Polestar Automotive Holding UK (NASDAQ:PSNY) Shares Up 5.3% – Here’s Why

Polestar Automotive Holding UK PLC (NASDAQ:PSNY)’s stock price shot up 5.3% during mid-day trading on Monday . The stock traded as high as $1.11 and last traded at $1.10. 1,544,364 shares changed hands during trading, a decline of 75% from the average session volume of 6,089,962 shares. The stock had previously closed at $1.04.

Analysts Set New Price Targets

A number of brokerages have weighed in on PSNY. Bank of America assumed coverage on 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. Cantor Fitzgerald reiterated a “neutral” rating on shares of Polestar Automotive Holding UK in a research report on Friday, January 17th. Two equities research analysts have rated the stock with a sell rating and five have assigned a hold rating to the stock. Based on data from MarketBeat, Polestar Automotive Holding UK has a consensus rating of “Hold” and a consensus target price of $1.53.

Polestar Automotive Holding UK Stock Performance

The company has a market cap of $2.18 billion, a P/E ratio of -1.79 and a beta of 1.53. The stock has a 50-day moving average of $1.08 and a two-hundred day moving average of $1.15.

Institutional Investors Weigh In On Polestar Automotive Holding UK

A number of hedge funds have recently made changes to their positions in PSNY. Geode Capital Management LLC raised its position in Polestar Automotive Holding UK by 444.0% in the 3rd 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. Marshall Wace LLP purchased a new position in shares of Polestar Automotive Holding UK in the second quarter worth about $407,000. Livforsakringsbolaget Skandia Omsesidigt purchased a new position in shares of Polestar Automotive Holding UK in the fourth quarter worth about $504,000. Tidal Investments LLC lifted its stake in shares of Polestar Automotive Holding UK by 78.3% in the 3rd quarter. Tidal Investments LLC now owns 468,741 shares of the company’s stock valued at $806,000 after acquiring an additional 205,890 shares during the last quarter. Finally, Renaissance Technologies LLC purchased a new stake in Polestar Automotive Holding UK during the 2nd quarter valued at about $266,000. 1.02% of the stock is currently owned by institutional investors.

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.