Up 155% in 2023, Why Is Wall Street So Bearish on Palantir Stock?

Palantir Technologies (PLTR) is a software company that caters to the data-analyzing needs of private organizations and governments. It creates platforms for data integration, management, and analysis. This year, Palantir has been at the forefront of the artificial intelligence (AI) revolution, captivating investors with its potential for growth in the data analytics and AI domain. 

PLTR shares have risen 155% year to date, outperforming the S&P 500 Index ($SPX) by a wide margin. Nonetheless, the stock is down 18.8% from its 52-week high, and many Wall Street analysts have expressed a bearish outlook for PLTR over the next 12 months.