Crypto, gold, Donald Trump’s social media operation Trump Media & Technology (DJT:NASDAQ) have all been going gangbusters lately but if it’s momentum you’re after, you don’t get any hotter than Palantir (PLTR:NASDAQ).

Shares in the data analytics company have jumped 25% in the past five days (at time of writing, 12 November), are up nearly 40% in a month and have surged 263% in 2024 as a whole.

The stock’s been on an unrelenting tear souped up by recent blowout third quarter earnings as Palantir continues to ride the AI (artificial intelligence) wave, producing real sales and profits, something that not all AI stocks can say.

Yet analysts have been lining up to call time as valuation stretches to, potentially, breaking point. Jefferies and Argus are the latest to pull ‘buy’ ratings on the stock as it sailed into triple-digit PE (price to earnings) territory, joining the likes of Goldman Sachs and others. There are now more analyst ‘sell’ calls on the shares than ‘buys’.

This follows CEO Alex Karp’s recent $650 million worth of stock sales and Cathie Wood’s ARK ETF recently flogged a $8.7 million stake in the business.

Shares’ August in-depth look at Palantir alerted readers to both the substantial upside and the possibility that its premium could be whittled away, and those risks have only intensified since then. 

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