Technology Roundup – Palantir shares surge 25% ahead of Demo Day; Amazon files objections to Alabama union vote
Palantir shares surge 25% ahead of Demo Day
Palantir (NYSE:PLTR) shares soared today, closing up 25.4% to $32.58. Shares went as high as 26%, the most since early November.
No new catalysts today, but yesterday the company provide an update on its Demo Day scheduled for January 26 at 4:30 pm.
Palantir says the event will include the first public demos of the latest developments for its Foundry and Gotham software platforms.
The demos will include examples of how commercial and government customers use hte software.
The company will discuss the latest developments on continuous delivery and infrastructure platform Apollo.
Palantir will also announce and demonstrate new software modules.
After the bell yesterday, Palantir announced the addition of Lauren Friedman Stat to its board and audit committee. Stat spent 15 years at Accenture, where she served as a senior advisor to Fortune 500 companies.
Earlier this week, Palantir announced a new multi-million dollar deal with energy company PG&E.
Amazon files objections to Alabama union vote
Last month, the National Labor Relations Board ruled that Amazon (NASDAQ:AMZN) warehouse workers in Bessemer, Alabama, could proceed with a union vote.
Amazon has now filed a motion asking the board to halt the election, which is scheduled to start February 8 with mail-in voting.
The e-commerce giant is also objecting the the board allowing mail-in rather than in-person voting.
In the motion, Amazon accuses the board of multiple gaps in precedent, errors by the regional director, and a failure to improve the mail-in ballot process.
Bessemer would be the first Amazon union vote in the United States since 2014. If the vote is successful, the facility would be Amazon’s first in the U.S. to have a union.
Background: Federal regulator says Amazon warehouse workers in Alabama can proceed with union vote
Magnite jumps 8.1% as Craig-Hallum lifts target on CTV momentum
Ad-tech company Magnite (NASDAQ:MGNI) is up 8.1% – adding to a three-month rampage in the stock – after Craig-Hallum nearly doubled its price target.
Magnite is the leading sell-side ad platform, and it will go on benefiting as ad budgets speed into connected TV, the firm says. And there’s indications of strong CTV demand early this year.
Magnite will also draw on an exclusive relationship with Hulu, the biggest ad-supported over-the-top platform, it notes.
Craig-Hallum reiterated its Buy and raised the price target to $45 from $25, now implying a further 14% upside. That’s based on a multiple to 2022 revenues in the mid-teens, which marks a substantial discount to the company’s peers.
Shares of Magnite are up 308% in the past three months, jumping from $9.61 on Oct. 22 to over $39 today.
Magnite’s CEO recently said that the first half of the year would be stronger than in 2020.