Palantir Technologies Inc. ( PLTR ) shares moved higher Monday. The stock joined the S&P 500 as part of the index’s quarterly rebalancing.

The Details: Palantir ( PLTR ) replaced American Airlines Group, Inc. ( AAL ) in the S&P 500 index which could boost the stock as it gains wider exposure to investors and as shares are accumulated to be included in index funds that mirror the S&P 500. 

Palantir ( PLTR ) shares climbed Monday despite a downgrade from Raymond James who lowered the stock's rating from Outperform to Market Perform.

The stock gained 20% over the past month on multiple catalysts, including several new contracts and its inclusion in the S&P 500. 

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Last week, the company announced a $99.8 million contract granted by the DEVCOM Army Research Laboratory (ARL) that broadens Maven Smart System access across military branches, including the Army, Air Force, Space Force, Navy and U.S. Marine Corps. 

As part of the new contract, Palantir's ( PLTR ) platform will enhance AI-enabled battlespace awareness and support global integration, force management, logistics and joint targeting workflows to improve military interoperability and readiness.

"This contract vehicle will allow every military department to tap into the innovation that the Office of Secretary of Defense and NGA have created through Maven to accelerate their own CJADC2 programs," said Akash Jain, president of Palantir USG.

PLTR Price Action: According to data from Benzinga Pro, Palantir ( PLTR ) shares are trading above the stock’s 50-day moving average of $30.50 and ended Monday's session at $37.95, just shy of the 52-week high of $38.19 also reached on Monday.

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