Polestar Automotive Holding UK (NASDAQ:PSNY) Shares Up 10.3% on Analyst Upgrade

Polestar Automotive Holding UK PLC (NASDAQ:PSNY)’s stock price traded up 10.3% on Friday after Sanford C. Bernstein raised their price target on the stock from $0.74 to $0.78. Sanford C. Bernstein currently has an underperform rating on the stock. Polestar Automotive Holding UK traded as high as $1.18 and last traded at $1.18. 2,795,072 shares traded hands during trading, a decline of 64% from the average session volume of 7,801,139 shares. The stock had previously closed at $1.07.

A number of other research firms have also weighed in on PSNY. Citigroup dropped their price objective on Polestar Automotive Holding UK from $2.50 to $1.70 and set a “neutral” rating for the company in a research note on Thursday, May 16th. Barclays dropped their price target on Polestar Automotive Holding UK from $2.00 to $1.00 and set an “underweight” rating for the company in a research note on Wednesday, July 3rd. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $3.00 price target on shares of Polestar Automotive Holding UK in a research note on Friday. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, Polestar Automotive Holding UK has a consensus rating of “Hold” and an average target price of $1.70.

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. Harel Insurance Investments & Financial Services Ltd. lifted its position in Polestar Automotive Holding UK by 77.3% during the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 31,239 shares of the company’s stock valued at $25,000 after buying an additional 13,624 shares during the period. Public Employees Retirement Association of Colorado purchased a new position in Polestar Automotive Holding UK during the second quarter valued at $26,000. Principal Street Partners LLC purchased a new position in Polestar Automotive Holding UK during the fourth quarter valued at $28,000. SG Americas Securities LLC purchased a new position in Polestar Automotive Holding UK during the second quarter valued at $32,000. Finally, Versor Investments LP purchased a new position in Polestar Automotive Holding UK during the second quarter valued at $47,000. Hedge funds and other institutional investors own 1.02% of the company’s stock.

Polestar Automotive Holding UK Trading Up 14.0 %

The firm has a 50-day simple moving average of $0.84 and a 200 day simple moving average of $1.15.

Polestar Automotive Holding UK (NASDAQ:PSNY) last issued its quarterly earnings results on Wednesday, August 14th. The company reported ($0.35) earnings per share for the quarter. The firm had revenue of $534.12 million during the quarter. As a group, equities research analysts forecast that Polestar Automotive Holding UK PLC will post -0.57 EPS for the current fiscal year.

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.