Polestar Automotive Holding UK (NASDAQ:PSNYW) Stock Price Up 3% – Here’s Why

Polestar Automotive Holding UK PLC (NASDAQ:PSNYW) shares shot up 3% during mid-day trading on Tuesday . The stock traded as high as $3.05 and last traded at $2.9040. 11,104 shares changed hands during mid-day trading, an increase of 39% from the average session volume of 8,016 shares. The stock had previously closed at $2.82.

Wall Street Analyst Weigh In

Separately, Weiss Ratings cut Polestar Automotive Holding UK from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, May 27th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company currently has an average rating of “Sell”.

Polestar Automotive Holding UK Stock Performance

The company has a 50-day moving average of $3.32 and a 200 day moving average of $4.07.

Institutional Trading of Polestar Automotive Holding UK

A hedge fund recently bought a new stake in Polestar Automotive Holding UK stock. Boothbay Fund Management LLC bought a new position in Polestar Automotive Holding UK PLC (NASDAQ:PSNYW) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 80,000 shares of the company’s stock, valued at approximately $510,000.

Polestar Automotive Holding UK Company Profile

Polestar Automotive Holding UK plc is a special-purpose acquisition company (SPAC) incorporated in the United Kingdom with the primary objective of effecting a business combination, share exchange, asset acquisition or similar merger transaction with one or more businesses in the automotive sector. The company’s management team, supported by affiliates of The Gores Group and Guggenheim Partners, completed its initial public offering in mid-2021 and its units trade on the Nasdaq under the symbol PSNYW.

The SPAC was specifically formed to combine with Polestar Performance AB, the electric performance carmaker backed by Volvo Cars and Zhejiang Geely Holding Group.