TLDR
- PLTR shares declined as much as 5.8% on Wednesday, extending recent volatility following Monday’s 6.7% surge
- Defense Department preparing to elevate Palantir’s Maven Smart System to official “program of record” status, enabling broader military deployment
- UK Financial Conduct Authority granted Palantir a three-month pilot contract for fraud and money-laundering investigations spanning 42,000+ firms
- Wedbush maintains Outperform rating with $230 target, describing Maven upgrade as “another significant milestone”
- Year-to-date, PLTR shares are down almost 10% after posting gains of 135% in 2025 and 340% in 2024
Shares of Palantir Technologies tumbled Wednesday despite securing two significant contract wins, underscoring the challenging environment facing the stock.
Palantir Technologies Inc., PLTR
By mid-morning Wednesday, PLTR had declined approximately 4.1% to $153.03. The stock had jumped 6.7% Monday to reach $160.84, before retreating 5.1% Tuesday — and now faces additional pressure.
Broad-based selling across technology stocks appears to be the primary culprit, rather than company-specific concerns. Macroeconomic headwinds and geopolitical uncertainty have pressured the sector throughout the week.
Palantir has traded in a narrow band for much of March, hovering near its 50-day moving average of $150.50. The stock briefly tested its 200-day moving average at $163.30 Monday but failed to sustain gains above that level — the same resistance point that has capped rallies since late January.
For 2025 to date, PLTR has fallen nearly 10%. This marks a dramatic reversal from recent performance: up 135% in 2025, 340% in 2024, and 167% in 2023. Shares currently trade within a 52-week range spanning $66.12 to $207.52.
Pentagon’s Maven Smart System Upgrade
Reuters reported over the weekend that the Department of Defense intends to classify Palantir’s Maven digital battle-management platform as an official “program of record.” This formal military designation secures sustained funding and authorizes deployment across all military branches.
Deputy Secretary of Defense Steve Feinberg wrote in a letter to military commanders that the platform would provide warfighters “the latest tools necessary to detect, deter, and dominate our adversaries in all domains.”
The designation arrives less than 12 months after Palantir secured the Maven Smart System contract in May 2025 — valued at approximately $1.3 billion. Palantir also captured a contract valued at up to $10 billion with the U.S. Army last year, alongside a $448 million Navy agreement.
Dan Ives, analyst at Wedbush Securities, characterized the Maven program-of-record classification as “another significant milestone,” positioning Palantir among the primary beneficiaries of AI spending initiatives under the Trump administration. Wedbush maintains an Outperform rating with a $230 price target.
UK Financial Regulator Signs On
On the commercial front, the UK Financial Conduct Authority awarded Palantir a three-month pilot contract to support investigations into fraud, money laundering, and insider trading. The Guardian initially disclosed the agreement.
The pilot program will aggregate data from over 42,000 financial services entities, encompassing cryptocurrency platforms and major banking institutions. A favorable outcome could result in full-scale adoption of Palantir’s AI platform by the FCA.
Palantir’s fourth-quarter results provide perspective on the company’s continued contract momentum. Revenue reached $1.4 billion — climbing 70% year over year — representing the firm’s tenth consecutive quarter of accelerating growth. Adjusted earnings per share rose 79% to $0.25. U.S. commercial revenue soared 137% year over year.
Trading at 245 times earnings, the valuation remains elevated. Yet the company’s growth trajectory continues to attract attention.
Palantir directed Barron’s to the Defense Department regarding the Maven report. The Defense Department declined comment.
