Polestar Automotive Holding UK (NASDAQ:PSNY) Trading Up 4.2% – What’s Next?

Polestar Automotive Holding UK PLC (NASDAQ:PSNY)’s stock price was up 4.2% during mid-day trading on Friday . The company traded as high as $1.14 and last traded at $1.13. 3,648,542 shares were traded during mid-day trading, a decline of 49% from the average session volume of 7,206,929 shares. The stock had previously closed at $1.08.

Analysts Set New Price Targets

Several research firms recently commented on PSNY. Bank of America initiated coverage on Polestar Automotive Holding UK in a research note on Thursday, December 5th. They issued a “neutral” rating and a $1.25 price objective for the company. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $1.50 target price on shares of Polestar Automotive Holding UK in a research note on Tuesday, September 10th. Sanford C. Bernstein upped their price target on Polestar Automotive Holding UK from $0.74 to $0.78 and gave the company an “underperform” rating in a research report on Friday, August 30th. Cantor Fitzgerald reissued an “overweight” rating and set a $3.00 price objective on shares of Polestar Automotive Holding UK in a research note on Monday, September 30th. Finally, Piper Sandler cut their target price on Polestar Automotive Holding UK from $2.00 to $1.50 and set a “neutral” rating for the company in a research note on Wednesday, September 4th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $1.53.

Polestar Automotive Holding UK Price Performance

The stock has a market cap of $2.35 billion, a price-to-earnings ratio of -1.93 and a beta of 1.53. The business’s 50 day moving average is $1.13 and its 200 day moving average is $1.10.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. MetLife Investment Management LLC boosted its stake in Polestar Automotive Holding UK by 134.4% in the third quarter. MetLife Investment Management LLC now owns 15,390 shares of the company’s stock valued at $26,000 after acquiring an additional 8,823 shares in the last quarter. Captrust Financial Advisors increased its holdings in shares of Polestar Automotive Holding UK by 125.4% in the 3rd quarter. Captrust Financial Advisors now owns 46,615 shares of the company’s stock valued at $80,000 after purchasing an additional 25,930 shares in the last quarter. Public Employees Retirement Association of Colorado acquired a new stake in shares of Polestar Automotive Holding UK during the 2nd quarter valued at approximately $26,000. Versor Investments LP purchased a new stake in shares of Polestar Automotive Holding UK during the 2nd quarter worth approximately $47,000. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted its stake in shares of Polestar Automotive Holding UK by 31.8% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 319,508 shares of the company’s stock worth $550,000 after acquiring an additional 77,106 shares in the last quarter. Hedge funds and other institutional investors own 1.02% of the company’s stock.

Polestar Automotive Holding UK Company Profile

Polestar Automotive Holding UK PLC manufactures and sells premium electric vehicles. The company was founded in 2017 and is headquartered in Gothenburg, Sweden.