Polestar Automotive Holding UK (NASDAQ:PSNY) Shares Gap Down to $1.31

Shares of Polestar Automotive Holding UK PLC (NASDAQ:PSNY) gapped down prior to trading on Wednesday . The stock had previously closed at $1.31, but opened at $1.26. Polestar Automotive Holding UK shares last traded at $1.30, with a volume of 504,907 shares traded.

Analyst Ratings Changes

Several equities research analysts have weighed in on PSNY shares. Cantor Fitzgerald reiterated an “overweight” rating and issued a $5.00 target price on shares of Polestar Automotive Holding UK in a report on Friday, April 12th. Piper Sandler reissued a “neutral” rating and issued a $2.00 price target (down from $3.00) on shares of Polestar Automotive Holding UK in a research report on Friday, March 15th. Finally, Sanford C. Bernstein began coverage on Polestar Automotive Holding UK in a research report on Wednesday, January 24th. They issued an “underperform” rating and a $1.15 price target for the company. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $3.83.

Polestar Automotive Holding UK Stock Performance

The company has a 50-day moving average of $1.61 and a 200-day moving average of $2.01.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Invesco Ltd. increased its position in Polestar Automotive Holding UK by 10.7% during the 3rd quarter. Invesco Ltd. now owns 2,833,547 shares of the company’s stock valued at $7,481,000 after buying an additional 273,479 shares in the last quarter. Alyeska Investment Group L.P. raised its stake in shares of Polestar Automotive Holding UK by 744.0% in the first quarter. Alyeska Investment Group L.P. now owns 2,451,571 shares of the company’s stock worth $27,874,000 after purchasing an additional 2,161,109 shares during the last quarter. BlackRock Inc. raised its stake in shares of Polestar Automotive Holding UK by 144.9% in the second quarter. BlackRock Inc. now owns 1,217,387 shares of the company’s stock worth $4,650,000 after purchasing an additional 720,285 shares during the last quarter. Tobam raised its stake in shares of Polestar Automotive Holding UK by 24.0% in the fourth quarter. Tobam now owns 1,136,540 shares of the company’s stock worth $2,569,000 after purchasing an additional 220,147 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its stake in shares of Polestar Automotive Holding UK by 11.2% in the second quarter. JPMorgan Chase & Co. now owns 795,920 shares of the company’s stock worth $3,040,000 after purchasing an additional 80,320 shares during the last quarter. 1.02% of the stock is owned by institutional investors and hedge funds.

About Polestar Automotive Holding UK

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