Palantir Technologies (NYSE: PLTR) has a data-centered business that has been leveraging artificial intelligence (AI) to provide better, more efficient and effective solutions for its customers. The company has become profitable, and there still looks to be plenty of growth ahead for the business.

But even given all those reasons for investors to be bullish on the stock's long-term prospects, shares of Palantir have been falling recently. At less than $17 per share, the stock is now down 23% from its 52-week high. Is this a buying opportunity for investors?

Although Palantir's stock is not trading near its 52-week high anymore, it still had an impressive year in 2023, with its share price climbing by 167%. Part of that was due to the emergence of AI, and part was undoubtedly due to a recovery from 2022 when it crashed 65% as investors grew concerned about growth stocks amid a rise in interest rates. The net result is that today the stock is trading around where it was two years ago.

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Source Fool.com