Stocks making the biggest moves premarket: Palantir, PepsiCo, Rivian and more

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Check out the companies making headlines in premarket trading.

Palantir Technologies — Shares of the data analytics company added 2.3% on news that the U.S. Army awarded the company a $250 million contract to test and develop artificial intelligence and machine learning.

Unity Software — The game engine stock surged nearly 6% after the company said CEO John Riccitiello would retire. Unity said James M. Whitehurst would assume the interim chief role.

Rivian Automotive — Shares of the electric truck company rose 3% in premarket trading after UBS upgraded Rivian to buy from neutral. The investment firm said Rivian's fundamentals are improving and that the stock has upside after a recent $1.5 billion capital raise sparked a sell-off.

PepsiCo — Shares of the beverage giant added roughly 1% after a third-quarter earnings beat. The company reported an adjusted $2.25 per share on $23.45 billion in revenue, while analysts polled by LSEG forecast an adjusted $2.15 and $23.39 billion.

Ameris Bancorp — Shares rose about 1% after DA Davidson upgraded Ameris Bancorp to buy from neutral, saying the company is «uniquely insulated» from unrealized losses connected to higher interest rates.

Arm Holdings — The semiconductor stock climbed about 2% a day after several analysts initiated bullish coverage of the stock, including JPMorgan, Deutsche Bank and Goldman Sachs.

Akero Therapeutics — The biotech company's shares plummeted more than 63% after it reported initial trial data related to a Phase 2B study of cirrhosis drug efruxifermin.

— CNBC's Jesse Pound and Sarah Min contributed reporting.