Polestar Automotive Holding UK (NASDAQ:PSNY) Stock Price Up 9.9%

Polestar Automotive Holding UK PLC (NASDAQ:PSNY)’s stock price was up 9.9% during mid-day trading on Thursday . The stock traded as high as $1.35 and last traded at $1.33. Approximately 1,434,698 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 7,931,044 shares. The stock had previously closed at $1.21.

Wall Street Analysts Forecast Growth

PSNY has been the topic of a number of research analyst reports. Barclays lowered their price target on Polestar Automotive Holding UK from $2.00 to $1.00 and set an “underweight” rating on the stock in a report on Wednesday, July 3rd. Citigroup dropped their price target on shares of 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. Cantor Fitzgerald reiterated an “overweight” rating and issued a $3.00 price objective on shares of Polestar Automotive Holding UK in a report on Friday, August 30th. Piper Sandler lowered their price objective on shares of Polestar Automotive Holding UK from $2.00 to $1.50 and set a “neutral” rating on the stock in a research note on Wednesday. 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 investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $1.60.

Polestar Automotive Holding UK Stock Performance

The company’s 50-day moving average price is $0.89 and its two-hundred day moving average price is $1.14.

Polestar Automotive Holding UK (NASDAQ:PSNY) last issued its earnings results on Wednesday, August 14th. The company reported ($0.35) earnings per share for the quarter. The company had revenue of $534.12 million for the quarter. On average, sell-side analysts expect that Polestar Automotive Holding UK PLC will post -0.57 earnings per share for the current year.

Institutional Investors Weigh In On Polestar Automotive Holding UK

Large investors have recently modified their holdings of the stock. Harel Insurance Investments & Financial Services Ltd. lifted its holdings in shares of Polestar Automotive Holding UK by 77.3% during the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 31,239 shares of the company’s stock valued at $25,000 after purchasing an additional 13,624 shares during the last quarter. Public Employees Retirement Association of Colorado acquired a new stake in Polestar Automotive Holding UK during the 2nd quarter worth about $26,000. Principal Street Partners LLC purchased a new stake in Polestar Automotive Holding UK during the fourth quarter valued at about $28,000. SG Americas Securities LLC acquired a new position in shares of Polestar Automotive Holding UK in the second quarter worth about $32,000. Finally, Versor Investments LP purchased a new position in shares of Polestar Automotive Holding UK in the second quarter worth approximately $47,000. 1.02% of the stock is owned by 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.