Polestar Automotive Holding UK (NASDAQ:PSNY) Trading Up 3.2% – Here’s Why

Shares of Polestar Automotive Holding UK PLC (NASDAQ:PSNY) rose 3.2% during mid-day trading on Wednesday . The company traded as high as $1.17 and last traded at $1.14. Approximately 2,534,567 shares were traded during trading, a decline of 53% from the average daily volume of 5,357,852 shares. The stock had previously closed at $1.10.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $1.50 target price on shares of Polestar Automotive Holding UK in a research report on Tuesday, September 10th. Bank of America began 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. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $3.00 price target on shares of Polestar Automotive Holding UK in a report on Monday, September 30th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, Polestar Automotive Holding UK has a consensus rating of “Hold” and a consensus target price of $1.53.

Polestar Automotive Holding UK Price Performance

The firm has a 50-day moving average of $1.10 and a two-hundred day moving average of $1.13. The company has a market capitalization of $2.35 billion, a PE ratio of -1.93 and a beta of 1.53.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Public Employees Retirement Association of Colorado purchased a new position in Polestar Automotive Holding UK during the second quarter worth about $26,000. MetLife Investment Management LLC boosted its holdings 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 purchasing an additional 8,823 shares in the last quarter. Captrust Financial Advisors grew its position 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 buying an additional 25,930 shares during the last quarter. XTX Topco Ltd increased its position in shares of Polestar Automotive Holding UK by 153.1% during the second quarter. XTX Topco Ltd now owns 150,657 shares of the company’s stock worth $119,000 after purchasing an additional 91,139 shares in the last quarter. Finally, Scientech Research LLC purchased a new stake in Polestar Automotive Holding UK during the 2nd quarter valued at approximately $161,000. Hedge funds and other institutional investors own 1.02% of the company’s stock.

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.