12:54 PM EST, 03/06/2024 (MT Newswires) -- (Updates with stock move in the headline and first paragraph.)

Palantir Technologies' ( PLTR ) shares rose 10% in recent Wednesday trading after the US Army awarded a subsidiary, Palantir USG, a $178.4 million contract to lead in the development of 10 ground station Targeting Intelligence Targeting Access Node prototypes and related technology.

The TITAN ground station system is intended to be the Army's next-generation deep-sensing capability, enabled by artificial intelligence and machine learning, the company said.

Price: 26.25, Change: +2.44, Percent Change: +10.25