Polestar Automotive Holding UK (NASDAQ:PSNY) Shares Up 8.1% – What’s Next?

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) traded up 8.1% during mid-day trading on Monday . The stock traded as high as $13.44 and last traded at $13.8240. 12,794 shares were traded during mid-day trading, a decline of 92% from the average session volume of 166,085 shares. The stock had previously closed at $12.79.

Analysts Set New Price Targets

A number of research firms have commented on PSNY. Zacks Research lowered shares of Polestar Automotive Holding UK from a “hold” rating to a “strong sell” rating in a research note on Friday, November 14th. Cantor Fitzgerald reissued a “neutral” rating on shares of Polestar Automotive Holding UK in a research note on Thursday, September 4th. Weiss Ratings reissued a “sell (e+)” rating on shares of Polestar Automotive Holding UK in a research report on Monday, December 15th. Finally, Wall Street Zen cut Polestar Automotive Holding UK from a “hold” rating to a “sell” rating in a research report on Saturday, October 4th. One research analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Sell”.

Polestar Automotive Holding UK Trading Up 11.2%

The company’s fifty day moving average is $20.13 and its 200-day moving average is $27.67. The firm has a market capitalization of $1.02 billion, a P/E ratio of -0.73 and a beta of 1.37.

Shares of Polestar Automotive Holding UK are set to reverse split 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 have recently added to or reduced their stakes in PSNY. UBS Group AG boosted its holdings 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 purchasing an additional 443,359 shares in the last quarter. The Manufacturers Life Insurance Company bought a new position in shares of Polestar Automotive Holding UK during the 2nd quarter worth approximately $326,000. Advisors Asset Management Inc. increased its stake in shares of Polestar Automotive Holding UK by 61.2% in the first quarter. Advisors Asset Management Inc. now owns 449,227 shares of the company’s stock valued at $472,000 after buying an additional 170,563 shares in the last quarter. Quadrature Capital Ltd increased its stake in shares of Polestar Automotive Holding UK by 224.7% in the second quarter. Quadrature Capital Ltd now owns 241,593 shares of the company’s stock valued at $260,000 after buying an additional 167,196 shares in the last quarter. Finally, Deutsche Bank AG raised its holdings in shares of Polestar Automotive Holding UK by 22.5% in the first quarter. Deutsche Bank AG now owns 794,873 shares of the company’s stock valued at $835,000 after buying an additional 146,107 shares during the last quarter. Institutional investors and hedge funds own 1.02% of the company’s stock.

About Polestar Automotive Holding UK

Polestar Automotive Holding UK PLC (NASDAQ: PSNY) is an electric performance car company specializing in the design, development and manufacture of premium electric vehicles. Established as an offshoot of Volvo Car Group’s high-performance Polestar division, the company focuses on delivering a blend of Scandinavian design, advanced electric powertrains and cutting-edge connectivity features.

The roots of Polestar date back to 1996 when it operated as Volvo’s in-house tuning and motorsport arm.