Cantor Fitzgerald Reaffirms “Overweight” Rating for Polestar Automotive Holding UK (NASDAQ:PSNY)

Cantor Fitzgerald reaffirmed their overweight rating on shares of Polestar Automotive Holding UK (NASDAQ:PSNY) in a research note released on Monday, Benzinga reports. Cantor Fitzgerald currently has a $3.00 price target on the stock.

Several other research firms also recently issued reports on PSNY. Barclays decreased their price objective on shares of Polestar Automotive Holding UK from $2.00 to $1.00 and set an underweight rating for the company in a research note on Wednesday, July 3rd. Piper Sandler decreased their price target on shares of Polestar Automotive Holding UK from $2.00 to $1.50 and set a neutral rating for the company in a research report on Wednesday, September 4th. Citigroup cut their price objective on Polestar Automotive Holding UK from $2.50 to $1.70 and set a neutral rating on the stock in a research report on Thursday, May 16th. Finally, Sanford C. Bernstein upped their target price on Polestar Automotive Holding UK from $0.74 to $0.78 and gave the stock an underperform rating in a research report on Friday, August 30th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of Hold and an average price target of $1.58.

Polestar Automotive Holding UK Stock Performance

PSNY stock opened at $1.50 on Monday. The business has a fifty day simple moving average of $0.93 and a 200-day simple moving average of $1.14. Polestar Automotive Holding UK has a 52 week low of $0.61 and a 52 week high of $2.94.

Polestar Automotive Holding UK (NASDAQ:PSNY) last released its quarterly earnings data on Wednesday, August 14th. The company reported ($0.35) EPS for the quarter. The firm had revenue of $534.12 million during the quarter. Research analysts expect that Polestar Automotive Holding UK will post -0.53 EPS for the current year.

Hedge Funds Weigh In On Polestar Automotive Holding UK

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. AMF Tjanstepension AB lifted its stake in shares of Polestar Automotive Holding UK by 399.3% in the second quarter. AMF Tjanstepension AB now owns 21,971,866 shares of the company’s stock worth $17,283,000 after acquiring an additional 17,571,426 shares in the last quarter. Swedbank AB acquired a new position in shares of Polestar Automotive Holding UK in the 2nd quarter valued at approximately $9,235,000. Tredje AP fonden purchased a new position in shares of Polestar Automotive Holding UK during the 2nd quarter valued at approximately $3,091,000. Skandinaviska Enskilda Banken AB publ bought a new stake in shares of Polestar Automotive Holding UK in the second quarter worth $1,321,000. Finally, Livforsakringsbolaget Skandia Omsesidigt bought a new stake in shares of Polestar Automotive Holding UK in the second quarter worth $518,000. 1.02% of the stock is owned by hedge funds and other institutional investors.

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.