Is Now the Time to Invest in Palantir Stock?

With Palantir Stock continuing to see strong growth and adoption of new products, some investors may be wondering if it’s too late to get in on the action. This article takes a deeper look at the company’s performance and analysts’ outlook to help determine if Palantir Stock still has room to run.

Palantir has seen tremendous success transforming its business model away from heavy reliance on government contracts towards the private sector. In 2023, revenue from U.S. private customers grew a stunning 70% year-over-year. This shift has been powered by the launch of the company’s Artificial Intelligence Platform (AIP) which attracted over 100 new customers last year alone.

A Unique Growth Strategy

To generate leads for AIP, Palantir began hosting immersive “boot camps” to demo the product. Since April 2023, over 500 boot camps have been completed, far surpassing the 92 demos held in all of 2022. This novel strategy appears to be paying off, as double-digit customer and revenue growth are projected to continue. With a proven playbook now in place and a burgeoning customer base, Palantir Stock may still have untapped potential.

While the share price has increased dramatically, Palantir’s valuation remains at a reasonable level compared to other high-growth software companies. According to top analyst Dan Ives, even after the recent run-up Palantir Stock has further room to appreciate given the company’s strong financial position and relentless focus on innovation. Palantir is set up to benefit from long-term demand trends in the booming AI market.

“Is investing in Palantir stock now a savvy move?” With exciting new products, innovative sales approaches, and analysts bullish on further gains, those who buy Palantir Stock today may be well rewarded in the coming years.