Polestar Automotive Holding UK (NASDAQ:PSNY) Sees Large Volume Increase – What’s Next?

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) saw unusually-high trading volume on Friday . Approximately 6,166,520 shares traded hands during trading, an increase of 40% from the previous session’s volume of 4,389,750 shares.The stock last traded at $0.5340 and had previously closed at $0.6264.

Wall Street Analyst Weigh In

A number of analysts have recently commented on PSNY shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Polestar Automotive Holding UK in a research note on Wednesday, October 8th. Cantor Fitzgerald reiterated a “neutral” rating on shares of Polestar Automotive Holding UK in a research note on Thursday, September 4th. Finally, Wall Street Zen cut Polestar Automotive Holding UK from a “hold” rating to a “sell” rating in a report on Saturday, October 4th. Two investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Polestar Automotive Holding UK currently has a consensus rating of “Reduce” and a consensus target price of $1.25.

Polestar Automotive Holding UK Stock Down 13.0%

The stock has a 50-day moving average of $0.90 and a 200 day moving average of $1.03. The stock has a market cap of $1.17 billion, a PE ratio of -0.84 and a beta of 1.35.

Polestar Automotive Holding UK (NASDAQ:PSNY) last issued its earnings results on Wednesday, September 3rd. The company reported ($0.10) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.02. The company had revenue of $790.79 million during the quarter, compared to analyst estimates of $850.00 million. Research analysts forecast that Polestar Automotive Holding UK PLC will post -0.59 EPS for the current fiscal year.

Institutional Trading of Polestar Automotive Holding UK

Several hedge funds have recently made changes to their positions in PSNY. SCS Capital Management LLC purchased a new stake in shares of Polestar Automotive Holding UK during the 1st quarter valued at approximately $43,000. Rathbones Group PLC increased its stake in Polestar Automotive Holding UK by 79.1% during the third quarter. Rathbones Group PLC now owns 45,285 shares of the company’s stock worth $43,000 after acquiring an additional 20,000 shares during the last quarter. Russell Investments Group Ltd. raised its position in Polestar Automotive Holding UK by 45.0% in the second quarter. Russell Investments Group Ltd. now owns 47,970 shares of the company’s stock valued at $51,000 after purchasing an additional 14,877 shares during the period. Captrust Financial Advisors lifted its stake in shares of Polestar Automotive Holding UK by 43.2% in the 2nd quarter. Captrust Financial Advisors now owns 58,700 shares of the company’s stock valued at $63,000 after purchasing an additional 17,700 shares during the last quarter. Finally, Focus Partners Wealth purchased a new position in shares of Polestar Automotive Holding UK during the 1st quarter worth $62,000. 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.