Polestar Automotive Holding UK (NASDAQ:PSNY) Shares Up 5.3%

Polestar Automotive Holding UK PLC (NASDAQ:PSNY)’s stock price traded up 5.3% during mid-day trading on Thursday . The company traded as high as $1.45 and last traded at $1.38. 2,928,776 shares were traded during mid-day trading, a decline of 9% from the average session volume of 3,222,600 shares. The stock had previously closed at $1.31.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on PSNY shares. Piper Sandler reiterated a “neutral” rating and issued a $2.00 target price (down previously from $3.00) on shares of Polestar Automotive Holding UK in a report on Friday, March 15th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $5.00 price objective on shares of Polestar Automotive Holding UK in a research note on Friday, April 12th. Finally, Sanford C. Bernstein started coverage on Polestar Automotive Holding UK in a research note on Wednesday, January 24th. They set an “underperform” rating and a $1.15 target price for the company. Two analysts have rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $3.83.

Polestar Automotive Holding UK Trading Up 1.5 %

The firm’s fifty day moving average price is $1.60 and its 200-day moving average price is $2.00.

Hedge Funds Weigh In On Polestar Automotive Holding UK

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Invesco Ltd. grew its holdings in shares of Polestar Automotive Holding UK by 10.7% during the 3rd quarter. Invesco Ltd. now owns 2,833,547 shares of the company’s stock worth $7,481,000 after purchasing an additional 273,479 shares in the last quarter. Alyeska Investment Group L.P. lifted its position in Polestar Automotive Holding UK by 744.0% in the first quarter. Alyeska Investment Group L.P. now owns 2,451,571 shares of the company’s stock worth $27,874,000 after purchasing an additional 2,161,109 shares during the period. BlackRock Inc. boosted its stake in Polestar Automotive Holding UK by 144.9% during the second quarter. BlackRock Inc. now owns 1,217,387 shares of the company’s stock worth $4,650,000 after buying an additional 720,285 shares in the last quarter. Tobam boosted its stake in Polestar Automotive Holding UK by 24.0% during the fourth quarter. Tobam now owns 1,136,540 shares of the company’s stock worth $2,569,000 after buying an additional 220,147 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in Polestar Automotive Holding UK by 11.2% in the 2nd quarter. JPMorgan Chase & Co. now owns 795,920 shares of the company’s stock valued at $3,040,000 after buying an additional 80,320 shares during the period. 1.02% of the stock is currently owned by institutional investors.

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.