Palantir Technologies (NASDAQ: PLTR) has had an incredible run in 2024. The company has become one of the most talked about platforms fueling the artificial intelligence (AI) narrative, shares of the stock have gained more than 300% this year alone, and it’s become a member of the S&P 500 index.
But with just a few weeks left in the year, Palantir might have one last big milestone achievement up its sleeve. Below, I’m going to explain why Dec. 13 is an important date for Palantir investors. Let’s break down what investors should be on the lookout for and assess if the stock is a good buy right now.
Are You Missing The Morning Scoop? Breakfast News delivers it all in a quick, Foolish, and free daily newsletter. Sign Up For Free »
This year, Dec. 13 falls on a Friday. And while Friday the 13th is usually affiliated with bad luck or superstition, Palantir investors may have some more good news headed their way.
Next Friday, the Nasdaq-100 index is going to be reconstituted. This means that a new selection of companies will be added to the coveted index, replacing stocks that have fallen out of eligibility.
This is important, because the Nasdaq-100 is generally affiliated growth stocks and lucrative opportunities beyond the S&P 500.
Image source: Getty Images.
On Sept. 6, Palantir announced that it had officially earned entry into the S&P 500. Since the date of that announcement, shares of Palantir have soared by 138% as of market close on Dec. 5.
A few months later, Palantir announced that it was changing the stock exchange on which it trades — moving from the New York Stock Exchange (NYSE) to the Nasdaq.
PLTR data by YCharts
Since joining the Nasdaq on Nov. 26, shares of Palantir have gained about 10% (as of market close Dec. 5). That’s a pretty dramatic move in only seven trading days.
In the press release regarding this announcement, management expressed that “upon transferring, Palantir anticipates meeting the eligibility requirements of the Nasdaq-100 Index.”
While history is no guarantee of future results, the stock’s performance…
..
