Polestar Automotive Holding UK (NASDAQ:PSNY) Stock Price Up 4.2% – Time to Buy?

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) rose 4.2% during mid-day trading on Friday . The stock traded as high as $1.14 and last traded at $1.13. Approximately 3,648,542 shares traded hands during mid-day trading, a decline of 49% from the average daily volume of 7,206,929 shares. The stock had previously closed at $1.08.

Analyst Ratings Changes

PSNY has been the subject of a number of recent research reports. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $1.50 price objective 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 target price on shares of Polestar Automotive Holding UK in a research report on Monday, September 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. Finally, Bank of America assumed coverage on Polestar Automotive Holding UK in a report on Thursday, December 5th. They set a “neutral” rating and a $1.25 price target on the stock. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $1.53.

Polestar Automotive Holding UK Stock Performance

The stock has a market capitalization of $2.37 billion, a P/E ratio of -1.95 and a beta of 1.53. The business’s fifty day moving average price is $1.13 and its two-hundred day moving average price is $1.10.

Hedge Funds Weigh In On Polestar Automotive Holding UK

A number of institutional investors have recently modified their holdings of the stock. MetLife Investment Management LLC lifted its stake in shares of 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. Public Employees Retirement Association of Colorado acquired a new position in shares of Polestar Automotive Holding UK during the second quarter worth $26,000. Captrust Financial Advisors boosted its position in shares of Polestar Automotive Holding UK by 125.4% in the 3rd 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. Versor Investments LP purchased a new position in Polestar Automotive Holding UK during the 2nd quarter worth $47,000. Finally, XTX Topco Ltd increased its holdings in shares of Polestar Automotive Holding UK by 153.1% during the second quarter. XTX Topco Ltd now owns 150,657 shares of the company’s stock valued at $119,000 after acquiring an additional 91,139 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.