Polestar Automotive Holding UK (NASDAQ:PSNY) Trading Up 5.3% – Here’s What Happened

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) shares traded up 5.3% during mid-day trading on Monday . The stock traded as high as $1.11 and last traded at $1.10. 1,544,364 shares changed hands during mid-day trading, a decline of 75% from the average session volume of 6,089,962 shares. The stock had previously closed at $1.04.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Polestar Automotive Holding UK in a report on Friday, January 17th. Bank of America assumed coverage on Polestar Automotive Holding UK in a report on Thursday, December 5th. They issued a “neutral” rating and a $1.25 price objective on the stock. Two equities research analysts have rated the stock with a sell rating and five have given a hold rating to the company. According to data from MarketBeat, Polestar Automotive Holding UK presently has a consensus rating of “Hold” and a consensus target price of $1.53.

Polestar Automotive Holding UK Price Performance

The stock has a market cap of $2.27 billion, a PE ratio of -1.87 and a beta of 1.53. The stock’s fifty day moving average is $1.08 and its 200-day moving average is $1.15.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. MetLife Investment Management LLC increased its holdings in Polestar Automotive Holding UK by 134.4% in the 3rd quarter. MetLife Investment Management LLC now owns 15,390 shares of the company’s stock valued at $26,000 after purchasing an additional 8,823 shares during the last quarter. Public Employees Retirement Association of Colorado acquired a new position in Polestar Automotive Holding UK during the 2nd quarter worth about $26,000. Captrust Financial Advisors grew its position in Polestar Automotive Holding UK by 125.4% in the 3rd quarter. Captrust Financial Advisors now owns 46,615 shares of the company’s stock valued at $80,000 after acquiring an additional 25,930 shares in the last quarter. XTX Topco Ltd increased its stake in Polestar Automotive Holding UK by 153.1% during the second quarter. XTX Topco Ltd now owns 150,657 shares of the company’s stock worth $119,000 after purchasing an additional 91,139 shares during the period. Finally, Scientech Research LLC acquired a new stake in shares of Polestar Automotive Holding UK during the second quarter worth about $161,000. 1.02% of the stock is currently 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.