Polestar Automotive Holding UK (NASDAQ:PSNY) Sees Strong Trading Volume – Here’s What Happened

Shares of Polestar Automotive Holding UK PLC (NASDAQ:PSNY) saw strong trading volume on Thursday . 297,335 shares changed hands during mid-day trading, an increase of 90% from the previous session’s volume of 156,837 shares.The stock last traded at $12.55 and had previously closed at $14.11.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Weiss Ratings reissued a “sell (e+)” rating on shares of Polestar Automotive Holding UK in a research report on Monday. Zacks Research downgraded shares of Polestar Automotive Holding UK from a “hold” rating to a “strong sell” rating in a research report on Friday, November 14th. Wall Street Zen cut shares of Polestar Automotive Holding UK from a “hold” rating to a “sell” rating in a research report on Saturday, October 4th. Finally, Cantor Fitzgerald reissued a “neutral” rating on shares of Polestar Automotive Holding UK in a report on Thursday, September 4th. One analyst has rated the stock with a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Sell”.

Polestar Automotive Holding UK Trading Down 15.8%

The firm has a market capitalization of $848.67 million, a P/E ratio of -18.32 and a beta of 1.37. The stock’s 50-day simple moving average is $22.23 and its 200-day simple moving average is $28.66.

Shares of Polestar Automotive Holding UK are scheduled to reverse split before the market opens on Tuesday, December 30th. The 1-30 reverse split was announced on Monday, November 17th. The number of shares owned by shareholders will be adjusted after the closing bell on Monday, December 29th.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of PSNY. Bank of America Corp DE grew its stake in Polestar Automotive Holding UK by 128.7% in the 3rd quarter. Bank of America Corp DE now owns 164,594 shares of the company’s stock valued at $155,000 after purchasing an additional 92,621 shares during the period. UBS Group AG grew its position in Polestar Automotive Holding UK by 22.6% during the third quarter. UBS Group AG now owns 2,409,258 shares of the company’s stock valued at $2,265,000 after buying an additional 443,359 shares during the period. Rathbones Group PLC raised its position in Polestar Automotive Holding UK by 79.1% in the third quarter. Rathbones Group PLC now owns 45,285 shares of the company’s stock worth $43,000 after acquiring an additional 20,000 shares during the period. Captrust Financial Advisors boosted its stake in Polestar Automotive Holding UK by 43.2% in the second quarter. Captrust Financial Advisors now owns 58,700 shares of the company’s stock valued at $63,000 after acquiring an additional 17,700 shares during the last quarter. Finally, Rafferty Asset Management LLC grew its position in shares of Polestar Automotive Holding UK by 99.1% during the 2nd quarter. Rafferty Asset Management LLC now owns 106,630 shares of the company’s stock valued at $114,000 after acquiring an additional 53,086 shares during the period. 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.