Polestar Automotive Holding UK PLC (NASDAQ:PSNYW) Short Interest Down 45.0% in June

Polestar Automotive Holding UK PLC (NASDAQ:PSNYW) was the target of a significant drop in short interest in June. As of June 15th, there was short interest totaling 2,053 shares, a drop of 45.0% from the May 31st total of 3,731 shares. Based on an average daily volume of 9,062 shares, the short-interest ratio is presently 0.2 days.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings cut shares of Polestar Automotive Holding UK from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, May 27th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, Polestar Automotive Holding UK has a consensus rating of “Sell”.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Polestar Automotive Holding UK stock. Boothbay Fund Management LLC bought a new position in shares of Polestar Automotive Holding UK PLC (NASDAQ:PSNYW) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund bought 80,000 shares of the company’s stock, valued at approximately $510,000.

Polestar Automotive Holding UK Stock Performance

NASDAQ PSNYW opened at $2.26 on Friday. The stock’s 50 day simple moving average is $2.92 and its 200-day simple moving average is $3.69. Polestar Automotive Holding UK has a 1-year low of $2.10 and a 1-year high of $24.00.

Polestar Automotive Holding UK Company Profile

Polestar Automotive Holding UK plc is a special-purpose acquisition company (SPAC) incorporated in the United Kingdom with the primary objective of effecting a business combination, share exchange, asset acquisition or similar merger transaction with one or more businesses in the automotive sector. The company’s management team, supported by affiliates of The Gores Group and Guggenheim Partners, completed its initial public offering in mid-2021 and its units trade on the Nasdaq under the symbol PSNYW.

The SPAC was specifically formed to combine with Polestar Performance AB, the electric performance carmaker backed by Volvo Cars and Zhejiang Geely Holding Group.