Palantir Technologies Inc (NYSE:PLTR) is down more than 60% over the past year and nearly 25% this month alone. That's a pretty downbeat start to 2022 for the data analytics company, but Private Advisor Group's Guy Adami thinks patient investors will be rewarded.
"Data is the new oil," Adami said Monday on CNBC's "Fast Money."
"They're in the midst of it ... and I just don't think people fully understand."
He noted the stock was off to a great start in 2021 but ended up getting caught up in the WallStreetBets frenzy. Members of the popular subreddit banded together and sent stocks such as GameStop Corp. (NYSE:GME) and AMC Entertainment Holdings Inc (NYSE:AMC) soaring.
Adami thinks Palantir's involvement was detrimental for the stock longer-term, which seems clear when looking at its performance over the past year.
He expects the company to expand its offerings for medium-sized businesses, which will ultimately improve margins.
"I think this stock with a 13 handle is just too cheap in this environment," Adami said.
From Last Week: This Is What Whales Are Betting On Palantir Technologies
PLTR Price Action: Palantir has traded as low as $11.75 and as high as $39.22 over a 52-week period.
The stock was up 1.09% in after-hours trading at $13.86 Monday at publication.
Photo: Tech.Co from Flickr.
