Should you invest $1,000 in Palantir Technologies right now? Before you buy stock in Palantir Technologies, consider this: The Motley Fool Stock Advisor analyst team just identifi

We have downgraded Palantir to Sell due to overvaluation despite Q2 FY2024 results and business expansion. Read an analysis of PLTR stock here.

Palantir Technologies (NYSE: PLTR) has been one of the market's hottest stocks this year, with its price more than doubling. However, it is also one of the more divisive names in the market, largely due to its valuation. Let's take a look at both the bull and bear cases with Palantir to help determine whether the stock is a buy at current levels.

Furthermore, Palantir's market cap has risen to $82 billion. A 100-fold gain in the stock would take the market cap to $8.2 trillion. This is about 2.3 times the $3.4 trillion market cap of Apple, the current market cap leader. That shows the extent of how much Palantir is going to have to grow to make millionaires out of small investors.

Palantir Technologies stock is pushing even higher on Friday after closing at a record Thursday. In Friday trading, the stock climbed 2.2% to $40.08, on pace to set another record. Shares of the provider of data-analytics software rose 4.