Polestar Automotive Holding UK (NASDAQ:PSNY) Trading 7.7% Higher – What’s Next?

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) shares traded up 7.7% during mid-day trading on Friday . The stock traded as high as $1.21 and last traded at $1.19. 1,367,670 shares were traded during trading, a decline of 81% from the average session volume of 7,350,221 shares. The stock had previously closed at $1.10.

Analyst Ratings Changes

Several analysts have weighed in on PSNY shares. Piper Sandler lowered their target price on shares of Polestar Automotive Holding UK from $2.00 to $1.50 and set a “neutral” rating for the company in a research note on Wednesday, September 4th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $1.50 target price on shares of Polestar Automotive Holding UK in a report on Tuesday, September 10th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $3.00 target price on shares of Polestar Automotive Holding UK in a report on Monday, September 30th. Finally, Sanford C. Bernstein increased their price target 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 equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $1.58.

Polestar Automotive Holding UK Trading Up 3.2 %

The stock’s 50-day moving average is $1.40 and its 200-day moving average is $1.09. The stock has a market cap of $2.42 billion, a P/E ratio of -2.12 and a beta of 1.54.

Hedge Funds Weigh In On Polestar Automotive Holding UK

Institutional investors have recently bought and sold shares of the stock. AMF Tjanstepension AB boosted its holdings 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 buying an additional 17,571,426 shares during the period. Swedbank AB purchased a new stake in shares of Polestar Automotive Holding UK in the 2nd quarter valued at approximately $9,235,000. Tredje AP fonden acquired a new position in Polestar Automotive Holding UK in the 2nd quarter worth approximately $3,091,000. Skandinaviska Enskilda Banken AB publ purchased a new position in Polestar Automotive Holding UK during the 2nd quarter worth approximately $1,321,000. Finally, Geode Capital Management LLC raised its stake in Polestar Automotive Holding UK by 444.0% during the 3rd quarter. Geode Capital Management LLC now owns 854,999 shares of the company’s stock valued at $1,471,000 after purchasing an additional 697,820 shares during the period. Hedge funds and other institutional investors own 1.02% of the company’s stock.

Polestar Automotive Holding UK Company Profile

Polestar Automotive Holding UK PLC manufactures and sells premium electric vehicles. The company was founded in 2017 and is headquartered in Gothenburg, Sweden.