Polestar Automotive Holding UK (NASDAQ:PSNY) Stock Price Up 5.6%

Polestar Automotive Holding UK PLC (NASDAQ:PSNY)’s stock price rose 5.6% during mid-day trading on Friday . The company traded as high as $0.94 and last traded at $0.94. Approximately 1,159,997 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 6,326,889 shares. The stock had previously closed at $0.89.

Analyst Ratings Changes

PSNY has been the topic of a number of recent analyst reports. Citigroup decreased their price objective on shares of Polestar Automotive Holding UK from $2.50 to $1.70 and set a “neutral” rating on the stock in a research note on Thursday, May 16th. Barclays decreased their target price on shares of Polestar Automotive Holding UK from $2.00 to $1.00 and set an “underweight” rating on the stock in a research note on Wednesday. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $5.00 target price on shares of Polestar Automotive Holding UK in a research note on Monday. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $2.00 target price (down previously from $3.00) on shares of Polestar Automotive Holding UK in a research note on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, Polestar Automotive Holding UK currently has an average rating of “Hold” and a consensus price target of $3.31.

Polestar Automotive Holding UK Stock Performance

The business’s fifty day moving average price is $0.96 and its 200 day moving average price is $1.50.

Hedge Funds Weigh In On Polestar Automotive Holding UK

Hedge funds have recently modified their holdings of the business. Private Advisor Group LLC lifted its holdings in shares of Polestar Automotive Holding UK by 159.5% during the fourth quarter. Private Advisor Group LLC now owns 62,550 shares of the company’s stock worth $141,000 after purchasing an additional 38,450 shares during the period. Invesco Ltd. lifted its holdings in shares of Polestar Automotive Holding UK by 10.7% during the third quarter. Invesco Ltd. now owns 2,833,547 shares of the company’s stock worth $7,481,000 after purchasing an additional 273,479 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Polestar Automotive Holding UK by 67.6% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 288,172 shares of the company’s stock worth $608,000 after purchasing an additional 116,207 shares during the period. Jump Financial LLC acquired a new position in Polestar Automotive Holding UK in the fourth quarter valued at $242,000. Finally, Cantor Fitzgerald L. P. acquired a new position in Polestar Automotive Holding UK in the fourth quarter valued at $226,000. Institutional investors and hedge funds 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.