Check out the companies making the biggest moves in premarket trading:

Dish Network — The satellite company's shares fell almost 5% amid its multi-day service outage and double-downgrade from Bank of America. Dish shares are down 13.5% in 2023 amid a 61.8% drop during the past 12 months.

Target — The retailer gained 1.2% after reporting fiscal fourth-quarter earnings per share of $1.89, topping the $1.40 consensus of analysts polled by Refinitiv. Revenue also beat, but Target's full-year EPS guidance came in below expectations.

Arconic — Shares fell 3.5% following a downgrade to sell from neutral by Goldman Sachs. The firm cited an uncertain demand outlook in Europe.

Celsius Holdings — The energy-drink maker rose 4.2% after being upgraded to outperform from neutral by Credit Suisse. The firm said the distribution agreement with Pepsi is going well and the long-term potential is high.

Norwegian Cruise Line Holdings — Shares of the cruise company fell more than 5% in premarket trading Tuesday after Norwegian reported a wider-than-expected loss for the fourth quarter. The company lost an adjusted $1.04 per share on $1.52 billion of revenue. Analysts surveyed by FactSet's StreetAccount were expecting a loss of 86 cents per share on $1.50 billion of revenue. Norwegian's earnings guidance for 2023 also came in below expectations.

Zoom Video —The video communications company rallied 6.9% in the premarket following a top- and bottom-line beat for the fourth quarter. Full-year revenue guidance came in lighter than expected, but its earnings guidance topped estimates.

Dick's Sporting Goods — The sporting-good retailer slid 2.6% after being downgraded by Citi to neutral from buy. The Wall Street firm said it expects near-term gross margin pressure to continue.

Workday — The human resources software fell 2.4% after its revenue guidance for the first quarter came in lighter than expected. However, it beat estimates for fourth-quarter revenue and earnings, according to Refinitv.

Hims & Hers Health — The telehealth stock jumped more than 9% after Hims & Hers Health reported quarterly results that exceeded estimates on the top and bottom lines. The firm posted a loss of 5 cents per share on revenue of $167.2 million. That surpassed consensus estimates of a loss of 7 cents per share on revenue of $161.2 million, according to Refinitiv.

Advance Auto Parts — The automotive aftermarket parts company gained 4.4% after reporting fourth-quarter EPS of $2.88, topping a StreetAccount estimate of $2.41. Revenue also beat expectations.

— CNBC's Hakyung Kim, Alex Harring, Sarah Min, Jesse Pound and Michael Bloom contributed reporting.