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<p class="has-drop-cap">In <a href="https://tokenist.com/investing/how-to-trade-after-hours/" rel="noopener noreferrer nofollow" class="deco-link">pre-market trading</a> on Thursday, we’re watching two tech giants head in opposite directions. Palantir Technologies Inc. (NYSE: PLTR) shares continued to rally, up nearly 4% after a surge on Wednesday following news of a major <a href="https://breakingdefense.com/2024/03/palantir-wins-contract-for-army-titan-next-gen-targeting-system/#:~:text=WASHINGTON%20—%20The%20US%20Army%20has,and%20produce%2010%20TITAN%20prototypes." target="_blank" aria-label="U.S. Army contract award (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">U.S. Army contract award</a>. The $178 million deal to develop new targeting technology sent the data analytics firm’s stock soaring almost 10%.</p>
<p>Meanwhile, Tesla Inc. (NASDAQ: TSLA) was trading lower, down nearly 1%, as it dealt with the fallout from <a href="https://www.livemint.com/companies/news/elon-musks-tesla-halts-production-at-german-factory-after-suspected-arson-attack-billionaire-says-extremely-stupid-11709689459154.html" target="_blank" aria-label="alleged sabotage (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">alleged sabotage</a> temporarily halting production at its new German electric vehicle factory.</p>
<h3 id="palantir-technologies-nyse-pltr-stock-up-after-u-s-army-contract">Palantir Technologies (NYSE: PLTR) Stock Up After U.S Army Contract</h3>
<p>Shares of Palantir Technologies Inc. surged Wednesday, closing at $26.16, up $2.35 or 9.87%, with pre-market trading showing a further 3.98% gain to $27.20 at the time of writing. The data analytics software company’s market cap stood at $57.885 billion, with a hefty <a href="https://tokenist.com/investing/fundamental-analysis-stocks/" rel="noopener noreferrer nofollow" class="deco-link">PE ratio</a> of 290.67 and earnings per share of $0.09 over the past 12 months. The 52-week range for the stock has been $7.19 to $26.75, with analysts’ 1-year target at $18.71, still well below current levels. The recent rise is likely attributed to a significant U.S. Army contract.</p>
<p>Palantir Technologies Inc. has been awarded a $178.4 million contract by the U.S. Army to develop a new ground station system called the Tactical Intelligence Targeting Access Node, or TITAN. The contract covers the development of 10 prototypes, including five advanced and five basic variants, and the integration of new technologies and transition to fielding.</p>
<p>TITAN is designed to provide access to space, high-altitude, aerial, and terrestrial sensors to offer actionable targeting information for enhanced mission command and long-range precision fires. Palantir’s solution aims to maximize soldiers’ usability and improve target recognition.</p>
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<h3 id="tesla-nasdaq-tsla-falls-out-of-top-10-market-cap-after-german-factory-woes">Tesla (NASDAQ: TSLA) Falls Out of Top 10 Market Cap After German Factory Woes</h3>
<p>Shares of Tesla Inc. slipped Wednesday, closing at $176.54, down $4.20 or 2.32%, with pre-market trading pointing to a further 0.88% decline to $174.99. The electric vehicle maker had a market capitalization of $562.243 billion. Its <a href="https://tokenist.com/investing/p-e-ratio/" rel="noopener noreferrer nofollow" class="deco-link">price-to-earnings</a> ratio over the trailing 12 months was 40.96, with earnings per share of $4.31. Tesla’s 52-week range has been $152.37 to $299.29. Analysts have a 12-month price target of $205.55 on the stock, well above current levels.</p>
<p>Production at Tesla Inc.’s electric vehicle factory in Germany ground to a halt after alleged sabotage by a far-left group caused a loss of power. The Vulkangruppe activist group <a href="https://www.theverge.com/2024/3/6/24092178/german-tesla-gigafactory-fire-arson-far-left-volcano-vulkan-group" target="_blank" aria-label="claimed (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">claimed</a> responsibility, stating concerns over the plant’s environmental impact. Electrical cables were set on fire, prompting a police arson investigation and emergency response as damage cut electricity to the factory and surrounding towns.</p>
<p>Though locals had power restored within hours, Tesla remained dark as CEO Elon Musk criticized the “<a href="https://www.bbc.com/news/technology-68479242" target="_blank" aria-label="dumbest eco-terrorists (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">dumbest eco-terrorists</a>” while Brandenburg’s interior minister decried the “perfidious attack” on infrastructure. The power outage coincided with protests by environmental groups against Tesla’s expansion in neighboring woodland areas.</p>
<p>The EV firm also recently lost its status as one of the <a href="https://tokenist.com/investing/how-the-stock-market-works/" rel="noopener noreferrer nofollow" class="deco-link">largest ten companies</a> in the US by market cap.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe>
<p><strong><em>Do you think Tesla will be able to recover in 2024? Let us know in the comments below.</em></strong></p>
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p>
<h3 id="br"><br></h3>
<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/premarket-movers-in-focus-palantir-technologies-pltr-and-tesla-tsla/">Premarket Movers in Focus: Palantir Technologies (PLTR) and Tesla (TSLA)</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Premarket Movers in Focus: Palantir Technologies (PLTR) and Tesla (TSLA)

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