Polestar Automotive Holding UK (NASDAQ:PSNY) Sees Large Volume Increase – Time to Buy?

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) shares saw unusually-strong trading volume on Friday . Approximately 2,732,546 shares were traded during trading, a decline of 4% from the previous session’s volume of 2,849,959 shares.The stock last traded at $1.17 and had previously closed at $1.10.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $1.50 price target on shares of Polestar Automotive Holding UK in a research note on Tuesday, September 10th. 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 price target on the stock. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $3.00 price objective on shares of Polestar Automotive Holding UK in a research note on Monday, September 30th. 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 company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $1.53.

Polestar Automotive Holding UK Stock Up 6.4 %

The stock has a market capitalization of $2.50 billion, a P/E ratio of -2.05 and a beta of 1.53. The company has a 50 day moving average of $1.11 and a 200-day moving average of $1.11.

Institutional Trading of Polestar Automotive Holding UK

A number of institutional investors and hedge funds have recently made changes to their positions in PSNY. MetLife Investment Management LLC grew its position in Polestar Automotive Holding UK by 134.4% in 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. Captrust Financial Advisors boosted its position in shares of Polestar Automotive Holding UK by 125.4% during the third quarter. Captrust Financial Advisors now owns 46,615 shares of the company’s stock worth $80,000 after buying an additional 25,930 shares during the period. Public Employees Retirement Association of Colorado bought a new position in Polestar Automotive Holding UK in the 2nd quarter worth approximately $26,000. Versor Investments LP acquired a new stake in Polestar Automotive Holding UK in the 2nd quarter valued at approximately $47,000. Finally, Healthcare of Ontario Pension Plan Trust Fund increased its position in Polestar Automotive Holding UK by 31.8% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 319,508 shares of the company’s stock valued at $550,000 after acquiring an additional 77,106 shares during the period. 1.02% of the stock is currently owned by institutional investors and hedge funds.

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.