Palantir Wins Immigration Tracking Contract Amid Federal Agency Shake-Ups
REINHARDT KRAUSE
Palantir Technologies (PLTR) has won a new $30 million contract from the U.S. Immigration and Customs Enforcement (ICE), according to federal filings. Palantir stock retreated on Monday as the Nasdaq composite also sold off.
The federal agency is paying Palantir, a data analytics software maker, to create an immigration Lifecycle Operating System to be used in deportations, according to a Business Insider report. It cited federal filings made on April 17
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On the stock market today, Palantir stock dipped 1% to 92.81. The Nasdaq fell 2.3%. Amid stock market volatility from President Donald Trump's tariff-based trade policy, Palantir stock has gained 24% in 2025.
Earnings for PLTR stock are due May 5.
Palantir has provided data analytics tools to government customers for intelligence gathering, counterterrorism and military purposes. Now Palantir aims to use generative AI to spur growth in the U.S. commercial market, such as health care and financial services.
Federal Budget Cuts
Further, PLTR stock hit its all-time intraday high of 125.41 on Feb. 19. Shares have retreated 30% from that high.
Palantir stock advanced 340% in 2024, with much of the gain coming after Donald Trump's Presidential election win.
Several members of the incoming Trump administration have ties to Palantir, a company cofounded by longtime venture capitalist Peter Thiel. They include David Sacks, tapped as White House artificial intelligence and crypto czar. Tech industry maverick and Tesla (TSLA) founder Elon Musk, Sacks and Thiel helped launch PayPal. Musk is a key Trump advisor.
Some analysts expect Palantir to benefit from efforts to cut federal spending under Musk's Department of Government Efficiency, or DOGE. If DOGE requires agencies to modernize software and information technology departments, Palantir could win business. According to one report, Palantir is working with DOGE at the Internal Revenue Service.
Palantir Stock Technical Ratings
Meanwhile, Palantir's Relative Strength Rating stands at 99 out of a best-possible 99.
Also, Palantir stock holds a Composite Rating of 99 out of a best-possible 99, according to IBD Stock Check-up. 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 B. 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.
One concern for Palantir stock has been possible Department of Defense budget cuts and exposure to U.S. Army contracts. Recent news for Palantir has been mixed, with one analysts expecting upside from a new U.S. defense contract. Also, Palantir won a new contract with NATO
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