Palantir Technologies (NASDAQ: PLTR) stock may be struggling this year, but it’s generated some incredible returns for investors.
In each of the previous three years, it has more than doubled in value, on the way to becoming one of the most valuable tech companies in the world
A bit of a cool-off for this red-hot stock was likely overdue, so its 24% decline this year shouldn’t be a huge surprise. Sooner or later, investors would inevitably be tempted to take profits. But with the tech stock trading below $140 and down about 35% from its 52-week high, is now a good time to buy it?
The business remains a growth machine Palantir has successfully unlocked significant growth through artificial intelligence (AI). Its AI platform turned the business around dramatically. Towards the end of 2023, Palantir’s growth rate was declining, but with AI, that has all changed, with the company seemingly able to continually pull levers to drive even more growth.