PLTR Stock News: Palantir Technologies inches higher after adding yet another contract

NYSE:PLTR gained 0.13% during Monday’s trading session.
Palantir adds another contract, this time with MSP Recovery.
Palantir continues to top the list of meme stock mentions on Reddit.

Stocks Reporter FXStreet

NYSE:PLTR managed to fend off the market diving into the close and kicked October OPEX week off in the green. Shares of PLTR gained 0.13% to close the trading session at $23.53. It was a volatile start to the week for the broader markets as the major indices started the session in the green but a final hour sell off saw a red close to the day. The Dow Jone was up over 200 points during intraday trading, but the blue-chip index fell late to close the session down 250 basis points. The S&P 500 and the NASDAQ both closed lower as well, as falling oil prices and the impending start of earnings season had investors hitting the sell button on Monday.

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Palantir added yet another contract to its growing portfolio on Monday, as the data analytics giant announced a new partnership with MSP Recovery. The new agreement will see MSP Recovery utilize Palantir’s Foundry platform to unify medical data into one centralized ecosystem for millions of patients each year. The deal comes on the heels of Palantir signing new contracts with the U.S. Army and Veteran Affairs just last week, as the company continues to work towards becoming the default data platform for the U.S. government.

PLTR stock forecast

Despite its growing repertoire of clients and revenue streams, Palantir continues to be associated with meme stocks on Reddit forums like r/WallStreetBets. On Monday, Palantir was again one of the most mentioned ticker symbols on the forum, alongside stocks like GameStop (NYSE:GME) and AMC (NYSE:AMC). While Palantir hasn’t experienced any short squeezes, it is interesting that it is still unable to shed its status as a meme stock for retail investors.

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