Polestar Automotive Holding UK (NASDAQ:PSNY) Trading 8.1% Higher – Here’s Why

Polestar Automotive Holding UK PLC (NASDAQ:PSNY)’s share price rose 8.1% during mid-day trading on Monday . The company traded as high as $13.44 and last traded at $13.8240. Approximately 12,794 shares changed hands during mid-day trading, a decline of 92% from the average daily volume of 166,085 shares. The stock had previously closed at $12.79.

Analysts Set New Price Targets

A number of brokerages have commented on PSNY. 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 downgraded shares of Polestar Automotive Holding UK from a “hold” rating to a “sell” rating in a research note on Saturday, October 4th. Weiss Ratings restated a “sell (e+)” rating on shares of Polestar Automotive Holding UK in a research note on Monday. Finally, Cantor Fitzgerald reaffirmed 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 assigned a Sell rating to the company. According to MarketBeat, Polestar Automotive Holding UK presently has an average rating of “Sell”.

Polestar Automotive Holding UK Stock Performance

The stock’s 50-day moving average is $19.66 and its 200 day moving average is $27.45. The stock has a market capitalization of $1.22 billion, a PE ratio of -0.88 and a beta of 1.37.

Shares of Polestar Automotive Holding UK are going to reverse split on the morning of 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 market closes on Monday, December 29th.

Institutional Investors Weigh In On Polestar Automotive Holding UK

Several large investors have recently modified their holdings of PSNY. SCS Capital Management LLC acquired a new position in shares of Polestar Automotive Holding UK in the 1st quarter valued at $43,000. Rathbones Group PLC grew its position in Polestar Automotive Holding UK by 79.1% during the 3rd quarter. Rathbones Group PLC now owns 45,285 shares of the company’s stock worth $43,000 after purchasing an additional 20,000 shares during the last quarter. Russell Investments Group Ltd. grew its position in Polestar Automotive Holding UK by 45.0% during the 2nd quarter. Russell Investments Group Ltd. now owns 47,970 shares of the company’s stock worth $51,000 after purchasing an additional 14,877 shares during the last quarter. Captrust Financial Advisors increased 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 purchasing an additional 17,700 shares during the period. Finally, Focus Partners Wealth purchased a new stake in shares of Polestar Automotive Holding UK in the first quarter valued at about $62,000. 1.02% of the stock is owned by institutional investors and hedge funds.

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.