Polestar Automotive Holding UK PLC (NASDAQ:PSNY) Sees Significant Decline in Short Interest

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) saw a significant decline in short interest during the month of December. As of December 15th, there was short interest totaling 1,683,695 shares, a decline of 95.8% from the November 30th total of 40,281,780 shares. Based on an average daily trading volume, of 422,988 shares, the days-to-cover ratio is currently 4.0 days. Currently, 2.4% of the shares of the company are short sold. Currently, 2.4% of the shares of the company are short sold. Based on an average daily trading volume, of 422,988 shares, the days-to-cover ratio is currently 4.0 days.

Analyst Ratings Changes

Several brokerages have weighed in on PSNY. Cantor Fitzgerald reiterated a “neutral” rating on shares of Polestar Automotive Holding UK in a research note on Thursday, September 4th. Wall Street Zen lowered Polestar Automotive Holding UK from a “hold” rating to a “sell” rating in a report on Saturday, October 4th. Weiss Ratings reissued a “sell (e+)” rating on shares of Polestar Automotive Holding UK in a research note on Monday. Finally, Zacks Research lowered Polestar Automotive Holding UK from a “hold” rating to a “strong sell” rating in a research note on Friday, November 14th. One equities research analyst has rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, Polestar Automotive Holding UK has a consensus rating of “Sell”.

Polestar Automotive Holding UK Trading Up 1.6%

Shares of PSNY traded up $0.27 during mid-day trading on Friday, reaching $17.45. The company had a trading volume of 226,085 shares, compared to its average volume of 168,763. Polestar Automotive Holding UK has a fifty-two week low of $11.75 and a fifty-two week high of $42.60. The firm has a fifty day simple moving average of $19.25 and a 200-day simple moving average of $27.31. The stock has a market cap of $1.25 billion, a price-to-earnings ratio of -0.89 and a beta of 1.37.

Polestar Automotive Holding UK’s stock is scheduled to reverse split on the morning of Tuesday, December 30th. The 1-30 reverse split was announced on Monday, November 17th. The number of shares owned by shareholders will be adjusted after the market closes on Monday, December 29th.

Hedge Funds Weigh In On Polestar Automotive Holding UK

Several hedge funds and other institutional investors have recently bought and sold shares of PSNY. SCS Capital Management LLC purchased a new position in Polestar Automotive Holding UK in the 1st quarter worth approximately $43,000. Rathbones Group PLC lifted its position in shares of 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 purchasing an additional 20,000 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in shares of Polestar Automotive Holding UK by 45.0% in the second quarter. Russell Investments Group Ltd. now owns 47,970 shares of the company’s stock valued at $51,000 after purchasing an additional 14,877 shares during the period. Focus Partners Wealth acquired a new stake in Polestar Automotive Holding UK during the 1st quarter valued at $62,000. Finally, Captrust Financial Advisors increased its stake in 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 buying an additional 17,700 shares during the period. 1.02% of the stock is owned by institutional investors and hedge funds.

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.