Polestar Automotive Holding UK (NASDAQ:PSNY) Shares Up 7.5% – Time to Buy?

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) shot up 7.5% on Monday . The stock traded as high as $1.24 and last traded at $1.23. 1,456,273 shares traded hands during trading, a decline of 81% from the average session volume of 7,570,947 shares. The stock had previously closed at $1.14.

Wall Street Analysts Forecast Growth

Several brokerages have commented on PSNY. Sanford C. Bernstein lifted their target price on Polestar Automotive Holding UK from $0.74 to $0.78 and gave the stock an “underperform” rating in a report on Friday, August 30th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $1.50 target price on shares of Polestar Automotive Holding UK in a report on Tuesday, September 10th. 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 report on Wednesday, September 4th. Finally, 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. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $1.58.

Polestar Automotive Holding UK Stock Performance

The firm has a market cap of $2.59 billion, a price-to-earnings ratio of -2.21 and a beta of 1.54. The business has a 50 day simple moving average of $1.43 and a 200-day simple moving average of $1.10.

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

Hedge Funds Weigh In On Polestar Automotive Holding UK

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in shares of Polestar Automotive Holding UK by 71.5% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 242,402 shares of the company’s stock worth $191,000 after buying an additional 101,066 shares during the last quarter. Susquehanna Fundamental Investments LLC purchased a new position in Polestar Automotive Holding UK in the second quarter valued at approximately $179,000. Scientech Research LLC purchased a new position in Polestar Automotive Holding UK in the second quarter valued at approximately $161,000. Marshall Wace LLP purchased a new position in Polestar Automotive Holding UK in the second quarter valued at approximately $407,000. Finally, Public Sector Pension Investment Board purchased a new position in Polestar Automotive Holding UK in the second quarter valued at approximately $193,000. Hedge funds and other institutional investors own 1.02% of the company’s stock.

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.