Palantir Is Up 170% This Year. Can the Rally Continue in 2024?
Palantir (NYSE: PLTR) has taken off this year. After flirting with record lows at the end of last year, the stock climbed steadily higher in 2023, eventually making a 170% yearly gain.
However, such increases may change the stock's value proposition, leading to questions about whether it can continue growing in 2024. A closer look at this stock may help investors answer this question.
Admittedly, the long-term stock performance and financials may discourage new investors from buying the stock. Palantir launched its initial public offering (IPO) in September 2020 during a bull market. Like numerous tech stocks, initial optimism gave way to a massive sell-off, leading to the stock losing as much as 87% of its value. Even now, Palantir stock sells at a discount of more than 60% from its $45 per share high in early 2021.
Source Fool.com
