10 Best Prison and Law Enforcement Stocks To Invest In

2. Palantir Technologies Inc. (NYSE:PLTR)

Number of Hedge Fund Holders: 43

Palantir Technologies Inc. (NYSE:PLTR) is a data analytics and artificial intelligence (AI) company with a strong focus on the defense and law enforcement sectors. The company provides powerful analytics tools that help government agencies analyze vast amounts of data to uncover patterns and actionable insights. Its software-as-a-service (SaaS) model allows clients to access its platforms continuously for a recurring fee, ensuring steady revenue.

The company has its roots in the US war on terror during the 2000s, where it played a crucial role in sensitive missions, including the search for Osama bin Laden. Over time, Palantir Technologies Inc.’s (NYSE:PLTR) technology has been utilized by agencies like Immigration and Customs Enforcement (ICE) for law enforcement purposes, particularly during the Trump administration for profiling and deportations. Following Donald Trump’s return to the White House, there has been a surge of optimism among investors regarding increased federal spending on national security and defense initiatives. As of November 26, Palantir Technologies Inc. (NYSE:PLTR) has surged nearly 44% over the past month.

In Q3 2024, Palantir Technologies Inc. (NYSE:PLTR) reported impressive financial growth, with US revenue increasing by 44% year-over-year to $499 million. The US government segment alone saw a 40% revenue growth, reflecting strong demand for its services in national security. The company secured 104 deals worth over $1 million during the quarter and grew its customer count by 39% year-over-year. On September 20, 2024, Palantir Technologies Inc. (NYSE:PLTR) secured a significant five-year contract to expand its Maven Smart System capabilities across all branches of the US military, including the Army, Air Force, Space Force, Navy, and Marine Corps.