Polestar Automotive Holding UK (NASDAQ:PSNY) Shares Up 4% – Here’s What Happened

Shares of Polestar Automotive Holding UK PLC (NASDAQ:PSNY) were up 4% during mid-day trading on Monday . The company traded as high as $18.90 and last traded at $18.2410. Approximately 69,482 shares changed hands during mid-day trading, a decline of 59% from the average daily volume of 168,350 shares. The stock had previously closed at $17.54.

Analysts Set New Price Targets

Several equities research analysts have issued reports on PSNY shares. 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. Cantor Fitzgerald reissued a “neutral” rating on shares of Polestar Automotive Holding UK in a report on Thursday, September 4th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Polestar Automotive Holding UK in a report on Monday, December 22nd. One investment analyst has rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Polestar Automotive Holding UK has an average rating of “Sell”.

Polestar Automotive Holding UK Stock Up 3.0%

The firm has a market capitalization of $1.29 billion, a P/E ratio of -0.92 and a beta of 1.38. The company’s 50 day moving average is $19.07 and its 200-day moving average is $27.15.

Shares of Polestar Automotive Holding UK are set 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 large investors have recently made changes to their positions in the business. Invesco Ltd. raised its holdings in Polestar Automotive Holding UK by 1,096.8% in the first quarter. Invesco Ltd. now owns 146,238 shares of the company’s stock worth $154,000 after purchasing an additional 134,019 shares in the last quarter. Goldman Sachs Group Inc. grew its position in shares of Polestar Automotive Holding UK by 12.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 528,893 shares of the company’s stock worth $555,000 after buying an additional 57,717 shares during the period. Advisors Asset Management Inc. boosted its stake in Polestar Automotive Holding UK by 61.2% during the first quarter. Advisors Asset Management Inc. now owns 449,227 shares of the company’s stock worth $472,000 after acquiring an additional 170,563 shares in the last quarter. SCS Capital Management LLC bought a new stake in Polestar Automotive Holding UK during the first quarter worth about $43,000. Finally, Quadrature Capital Ltd grew its holdings in Polestar Automotive Holding UK by 224.7% in the second quarter. Quadrature Capital Ltd now owns 241,593 shares of the company’s stock worth $260,000 after purchasing an additional 167,196 shares during the period. 1.02% of the stock is owned by hedge funds and other institutional investors.

Polestar Automotive Holding UK Company Profile

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.