Should You Buy Overvalued Palantir Stock After Q3 Earnings?

Palantir Technologies (PLTR) has emerged as a stock market favorite in 2024, joining the ranks of other high-performing companies like Nvidia (NVDA). The company’s stock has delivered an astounding 141% gain year-to-date, far outpacing the S&P 500 Index's ($SPX) growth of about 20%.  

In today's session, PLTR is trading more than 14% higher ahead of the bell, as Wall Street cheers the company's third-quarter (Q3) earnings report. In fact, outspoken CEO Alex Karp kicked off the company's earnings call by saying, “Given how strong our results are, I almost feel like we should just go home.”