Polestar Automotive Holding UK (NASDAQ:PSNY) Stock Price Up 4.6% – Should You Buy?

Shares of Polestar Automotive Holding UK PLC (NASDAQ:PSNY) rose 4.6% on Wednesday . The stock traded as high as $1.26 and last traded at $1.26. Approximately 1,458,823 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 7,843,846 shares. The stock had previously closed at $1.20.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on PSNY shares. Piper Sandler decreased 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 report on Wednesday, September 4th. Sanford C. Bernstein lifted 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 research report on Friday, August 30th. Cantor Fitzgerald reissued an “overweight” rating and set a $3.00 target price on shares of Polestar Automotive Holding UK in a research report on Monday, September 30th. Barclays lowered their price target on shares of Polestar Automotive Holding UK from $2.00 to $1.00 and set an “underweight” rating on the stock in a report on Wednesday, July 3rd. 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, three have given a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $1.58.

Polestar Automotive Holding UK Trading Down 2.4 %

The company has a market capitalization of $2.63 billion, a P/E ratio of -2.16 and a beta of 1.48. The company’s fifty day moving average is $1.33 and its 200 day moving average is $1.13.

Polestar Automotive Holding UK (NASDAQ:PSNY) last posted its quarterly earnings results on Wednesday, August 14th. The company reported ($0.35) EPS for the quarter. The firm had revenue of $534.12 million during the quarter. Equities research analysts predict that Polestar Automotive Holding UK PLC will post -0.53 EPS for the current year.

Institutional Investors Weigh In On Polestar Automotive Holding UK

Several hedge funds and other institutional investors have recently modified their holdings of PSNY. AMF Tjanstepension AB grew its stake in Polestar Automotive Holding UK by 399.3% during the second quarter. AMF Tjanstepension AB now owns 21,971,866 shares of the company’s stock valued at $17,283,000 after acquiring an additional 17,571,426 shares in the last quarter. Swedbank AB bought a new position in shares of Polestar Automotive Holding UK in the second quarter worth $9,235,000. Tredje AP fonden bought a new stake in Polestar Automotive Holding UK during the second quarter valued at $3,091,000. Skandinaviska Enskilda Banken AB publ bought a new position in Polestar Automotive Holding UK in the 2nd quarter worth about $1,321,000. Finally, Livforsakringsbolaget Skandia Omsesidigt purchased a new stake in shares of Polestar Automotive Holding UK in the 2nd quarter valued at about $518,000. 1.02% of the stock is currently owned by institutional investors.

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.