Brokerages Set Polestar Automotive Holding UK PLC (NASDAQ:PSNY) PT at $3.48

Shares of Polestar Automotive Holding UK PLC (NASDAQ:PSNY) have earned an average recommendation of “Hold” from the six research firms that are presently covering the firm, Marketbeat reports. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $3.48.

PSNY has been the subject of a number of research reports. Cantor Fitzgerald reiterated an “overweight” rating and issued a $5.00 price target on shares of Polestar Automotive Holding UK in a research note on Friday, April 12th. Citigroup lowered their price target on Polestar Automotive Holding UK from $2.50 to $1.70 and set a “neutral” rating for the company in a report on Thursday, May 16th. Finally, Piper Sandler restated a “neutral” rating and set a $2.00 price objective (down from $3.00) on shares of Polestar Automotive Holding UK in a research note on Friday, March 15th.

Polestar Automotive Holding UK Stock Performance

Shares of NASDAQ:PSNY opened at $0.84 on Friday. Polestar Automotive Holding UK has a 12-month low of $0.74 and a 12-month high of $4.96. The company has a fifty day simple moving average of $1.39 and a 200 day simple moving average of $1.79.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PSNY. Invesco Ltd. lifted its stake in Polestar Automotive Holding UK by 10.7% in the third quarter. Invesco Ltd. now owns 2,833,547 shares of the company’s stock valued at $7,481,000 after buying an additional 273,479 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Polestar Automotive Holding UK by 67.6% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 288,172 shares of the company’s stock valued at $608,000 after purchasing an additional 116,207 shares during the period. Rafferty Asset Management LLC grew its position in Polestar Automotive Holding UK by 18.7% in the 3rd quarter. Rafferty Asset Management LLC now owns 62,999 shares of the company’s stock worth $166,000 after purchasing an additional 9,942 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its stake in shares of Polestar Automotive Holding UK by 24.5% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 574,550 shares of the company’s stock valued at $1,517,000 after purchasing an additional 112,900 shares during the period. Finally, Schechter Investment Advisors LLC bought a new stake in shares of Polestar Automotive Holding UK during the fourth quarter valued at approximately $35,000. 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.