Polestar Automotive Holding UK (NASDAQ:PSNY) Trading Up 6.3% – What’s Next?

Polestar Automotive Holding UK PLC (NASDAQ:PSNY)’s share price rose 6.3% on Thursday . The company traded as high as $0.92 and last traded at $0.91. Approximately 700,196 shares changed hands during mid-day trading, a decline of 90% from the average daily volume of 7,228,287 shares. The stock had previously closed at $0.86.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Piper Sandler decreased their target price on Polestar Automotive Holding UK from $2.00 to $1.50 and set a “neutral” rating on the stock in a research report on Wednesday, September 4th. Sanford C. Bernstein raised their price target on shares of Polestar Automotive Holding UK from $0.74 to $0.78 and gave the stock an “underperform” rating in a research note on Friday, August 30th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $1.50 price objective on shares of Polestar Automotive Holding UK in a research note on Tuesday, September 10th. Bank of America initiated coverage on shares of Polestar Automotive Holding UK in a research note on Thursday, December 5th. They issued a “neutral” rating and a $1.25 target price on the stock. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $3.00 price target on shares of Polestar Automotive Holding UK in a report on Monday, September 30th. Two analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $1.53.

Polestar Automotive Holding UK Stock Up 6.3 %

The company has a market cap of $2.13 billion, a PE ratio of -1.75 and a beta of 1.53. The business has a 50-day simple moving average of $1.15 and a 200-day simple moving average of $1.09.

Institutional Trading of Polestar Automotive Holding UK

A number of large investors have recently modified their holdings of the stock. Skandinaviska Enskilda Banken AB publ purchased a new stake in shares of Polestar Automotive Holding UK in the 2nd quarter valued at approximately $1,321,000. Marshall Wace LLP acquired a new position in shares of Polestar Automotive Holding UK during the second quarter worth $407,000. Tredje AP fonden purchased a new position in Polestar Automotive Holding UK in the second quarter valued at $3,091,000. Canada Pension Plan Investment Board raised its stake in Polestar Automotive Holding UK by 59.4% in the second quarter. Canada Pension Plan Investment Board now owns 321,142 shares of the company’s stock valued at $253,000 after buying an additional 119,642 shares in the last quarter. Finally, Public Sector Pension Investment Board purchased a new position in shares of Polestar Automotive Holding UK in the 2nd quarter valued at about $193,000. Hedge funds and other institutional investors own 1.02% of the company’s stock.

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.