Polestar Automotive Holding UK (NASDAQ:PSNY) Shares Gap Up to $1.37

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) shares gapped up before the market opened on Wednesday . The stock had previously closed at $1.37, but opened at $1.40. Polestar Automotive Holding UK shares last traded at $1.23, with a volume of 4,027,362 shares trading hands.

Wall Street Analysts Forecast Growth

PSNY has been the topic of several research analyst reports. Piper Sandler decreased their price target on shares of Polestar Automotive Holding UK from $2.00 to $1.50 and set a “neutral” rating on the stock in a research note on Wednesday. Cantor Fitzgerald reissued an “overweight” rating and set a $3.00 price target on shares of Polestar Automotive Holding UK in a research note on Friday, August 30th. Barclays reduced their price objective on Polestar Automotive Holding UK from $2.00 to $1.00 and set an “underweight” rating on the stock in a research note on Wednesday, July 3rd. Citigroup lowered their target price on Polestar Automotive Holding UK from $2.50 to $1.70 and set a “neutral” rating for the company in a research report on Thursday, May 16th. Finally, Sanford C. Bernstein boosted their price target on shares of Polestar Automotive Holding UK from $0.74 to $0.78 and gave the stock an “underperform” rating in a research report on Friday, August 30th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $1.60.

Polestar Automotive Holding UK Stock Up 9.1 %

The firm has a 50 day moving average price of $0.88 and a 200-day moving average price of $1.14.

Polestar Automotive Holding UK (NASDAQ:PSNY) last announced its quarterly earnings data on Wednesday, August 14th. The company reported ($0.35) EPS for the quarter. The business had revenue of $534.12 million during the quarter. On average, sell-side analysts predict that Polestar Automotive Holding UK PLC will post -0.57 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Polestar Automotive Holding UK

A number of hedge funds and other institutional investors have recently made changes to their positions in PSNY. AMF Tjanstepension AB lifted its holdings in Polestar Automotive Holding UK by 399.3% during the second quarter. AMF Tjanstepension AB now owns 21,971,866 shares of the company’s stock worth $17,283,000 after buying an additional 17,571,426 shares during the period. Swedbank AB purchased a new stake in Polestar Automotive Holding UK during the second quarter worth $9,235,000. Tredje AP fonden acquired a new stake in Polestar Automotive Holding UK during the second quarter valued at $3,091,000. Skandinaviska Enskilda Banken AB publ acquired a new stake in Polestar Automotive Holding UK during the second quarter valued at $1,321,000. Finally, Livforsakringsbolaget Skandia Omsesidigt purchased a new position in Polestar Automotive Holding UK in the second quarter valued at $518,000. Institutional investors own 1.02% of the company’s stock.

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.