Is It Too Late to Buy Palantir Stock?
Palantir Technologies (NYSE: PLTR) has been on fire so far in 2023, fueled by a continuing resurgence in technology stocks. Shares of the data mining and analytics specialist are up 138% so far this year, nearly 10 times the 14% gains of the S&P 500. This is in stark contrast to its dismal performance in 2022 when the stock price dropped nearly 65%.
There's little doubt that Palantir's expertise and the rising demand for all things artificial intelligence (AI) drove the price spike. It's worth noting that Palantir focused on AI long before it was the "next big thing," giving it a distinct advantage compared to all the new kids on the block. Its long and distinguished history in the field fueled investor confidence that Palantir is well-positioned to ride the next phase of AI growth.
But what does this price bounce mean for those who sat out on Palantir's current epic run? Should they buy the stock now with the expectation of further gains, or delay buying because its frothy valuation is setting the stock up for a fall? Let's see what the evidence reveals.
Source Fool.com
