Polestar Automotive Holding UK (NASDAQ:PSNY) Sees Large Volume Increase – Should You Buy?

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) shares saw strong trading volume on Friday . 6,166,520 shares changed hands during mid-day trading, an increase of 40% from the previous session’s volume of 4,389,750 shares.The stock last traded at $0.5340 and had previously closed at $0.6264.

Analyst Ratings Changes

A number of research analysts have issued reports on PSNY shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of Polestar Automotive Holding UK in a research report on Thursday. Cantor Fitzgerald restated a “neutral” rating on shares of Polestar Automotive Holding UK in a research note on Thursday, September 4th. Finally, 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. Two investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Polestar Automotive Holding UK presently has an average rating of “Reduce” and an average target price of $1.25.

Polestar Automotive Holding UK Stock Down 16.3%

The company has a 50 day moving average price of $0.89 and a 200-day moving average price of $1.02. The company has a market cap of $1.12 billion, a price-to-earnings ratio of -0.81 and a beta of 1.35.

Polestar Automotive Holding UK (NASDAQ:PSNY) last posted its earnings results on Wednesday, September 3rd. The company reported ($0.10) EPS for the quarter, topping the consensus estimate of ($0.12) by $0.02. The business had revenue of $790.79 million for the quarter, compared to analyst estimates of $850.00 million. On average, analysts forecast that Polestar Automotive Holding UK PLC will post -0.59 EPS for the current fiscal year.

Institutional Trading of Polestar Automotive Holding UK

A number of institutional investors and hedge funds have recently bought and sold shares of PSNY. Russell Investments Group Ltd. lifted its holdings 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 buying an additional 14,877 shares during the period. Cresset Asset Management LLC raised its position in shares of Polestar Automotive Holding UK by 26.7% during the second quarter. Cresset Asset Management LLC now owns 83,504 shares of the company’s stock worth $89,000 after acquiring an additional 17,590 shares during the last quarter. Captrust Financial Advisors lifted its stake in shares of Polestar Automotive Holding UK by 43.2% in the second quarter. Captrust Financial Advisors now owns 58,700 shares of the company’s stock worth $63,000 after acquiring an additional 17,700 shares during the period. Rathbones Group PLC lifted its stake in shares of Polestar Automotive Holding UK by 79.1% in the third quarter. Rathbones Group PLC now owns 45,285 shares of the company’s stock worth $43,000 after acquiring an additional 20,000 shares during the period. Finally, SCS Capital Management LLC bought a new stake in Polestar Automotive Holding UK in the first quarter valued at approximately $43,000. 1.02% of the stock is currently 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.