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PLTR Stock Is in Focus as Palantir Eyes U.K. National Health Service Expansion

Investor Place · 06/09/2022 12:24

InvestorPlace - Stock Market News, Stock Advice & Trading Tips

  • Palantir (PLTR) wants to manage the U.K. National Health Service (NHS).
  • This has it reportedly bidding on a £360 million contract.
  • That would open it up to patient data for millions.
Palantir (PLTR Stock) logo on data network background, imaginary location in the future
Source: Spyro the Dragon / Shutterstock.com

Palantir (NYSE:PLTR) stock is on the move Thursday following a recent report that it wants to expand its business into the U.K. NHS.

The big news here is Palantir seeking to become the underlying operating system for the NHS. It’s already been working with the U.K. as the main source of its data analytics for its Covid-19 pandemic response.

Palantir wants to use its Foundry system to manage the data of millions of patients in the U.K. This has it seeking out a £360 million contract that would last for five years to handle that data for the country.

While there are concerns about a U.S. company handling U.K. NHS data, Palantir is attempting to ease these worries. This has seen it hire two former senior NHS officials. They are former NHS head of artificial intelligence Indra Joshi and Harjeet Dhaliwal, former NHS deputy to Ming Tang, the agency’s England data chief, reports Financial Times.

If Palantir does manage to secure the deal, it could be a great boon to the company’s stock. Not only does it open it up to more data, but the long period of the contract is another positive. Also, it could result in additional contracts from other sources seeking its data management abilities.

However, investors aren’t reacting positively to the news today. As a result, shares of PLTR stock are down 4% as of Thursday afternoon.

There’s more stock market news for traders to sink their teeth into below!

We’ve got all the hottest stock market coverage for Thursday! A few examples of that include what’s happening with SoFi (NASDAQ:SOFI), DraftKings (NASDAQ:DKNG), and Nikola (NASDAQ:NKLA) stock. You can read that news at the following links!

More Thursday Stock Market News

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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