite some major news from Palantir, shares of the company still fell by 2.12% over the past five trading sessions. 

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The major announcement from Palantir came on Tuesday when the company reported that it was the successful candidate for the U.S. Army contract worth potentially $823 million. On Friday, Palantir announced it had won another contract, this time with U.S. Veteran Affairs for an estimated $90 million over the next four years. The contract marks yet another government deal for Palantir, who told its shareholders that it wishes to one day become the default operating system across the entire U.S. government. 

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Palantir has also been rumored to be losing its longstanding and controversial partnership with ICE or Immigrations and Customs Enforcement. ICE utilized Palantir’s Falcon platform and has done so since 2013 when the two sides started their partnership. Recently, ICE has been in talks to develop its own in-house system that would effectively replace Palantir’s Falcon platform. The loss of revenues is not ideal, but perhaps Palantir can shed some of its controversial involvement in ICE projects that has sparked protests and internal disputes on both sides of the partnership.