Polestar Automotive Holding UK (NASDAQ:PSNY) Trading 7.7% Higher – Here’s Why

Polestar Automotive Holding UK PLC (NASDAQ:PSNY)’s stock price rose 7.7% during trading on Friday . The company traded as high as $1.21 and last traded at $1.19. Approximately 1,367,670 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 7,350,221 shares. The stock had previously closed at $1.10.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $1.50 price target on shares of Polestar Automotive Holding UK in a report on Tuesday, September 10th. Cantor Fitzgerald reissued an “overweight” rating and set a $3.00 price target on shares of Polestar Automotive Holding UK in a research report on Monday, September 30th. Sanford C. Bernstein raised their price objective on Polestar Automotive Holding UK from $0.74 to $0.78 and gave the stock an “underperform” rating in a report on Friday, August 30th. Finally, Piper Sandler decreased their target price on Polestar Automotive Holding UK from $2.00 to $1.50 and set a “neutral” rating for the company in a report on Wednesday, September 4th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Polestar Automotive Holding UK has a consensus rating of “Hold” and an average price target of $1.58.

Polestar Automotive Holding UK Stock Performance

The stock has a market cap of $2.42 billion, a PE ratio of -2.12 and a beta of 1.54. The stock has a fifty day simple moving average of $1.40 and a two-hundred day simple moving average of $1.09.

Hedge Funds Weigh In On Polestar Automotive Holding UK

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. MetLife Investment Management LLC increased its holdings in Polestar Automotive Holding UK by 134.4% during the 3rd quarter. MetLife Investment Management LLC now owns 15,390 shares of the company’s stock worth $26,000 after purchasing an additional 8,823 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. boosted its stake in Polestar Automotive Holding UK by 77.3% during the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 31,239 shares of the company’s stock valued at $25,000 after acquiring an additional 13,624 shares during the last quarter. Public Employees Retirement Association of Colorado bought a new stake in shares of Polestar Automotive Holding UK in the 2nd quarter worth about $26,000. SG Americas Securities LLC bought a new position in shares of Polestar Automotive Holding UK during the second quarter worth about $32,000. Finally, Captrust Financial Advisors grew its stake 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 in the last quarter. 1.02% of the stock is owned by hedge funds and other institutional investors.

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.