Polestar Automotive Holding UK (NASDAQ:PSNY) Trading Up 6.3% – What’s Next?

Polestar Automotive Holding UK PLC (NASDAQ:PSNY)’s stock price traded up 6.3% during mid-day trading on Thursday . The stock traded as high as $0.92 and last traded at $0.91. 700,196 shares traded hands during mid-day trading, a decline of 90% from the average session volume of 7,228,287 shares. The stock had previously closed at $0.86.

Analysts Set New Price Targets

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

Polestar Automotive Holding UK Stock Performance

The business’s fifty day moving average price is $1.15 and its two-hundred day moving average price is $1.09. The firm has a market capitalization of $2.13 billion, a P/E ratio of -1.75 and a beta of 1.53.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Tredje AP fonden purchased a new stake in Polestar Automotive Holding UK in the 2nd quarter worth approximately $3,091,000. Skandinaviska Enskilda Banken AB publ acquired a new stake in shares of Polestar Automotive Holding UK during the 2nd quarter valued at about $1,321,000. Geode Capital Management LLC increased its stake in shares of Polestar Automotive Holding UK by 444.0% in the 3rd quarter. Geode Capital Management LLC now owns 854,999 shares of the company’s stock valued at $1,471,000 after purchasing an additional 697,820 shares in the last quarter. Marshall Wace LLP acquired a new position in Polestar Automotive Holding UK in the 2nd quarter worth about $407,000. Finally, Tidal Investments LLC boosted its position in Polestar Automotive Holding UK by 78.3% during the third quarter. Tidal Investments LLC now owns 468,741 shares of the company’s stock worth $806,000 after purchasing an additional 205,890 shares in the last quarter. 1.02% of the stock is owned by institutional investors and hedge funds.

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.