
Palantir Technologies Inc. (NASDAQ: PLTR) stock is up approximately 22.6% since closing at $158.21 on Nov. 21. Significantly, the stock is now within striking distance of the all-time high of $207.52 it made after it reported earnings on Nov. 3.
The move higher isn’t based on a change in sentiment about the PLTR stock valuation. Even after the rally, Palantir’s valuation incorporates significant future growth, with a market cap exceeding $400 billion and a triple-digit price-to-earnings multiple. Even among tech stocks, that's an abnormally stiff premium.