The US government has given Palantir Technologies a higher rating for its secure cloud computing services. The company’s stock price rose over 6% to reach $70.92, marking a significant gain in 2024. This move builds on Palantir’s previous ratings and allows the US government to process sensitive unclassified workloads in the company’s cloud offering.
According to Akash Jain, president of US government business for Palantir, the company is proud to have achieved the FedRAMP High milestone for its full product suite, including its award-winning AI Platform. This achievement demonstrates Palantir’s commitment to providing secure and reliable data analysis software.
Palantir generates nearly 60% of its revenue from government agencies in the US. The company has recently formed partnerships with several defense firms, including L3Harris and Anthropic, to provide access to its AI models and cloud services. These partnerships highlight Palantir’s growing presence in the cybersecurity and cloud computing industries.
Palantir’s stock technical ratings are highly favorable, with a perfect 99 Relative Strength Rating and a Composite Rating of 99 out of 99. The company’s Accumulation/Distribution Rating is A+, indicating heavy institutional buying. With its stock price extended above an entry point of $29.83, some investors may want to consider taking profits.
Overall, Palantir Technologies’ latest rating and partnership announcements demonstrate the company’s growing success in the secure cloud computing market.
Source: https://www.investors.com/news/technology/palantir-stock-federal-government-rating-news