Polestar Automotive Holding UK PLC (NASDAQ:PSNY) Short Interest Up 37.9% in June

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) was the target of a significant growth in short interest in June. As of June 30th, there was short interest totalling 34,110,000 shares, a growth of 37.9% from the June 15th total of 24,740,000 shares. Based on an average daily volume of 10,520,000 shares, the days-to-cover ratio is currently 3.2 days. Approximately 7.3% of the company’s stock are short sold.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Cantor Fitzgerald reiterated an “overweight” rating and issued a $3.00 target price on shares of Polestar Automotive Holding UK in a report on Monday. Barclays dropped their price target on Polestar Automotive Holding UK from $2.00 to $1.00 and set an “underweight” rating on the stock in a research note on Wednesday, July 3rd. Finally, Citigroup dropped their target price on 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. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $2.98.

Polestar Automotive Holding UK Trading Down 6.9 %

Polestar Automotive Holding UK stock traded down $0.07 during mid-day trading on Monday, hitting $0.94. The company had a trading volume of 12,636,577 shares, compared to its average volume of 6,976,383. The company’s fifty day moving average is $0.92 and its 200-day moving average is $1.43. Polestar Automotive Holding UK has a 12-month low of $0.65 and a 12-month high of $4.78.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Livforsakringsbolaget Skandia Omsesidigt acquired a new position in shares of Polestar Automotive Holding UK during the 2nd quarter worth approximately $518,000. SG Americas Securities LLC acquired a new position in shares of Polestar Automotive Holding UK during the 2nd quarter worth approximately $32,000. AMF Tjanstepension AB raised its stake in shares of Polestar Automotive Holding UK by 399.3% during the 2nd 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. DNB Asset Management AS acquired a new position in Polestar Automotive Holding UK in the 2nd quarter valued at $48,000. Finally, Tidal Investments LLC raised its stake in Polestar Automotive Holding UK by 118.4% in the 1st quarter. Tidal Investments LLC now owns 241,946 shares of the company’s stock valued at $373,000 after purchasing an additional 131,167 shares during the last quarter. 1.02% of the stock is owned by institutional investors and hedge funds.

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.