Polestar Automotive Holding UK (NASDAQ:PSNY) Shares Up 22.5% – Time to Buy?

Shares of Polestar Automotive Holding UK PLC (NASDAQ:PSNY) were up 22.5% during mid-day trading on Thursday . The company traded as high as $15.95 and last traded at $15.6040. Approximately 179,292 shares traded hands during trading, an increase of 3% from the average daily volume of 174,665 shares. The stock had previously closed at $12.74.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Zacks Research raised shares of Polestar Automotive Holding UK from a “strong sell” rating to a “hold” rating in a research report on Monday, January 12th. Weiss Ratings reissued a “sell (e+)” rating on shares of Polestar Automotive Holding UK in a research report on Monday, December 29th. Two analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Reduce”.

Polestar Automotive Holding UK Stock Performance

The stock has a market cap of $1.20 billion, a price-to-earnings ratio of -0.87 and a beta of 1.33. The business’s fifty day simple moving average is $227.82 and its 200 day simple moving average is $630.85.

Hedge Funds Weigh In On Polestar Automotive Holding UK

Several institutional investors and hedge funds have recently made changes to their positions in the business. Goldman Sachs Group Inc. grew its position in shares of Polestar Automotive Holding UK by 12.2% during the first quarter. Goldman Sachs Group Inc. now owns 528,893 shares of the company’s stock worth $555,000 after buying an additional 57,717 shares in the last quarter. Focus Partners Wealth bought a new position in Polestar Automotive Holding UK during the 1st quarter valued at $62,000. Russell Investments Group Ltd. grew 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 acquiring an additional 14,877 shares in the last quarter. Quadrature Capital Ltd increased its position in shares of Polestar Automotive Holding UK by 224.7% in the 2nd quarter. Quadrature Capital Ltd now owns 241,593 shares of the company’s stock worth $260,000 after purchasing an additional 167,196 shares during the last quarter. Finally, Cresset Asset Management LLC increased its position in shares of Polestar Automotive Holding UK by 26.7% in the 2nd quarter. Cresset Asset Management LLC now owns 83,504 shares of the company’s stock worth $89,000 after purchasing an additional 17,590 shares during the last quarter. 1.02% of the stock is currently owned by hedge funds and other institutional investors.

About Polestar Automotive Holding UK

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.