Polestar Automotive Holding UK (NASDAQ:PSNY) Trading 4.6% Higher – Here’s What Happened

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) shares were up 4.6% during mid-day trading on Wednesday . The company traded as high as $1.26 and last traded at $1.26. Approximately 1,458,823 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 7,843,846 shares. The stock had previously closed at $1.20.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on PSNY. Piper Sandler reduced their price objective on Polestar Automotive Holding UK from $2.00 to $1.50 and set a “neutral” rating on the stock in a research report on Wednesday, September 4th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $1.50 price target on shares of Polestar Automotive Holding UK in a research note on Tuesday, September 10th. Barclays cut their price objective on shares of Polestar Automotive Holding UK from $2.00 to $1.00 and set an “underweight” rating for the company in a research note on Wednesday, July 3rd. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $3.00 target price on shares of Polestar Automotive Holding UK in a report on Monday, September 30th. Finally, Sanford C. Bernstein boosted their price target on shares of Polestar Automotive Holding UK from $0.74 to $0.78 and gave the stock an “underperform” rating in a research note on Friday, August 30th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $1.58.

Polestar Automotive Holding UK Stock Down 2.4 %

The stock has a market cap of $2.63 billion, a P/E ratio of -2.16 and a beta of 1.48. The company has a 50-day simple moving average of $1.33 and a two-hundred day simple moving average of $1.13.

Polestar Automotive Holding UK (NASDAQ:PSNY) last posted its quarterly earnings results on Wednesday, August 14th. The company reported ($0.35) EPS for the quarter. The company had revenue of $534.12 million for the quarter. As a group, sell-side analysts forecast that Polestar Automotive Holding UK PLC will post -0.53 earnings per share for the current fiscal year.

Institutional Trading of Polestar Automotive Holding UK

A number of institutional investors have recently modified their holdings of PSNY. AMF Tjanstepension AB raised its position in Polestar Automotive Holding UK by 399.3% during the 2nd quarter. AMF Tjanstepension AB now owns 21,971,866 shares of the company’s stock valued at $17,283,000 after purchasing an additional 17,571,426 shares during the last quarter. Swedbank AB purchased a new position in shares of Polestar Automotive Holding UK during the second quarter valued at approximately $9,235,000. Tredje AP fonden purchased a new stake in Polestar Automotive Holding UK in the second quarter worth $3,091,000. Skandinaviska Enskilda Banken AB publ bought a new stake in Polestar Automotive Holding UK in the second quarter valued at $1,321,000. Finally, Livforsakringsbolaget Skandia Omsesidigt purchased a new position in Polestar Automotive Holding UK during the 2nd quarter valued at $518,000. 1.02% of the stock is currently owned by hedge funds and other institutional investors.

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.