As data mining firm Palantir’s shares continue to climb, Thiel is cashing out. He’s not the only Palantir insider doing so.

Peter Thiel sold almost $600 million of Palantir Technologies Inc. stock this week, bringing his total disposals this year to more than $1 billion.

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.

Palantir’s stock has outperformed the S&P 500 by a wide margin in recent years, but Raymond James has concerns about the stock’s valuation.

Palantir Technologies ( PLTR 0.60%) continues to rack up new contracts. The latest is a deal with the U.S. government to bring artificial intelligence (AI) capabilities to the various military branches through its Maven Smart System. The contract will pay Palantir up to $99.8 million over the next five years.

Palantir Technologies Inc. (NYSE: PLTR) began trading as a member of the S&P 500 index on September 23, 2024. Inclusion in the index was a long-time goal of Palantir. It’s also a significant milestone for retail investors who have largely driven the growth of PLTR stock since it went public via a direct listing in 2020.