Israel Englander's Millennium Management added 986,457 shares of Palantir, quadrupling its position. The hedge fund also sold 740,500 shares of Nvidia, trimming its stake by 7%. Ken Griffin's Citadel Advisors added 902,

With so much going right for Palantir, there's only one thing eroding the stock's investment thesis: its extremely expensive valuation. It trades at a forward P/E ratio of 175 and a price-to-free-cash-flow ratio of 241. Both figures are way above their recent averages.

Valued at a market cap of $300.5 billion, Palantir (PLTR) stock has been on an absolute tear since the start of 2023. The high-flying tech stock went public in October 2020 at $10 per share. Today, PLTR stock trades near $128,