Polestar Automotive Holding UK PLC (NASDAQ:PSNYW) Sees Large Drop in Short Interest

Polestar Automotive Holding UK PLC (NASDAQ:PSNYW) was the target of a large decline in short interest during the month of June. As of June 15th, there was short interest totaling 2,053 shares, a decline of 45.0% from the May 31st total of 3,731 shares. Based on an average daily volume of 9,062 shares, the short-interest ratio is currently 0.2 days.

Polestar Automotive Holding UK Stock Down 4.0%

PSNYW stock traded down $0.10 on Wednesday, hitting $2.41. The company’s stock had a trading volume of 1,525 shares, compared to its average volume of 7,716. The firm has a 50 day moving average of $2.96 and a two-hundred day moving average of $3.72. Polestar Automotive Holding UK has a 1 year low of $2.10 and a 1 year high of $24.00.

Wall Street Analyst Weigh In

Separately, Weiss Ratings downgraded Polestar Automotive Holding UK from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, May 27th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company has a consensus rating of “Sell”.

Institutional Investors Weigh In On Polestar Automotive Holding UK

A hedge fund recently bought a new position in Polestar Automotive Holding UK stock. Boothbay Fund Management LLC purchased a new position in shares of Polestar Automotive Holding UK PLC (NASDAQ:PSNYW) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 80,000 shares of the company’s stock, valued at approximately $510,000.

About Polestar Automotive Holding UK

Polestar Automotive Holding UK plc is a special-purpose acquisition company (SPAC) incorporated in the United Kingdom with the primary objective of effecting a business combination, share exchange, asset acquisition or similar merger transaction with one or more businesses in the automotive sector. The company’s management team, supported by affiliates of The Gores Group and Guggenheim Partners, completed its initial public offering in mid-2021 and its units trade on the Nasdaq under the symbol PSNYW.

The SPAC was specifically formed to combine with Polestar Performance AB, the electric performance carmaker backed by Volvo Cars and Zhejiang Geely Holding Group.