Palantir and Rocket Lab Get Defensive
There is interesting news from the portfolio holding and the Bullpen member.
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News broke Wednesday morning that portfolio holding Palantir TechnologiesPLTR is enabling the Babcock International Group to strengthen the firm's digital defense capabilities through an Enterprise Agreement announced at DSEI (Defense and Security Equipment International) 2023 in London.
The new partnership will leverage Palantir AIP, which is its artificial intelligence software platform, to transform how the Babcock workforce captures, integrates, models and builds data-driven solutions to workflow situations. Through the power of better-understood data, Babcock will be able to make more informed decisions, driven by data to maximize focus and understand how to derive more value from available information.
The agreement will consolidate streams of data toward one central location, in support of all areas of Babcock's global defense business across submarines, warships, and army equipment throughout the entirety of the supply chain, while also allowing for a clearer view of both sustainability and carbon footprint. The partnership will deliver a data picture that will present as one single source of truth across the British defense ecosystem, allowing employees to make better decisions and aligning teams to the Ministry of Defense's digital backbone. This is the first partnership between Palantir and a firm that is part of the U.K.'s defense industrial base, though it has worked with the Ministry of Defense for more than a decade.
We rate PLTR a Two with a $22 price target.
Rocket Lab
Late Tuesday, portfolio Bullpen member Rocket Lab USARKLB announced that it had signed a contract to launch four new Hypersonic Accelerator Suborbital Test Electron (HASTE) missions across 2024 and 2025 for Leidos HoldingsLDOS. This follows up on Rocket Lab's first HASTE mission launch for Leidos under the Multi-Service Advanced Capability Hypersonic Test Bed program that took place this past June. These missions will launch from Rocket Lab Launch Complex 2 at Virginia's Mid-Atlantic Regional Spaceport within the National Aeronautics and Space Agency's (NASA) Wallops Flight Facility. The awarding agency is the Naval Surface Warfare Center Crane on behalf of the Department of Defense.
The stock, RKLB, was down 12.2% on Tuesday after the company's founder, Peter Beck, filed a Form 144 with the SEC informing the agency of his sale of 3.6M shares for a gross of $22.32M.
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