Polestar Automotive Holding UK (NASDAQ:PSNY) Stock Price Up 4.2% – Time to Buy?

Shares of Polestar Automotive Holding UK PLC (NASDAQ:PSNY) rose 4.2% on Friday . The company traded as high as $1.14 and last traded at $1.13. Approximately 3,648,542 shares traded hands during mid-day trading, a decline of 49% from the average daily volume of 7,206,929 shares. The stock had previously closed at $1.08.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Sanford C. Bernstein increased their price objective on shares of Polestar Automotive Holding UK from $0.74 to $0.78 and gave the company an “underperform” rating in a research note on Friday, August 30th. Bank of America began coverage on shares of 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. Piper Sandler reduced 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 note on Wednesday, September 4th. Cantor Fitzgerald reiterated an “overweight” rating and set a $3.00 target price on shares of Polestar Automotive Holding UK in a report on Monday, September 30th. Finally, Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $1.50 price target on shares of Polestar Automotive Holding UK in a report on Tuesday, September 10th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $1.53.

Polestar Automotive Holding UK Stock Up 1.9 %

The company has a market cap of $2.35 billion, a PE ratio of -1.93 and a beta of 1.53. The stock’s 50 day simple moving average is $1.13 and its two-hundred day simple moving average is $1.10.

Institutional Inflows and Outflows

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