PLTR News: Palantir Technologies rides higher as it is tasked with COVID-19 vaccine distribution

NYSE:PLTR has started the week off on the right foot on the heels of another contract extension with the U.S. government. On Monday, shares of Palantir gained 1.47% to close the first trading session of the week at $22.13. The broader markets started the day slow, as investors weighed the monetary policy changes that may be announced later this week by the Federal Reserve. Still, all three major indices finished the day stronger, with the S&P 500 and the NASDAQ remaining near or at their all-time highs. 

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Palantir announced on Monday that it will stay on with the U.S. Department of Health and Human Services to support COVID-19 vaccine distribution for another year. The data analytics giant created the software platform code-named Tiberius, to help with the coordination of vaccine distribution across the United States. Earlier in the rollout, the U.S. was ahead of the curve in terms of fully vaccinated citizens. Thanks to Palantir’s platform, the global distribution of U.S. produced vaccines can also be tracked, giving health authorities an idea of the current state of the pandemic. 

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Palantir’s recent interest in investing in SPAC mergers has been well documented, and the company may be ready to add another to its list. Ad-tech company AdTheorent is seeking a $1 billion SPAC merger deal with MCAP Acquisition Corp. AdTheorent uses machine learning and data science to allow for customers to optimize their marketing and advertising.