Polestar Automotive Holding UK (NASDAQ:PSNY) Trading 6.5% Higher

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) rose 6.5% on Tuesday . The company traded as high as $1.68 and last traded at $1.65. Approximately 2,742,239 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 8,041,206 shares. The stock had previously closed at $1.55.

Wall Street Analyst Weigh In

Several research firms have issued reports on PSNY. Sanford C. Bernstein lifted their price target on Polestar Automotive Holding UK from $0.74 to $0.78 and gave the company an “underperform” rating in a research note on Friday, August 30th. Piper Sandler cut their target price on Polestar Automotive Holding UK from $2.00 to $1.50 and set a “neutral” rating on the stock in a research note on Wednesday, September 4th. Barclays reduced 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 report on Wednesday, July 3rd. Cantor Fitzgerald reissued an “overweight” rating and issued a $3.00 price objective on shares of Polestar Automotive Holding UK in a research report on Monday. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $1.50 target price on shares of Polestar Automotive Holding UK in a research report on Tuesday, September 10th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $1.58.

Polestar Automotive Holding UK Price Performance

The business’s 50-day moving average price is $1.04 and its 200 day moving average price is $1.12.

Polestar Automotive Holding UK (NASDAQ:PSNY) last released its quarterly earnings data on Wednesday, August 14th. The company reported ($0.35) earnings per share (EPS) for the quarter. The business had revenue of $534.12 million during the quarter. On average, sell-side analysts expect that Polestar Automotive Holding UK PLC will post -0.53 earnings per share for the current year.

Hedge Funds Weigh In On Polestar Automotive Holding UK

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Harel Insurance Investments & Financial Services Ltd. grew its position in shares of Polestar Automotive Holding UK by 77.3% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 31,239 shares of the company’s stock valued at $25,000 after purchasing an additional 13,624 shares during the last quarter. Public Employees Retirement Association of Colorado bought a new position in Polestar Automotive Holding UK during the 2nd quarter worth $26,000. SG Americas Securities LLC acquired a new stake in shares of Polestar Automotive Holding UK during the second quarter worth $32,000. Versor Investments LP bought a new stake in shares of Polestar Automotive Holding UK in the second quarter valued at about $47,000. Finally, DNB Asset Management AS acquired a new position in shares of Polestar Automotive Holding UK in the second quarter valued at about $48,000. 1.02% of the stock is owned by 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.