Polestar Automotive Holding UK (NASDAQ:PSNY) Shares Up 5.9% – Here’s Why

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) shares shot up 5.9% on Thursday . The stock traded as high as $1.17 and last traded at $1.17. 4,885,448 shares traded hands during mid-day trading, a decline of 9% from the average session volume of 5,352,650 shares. The stock had previously closed at $1.10.

Analysts Set New Price Targets

Several brokerages recently weighed in on PSNY. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Polestar Automotive Holding UK in a research report on Friday, January 17th. Bank of America began coverage on Polestar Automotive Holding UK in a research report on Thursday, December 5th. They issued a “neutral” rating and a $1.25 price objective on the stock. Two equities research analysts have rated the stock with a sell rating and five have issued a hold rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $1.53.

Polestar Automotive Holding UK Price Performance

The firm has a market capitalization of $2.50 billion, a PE ratio of -2.05 and a beta of 1.52. The stock has a 50-day moving average price of $1.07 and a 200-day moving average price of $1.18.

Institutional Trading of Polestar Automotive Holding UK

A number of hedge funds and other institutional investors have recently modified their holdings of PSNY. Advisors Asset Management Inc. increased its position in shares of Polestar Automotive Holding UK by 953.5% during the third quarter. Advisors Asset Management Inc. now owns 246,553 shares of the company’s stock worth $424,000 after acquiring an additional 223,150 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its position in shares of Polestar Automotive Holding UK by 31.8% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 319,508 shares of the company’s stock worth $550,000 after acquiring an additional 77,106 shares during the last quarter. MetLife Investment Management LLC grew its stake in Polestar Automotive Holding UK by 134.4% in the third quarter. MetLife Investment Management LLC now owns 15,390 shares of the company’s stock worth $26,000 after purchasing an additional 8,823 shares in the last quarter. Captrust Financial Advisors grew its stake in Polestar Automotive Holding UK by 125.4% in the third quarter. Captrust Financial Advisors now owns 46,615 shares of the company’s stock worth $80,000 after purchasing an additional 25,930 shares in the last quarter. Finally, XTX Topco Ltd grew its stake in Polestar Automotive Holding UK by 91.5% in the third quarter. XTX Topco Ltd now owns 288,564 shares of the company’s stock worth $496,000 after purchasing an additional 137,907 shares in the last quarter. 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.