Polestar Automotive Holding UK (NASDAQ:PSNY) Shares Up 6.3% – Time to Buy?

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) was up 6.3% during mid-day trading on Thursday . The stock traded as high as $0.92 and last traded at $0.91. Approximately 700,196 shares traded hands during trading, a decline of 90% from the average daily volume of 7,228,287 shares. The stock had previously closed at $0.86.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Bank of America started coverage on Polestar Automotive Holding UK in a research report on Thursday, December 5th. They issued a “neutral” rating and a $1.25 target price on the stock. Cantor Fitzgerald restated an “overweight” rating and issued a $3.00 price objective on shares of Polestar Automotive Holding UK in a report on Monday, September 30th. Piper Sandler decreased their target price on Polestar Automotive Holding UK from $2.00 to $1.50 and set a “neutral” rating for the company in a report on Wednesday, September 4th. Sanford C. Bernstein increased their target price 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. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $1.50 price target on shares of Polestar Automotive Holding UK in a research report on Tuesday, September 10th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, Polestar Automotive Holding UK has an average rating of “Hold” and an average target price of $1.53.

Polestar Automotive Holding UK Stock Performance

The firm has a fifty day moving average of $1.17 and a 200 day moving average of $1.09. The firm has a market capitalization of $1.93 billion, a PE ratio of -1.58 and a beta of 1.53.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Tredje AP fonden acquired a new stake in Polestar Automotive Holding UK during the 2nd quarter valued at $3,091,000. Skandinaviska Enskilda Banken AB publ acquired a new stake in shares of Polestar Automotive Holding UK during the second quarter valued at about $1,321,000. Geode Capital Management LLC grew its stake in shares of Polestar Automotive Holding UK by 444.0% during the third quarter. Geode Capital Management LLC now owns 854,999 shares of the company’s stock valued at $1,471,000 after acquiring an additional 697,820 shares in the last quarter. Marshall Wace LLP purchased a new stake in shares of Polestar Automotive Holding UK during the second quarter worth about $407,000. Finally, Tidal Investments LLC lifted its stake in shares of Polestar Automotive Holding UK by 78.3% in the third quarter. Tidal Investments LLC now owns 468,741 shares of the company’s stock worth $806,000 after acquiring an additional 205,890 shares in the last quarter. 1.02% of the stock is owned by institutional investors and hedge funds.

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.