Polestar Automotive Holding UK (NASDAQ:PSNY) Shares Up 10.3% – Here’s Why

Polestar Automotive Holding UK PLC (NASDAQ:PSNY)’s share price shot up 10.3% during mid-day trading on Wednesday . The company traded as high as $20.44 and last traded at $20.7060. Approximately 82,010 shares changed hands during mid-day trading, a decline of 55% from the average session volume of 181,095 shares. The stock had previously closed at $18.78.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on PSNY shares. Weiss Ratings upgraded shares of Polestar Automotive Holding UK from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, May 14th. Wall Street Zen raised Polestar Automotive Holding UK from a “sell” rating to a “hold” rating in a research note on Saturday, April 25th. 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 has a consensus rating of “Sell”.

Polestar Automotive Holding UK Trading Up 9.5%

The stock has a market capitalization of $1.92 billion, a price-to-earnings ratio of -1.05 and a beta of 1.29. The stock’s 50 day moving average is $20.04 and its 200 day moving average is $57.44.

Insider Activity

In other Polestar Automotive Holding UK news, Director Winfried Vahland purchased 6,700 shares of the stock in a transaction dated Monday, June 1st. The shares were acquired at an average cost of $19.72 per share, for a total transaction of $132,124.00. Following the completion of the transaction, the director directly owned 31,979 shares of the company’s stock, valued at $630,625.88. This trade represents a 26.50% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders have sold a total of 4,211 shares of company stock valued at $74,450 over the last quarter. 0.02% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Polestar Automotive Holding UK

Large investors have recently bought and sold shares of the stock. Rathbones Group PLC increased its position 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 in the last quarter. EverSource Wealth Advisors LLC increased its position in Polestar Automotive Holding UK by 28,277.8% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,554 shares of the company’s stock worth $47,000 after purchasing an additional 2,545 shares in the last quarter. Russell Investments Group Ltd. increased 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 in the last quarter. Focus Partners Wealth acquired a new position in Polestar Automotive Holding UK in the 1st quarter valued at about $62,000. Finally, Captrust Financial Advisors lifted its holdings in Polestar Automotive Holding UK by 43.2% in the 2nd 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 in the last quarter. Institutional investors and hedge funds own 1.02% of the company’s stock.

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.