Polestar Automotive Holding UK (NASDAQ:PSNY) Trading Up 7.4% – Time to Buy?

Shares of Polestar Automotive Holding UK PLC (NASDAQ:PSNY) rose 7.4% on Tuesday . The stock traded as high as $21.30 and last traded at $21.24. Approximately 117,451 shares traded hands during mid-day trading, a decline of 43% from the average daily volume of 205,470 shares. The stock had previously closed at $19.77.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Zacks Research cut Polestar Automotive Holding UK from a “hold” rating to a “strong sell” rating in a research report on Friday, November 14th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Polestar Automotive Holding UK in a research report on Monday, December 29th. Finally, Wall Street Zen lowered shares of 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 issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Sell”.

Polestar Automotive Holding UK Stock Performance

The stock has a market capitalization of $1.47 billion, a P/E ratio of -1.05 and a beta of 1.34. The firm’s 50-day simple moving average is $418.76 and its 200 day simple moving average is $744.88.

Institutional Investors Weigh In On Polestar Automotive Holding UK

Large investors have recently made changes to their positions in the stock. Rathbones Group PLC increased its holdings in Polestar Automotive Holding UK by 79.1% during the third quarter. Rathbones Group PLC now owns 45,285 shares of the company’s stock worth $43,000 after buying an additional 20,000 shares during the last quarter. Russell Investments Group Ltd. grew its position in shares of Polestar Automotive Holding UK by 45.0% in the 2nd quarter. Russell Investments Group Ltd. now owns 47,970 shares of the company’s stock valued at $51,000 after acquiring an additional 14,877 shares during the period. Captrust Financial Advisors increased its stake in shares of Polestar Automotive Holding UK by 43.2% during the 2nd quarter. Captrust Financial Advisors now owns 58,700 shares of the company’s stock worth $63,000 after purchasing an additional 17,700 shares during the last quarter. Focus Partners Wealth bought a new stake in shares of Polestar Automotive Holding UK in the 1st quarter valued at about $62,000. Finally, Cresset Asset Management LLC lifted its stake in Polestar Automotive Holding UK by 26.7% in the 2nd quarter. Cresset Asset Management LLC now owns 83,504 shares of the company’s stock valued at $89,000 after purchasing an additional 17,590 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.