Polestar Automotive Holding UK (NASDAQ:PSNY) Stock Price Up 7.4% – Here’s What Happened

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) rose 7.4% on Tuesday . The company traded as high as $21.30 and last traded at $21.24. Approximately 117,451 shares were traded during trading, a decline of 43% from the average daily volume of 205,470 shares. The stock had previously closed at $19.77.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Zacks Research downgraded Polestar Automotive Holding UK from a “hold” rating to a “strong sell” rating in a research note on Friday, November 14th. Wall Street Zen downgraded Polestar Automotive Holding UK from a “hold” rating to a “sell” rating in a report on Saturday, October 4th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Polestar Automotive Holding UK in a report on Monday, December 29th. One investment analyst has rated the stock with a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Polestar Automotive Holding UK has a consensus rating of “Sell”.

Polestar Automotive Holding UK Stock Up 3.8%

The stock has a fifty day moving average price of $418.76 and a two-hundred day moving average price of $744.88. The company has a market cap of $1.47 billion, a price-to-earnings ratio of -1.05 and a beta of 1.34.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. JPMorgan Chase & Co. raised its holdings in shares of Polestar Automotive Holding UK by 6.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 167,188 shares of the company’s stock worth $157,000 after buying an additional 10,780 shares in the last quarter. Russell Investments Group Ltd. grew 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 acquiring an additional 14,877 shares during the last quarter. Cresset Asset Management LLC grew its position in Polestar Automotive Holding UK by 26.7% in the second quarter. Cresset Asset Management LLC now owns 83,504 shares of the company’s stock valued at $89,000 after acquiring an additional 17,590 shares during the last quarter. Captrust Financial Advisors raised its stake in Polestar Automotive Holding UK by 43.2% during the second quarter. Captrust Financial Advisors now owns 58,700 shares of the company’s stock worth $63,000 after acquiring an additional 17,700 shares in the last quarter. Finally, Rathbones Group PLC lifted its holdings in shares of Polestar Automotive Holding UK by 79.1% in 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. Institutional investors and hedge funds own 1.02% of the company’s stock.

Polestar Automotive Holding UK Company Profile

Polestar Automotive Holding UK PLC (NASDAQ: PSNY) is an electric performance car company specializing in the design, development and manufacture of premium electric vehicles. Established as an offshoot of Volvo Car Group’s high-performance Polestar division, the company focuses on delivering a blend of Scandinavian design, advanced electric powertrains and cutting-edge connectivity features.

The roots of Polestar date back to 1996 when it operated as Volvo’s in-house tuning and motorsport arm.