Polestar Automotive Holding UK (NASDAQ:PSNY) Stock Price Up 4.6% – What’s Next?

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) rose 4.6% during trading on Wednesday . The stock traded as high as $1.58 and last traded at $1.58. Approximately 1,119,221 shares were traded during trading, a decline of 86% from the average daily volume of 7,874,169 shares. The stock had previously closed at $1.51.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on PSNY. Sanford C. Bernstein raised their target price on shares of Polestar Automotive Holding UK from $0.74 to $0.78 and gave the company an “underperform” rating in a research note on Friday, August 30th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $1.50 target price on shares of Polestar Automotive Holding UK in a research report on Tuesday, September 10th. Barclays cut their price objective on shares of Polestar Automotive Holding UK from $2.00 to $1.00 and set an “underweight” rating on the stock in a report on Wednesday, July 3rd. Cantor Fitzgerald reiterated an “overweight” rating and issued a $3.00 target price on shares of Polestar Automotive Holding UK in a research note on Monday, September 30th. Finally, Piper Sandler cut their price target on shares of Polestar Automotive Holding UK from $2.00 to $1.50 and set a “neutral” rating on the stock in a research note on Wednesday, September 4th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, Polestar Automotive Holding UK currently has a consensus rating of “Hold” and an average price target of $1.58.

Polestar Automotive Holding UK Stock Performance

The firm’s 50 day simple moving average is $1.24 and its 200 day simple moving average is $1.13.

Polestar Automotive Holding UK (NASDAQ:PSNY) last posted its earnings results on Wednesday, August 14th. The company reported ($0.35) earnings per share (EPS) for the quarter. The company had revenue of $534.12 million for the quarter. Equities research analysts predict that Polestar Automotive Holding UK PLC will post -0.53 earnings per share for the current year.

Institutional Trading of Polestar Automotive Holding UK

Hedge funds and other institutional investors have recently bought and sold shares of the stock. AMF Tjanstepension AB boosted its position in Polestar Automotive Holding UK by 399.3% in the 2nd quarter. AMF Tjanstepension AB now owns 21,971,866 shares of the company’s stock worth $17,283,000 after purchasing an additional 17,571,426 shares in the last quarter. Swedbank AB purchased a new stake in Polestar Automotive Holding UK during the second quarter worth $9,235,000. Tredje AP fonden acquired a new stake in Polestar Automotive Holding UK during the second quarter valued at $3,091,000. Skandinaviska Enskilda Banken AB publ purchased a new position in Polestar Automotive Holding UK in the second quarter valued at $1,321,000. Finally, Livforsakringsbolaget Skandia Omsesidigt purchased a new stake in shares of Polestar Automotive Holding UK during the 2nd quarter worth about $518,000. 1.02% of the stock is owned by institutional investors and hedge funds.

About Polestar Automotive Holding UK

Polestar Automotive Holding UK PLC manufactures and sells premium electric vehicles. The company was founded in 2017 and is headquartered in Gothenburg, Sweden.