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

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

Wall Street Analyst Weigh In

PSNY has been the topic of a number of analyst reports. Cantor Fitzgerald reiterated a “neutral” rating on shares of Polestar Automotive Holding UK in a research report on Friday, January 17th. Bank of America initiated coverage on Polestar Automotive Holding UK in a research report on Thursday, December 5th. They issued a “neutral” rating and a $1.25 price target on the stock. Two analysts have rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $1.53.

Polestar Automotive Holding UK Price Performance

The company has a market capitalization of $2.35 billion, a price-to-earnings ratio of -1.93 and a beta of 1.52. The stock has a 50 day moving average price of $1.08 and a two-hundred day moving average price of $1.18.

Institutional Trading of Polestar Automotive Holding UK

Hedge funds and other institutional investors have recently made changes to their positions in the business. Livforsakringsbolaget Skandia Omsesidigt acquired a new stake in shares of Polestar Automotive Holding UK in the fourth quarter valued at $504,000. Geode Capital Management LLC increased its position in Polestar Automotive Holding UK by 444.0% in the third quarter. Geode Capital Management LLC now owns 854,999 shares of the company’s stock worth $1,471,000 after purchasing an additional 697,820 shares during the period. Y Intercept Hong Kong Ltd acquired a new stake in Polestar Automotive Holding UK in the third quarter worth about $468,000. Captrust Financial Advisors increased its position 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 during the period. Finally, Tidal Investments LLC increased its position in Polestar Automotive Holding UK by 78.3% in the third quarter. Tidal Investments LLC now owns 468,741 shares of the company’s stock worth $806,000 after purchasing an additional 205,890 shares during the period. 1.02% of the stock is currently owned by institutional investors and hedge funds.

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.