Polestar Automotive Holding UK PLC (NASDAQ:PSNY) Receives $1.53 Average PT from Analysts

Shares of Polestar Automotive Holding UK PLC (NASDAQ:PSNY) have earned an average recommendation of “Reduce” from the seven brokerages that are covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $1.53.

A number of research firms have weighed in on PSNY. Bank of America initiated coverage on Polestar Automotive Holding UK in a report on Thursday, December 5th. They issued a “neutral” rating and a $1.25 price target for the company. Sanford C. Bernstein raised their price target on shares of Polestar Automotive Holding UK from $0.74 to $0.78 and gave the company an “underperform” rating in a report on Friday, August 30th. Piper Sandler cut their price objective on shares of Polestar Automotive Holding UK from $2.00 to $1.50 and set a “neutral” rating on the stock in a report on Wednesday, September 4th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $1.50 target price on shares of Polestar Automotive Holding UK in a research note on Tuesday, September 10th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $3.00 price target on shares of Polestar Automotive Holding UK in a research note on Monday, September 30th.

Polestar Automotive Holding UK Price Performance

Shares of NASDAQ PSNY opened at $1.09 on Thursday. Polestar Automotive Holding UK has a 1-year low of $0.61 and a 1-year high of $2.56. The company has a market capitalization of $2.33 billion, a price-to-earnings ratio of -1.91 and a beta of 1.53. The business has a 50-day moving average of $1.14 and a 200-day moving average of $1.10.

Hedge Funds Weigh In On Polestar Automotive Holding UK

Hedge funds have recently bought and sold shares of the company. Tredje AP fonden acquired a new stake in Polestar Automotive Holding UK during the second quarter valued at approximately $3,091,000. Skandinaviska Enskilda Banken AB publ bought a new stake in shares of Polestar Automotive Holding UK in the 2nd quarter valued at approximately $1,321,000. Geode Capital Management LLC increased its holdings in shares of Polestar Automotive Holding UK by 444.0% in the 3rd 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 during the last quarter. Marshall Wace LLP acquired a new stake in shares of Polestar Automotive Holding UK during the 2nd quarter valued at approximately $407,000. Finally, Renaissance Technologies LLC bought a new position in Polestar Automotive Holding UK during the second quarter worth $266,000. 1.02% of the stock is currently owned by institutional investors and hedge funds.

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.