Is It Too Late to Buy Palantir Technologies Stock?
Palantir Technologies (NYSE: PLTR) has been on a tear so far in 2023, riding the wave of accelerating adoption of artificial intelligence (AI) and the ongoing recovery of technology stocks. Shares of the AI and data analytics specialist are up 83% so far this year, roughly nine times the 9% gains of the S&P 500. This is in stark contrast to what happened in 2022, when the stock lost more than 32%.
While excitement surrounding AI -- the company's bread and butter -- helped fuel its rise, Palantir's better-than-expected financial results were also a factor. They suggested enterprise businesses were beginning to loosen the purse strings in the latest sign the economy may have turned the corner. Investors are increasingly hopeful that the macroeconomic headwinds that have plagued Palantir's stock over the past year might finally be abating.
What does this mean for investors who missed out on Palantir Technologies' recent epic run? Should they buy now with the expectation of further gains or avoid the stock because of its lofty valuation? Let's take a look to see what the data reveals.
Source Fool.com
