Short Interest in Polestar Automotive Holding UK PLC (NASDAQ:PSNYW) Expands By 211.7%

Polestar Automotive Holding UK PLC (NASDAQ:PSNYW) was the target of a large growth in short interest in the month of August. As of August 31st, there was short interest totaling 87,817 shares, a growth of 211.7% from the August 15th total of 28,173 shares. Based on an average daily volume of 958,032 shares, the days-to-cover ratio is currently 0.1 days.

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 bought a new stake in shares of Polestar Automotive Holding UK PLC (NASDAQ:PSNYW) during the 4th quarter, according to its most recent filing with the SEC. The firm bought 80,000 shares of the company’s stock, valued at approximately $510,000.

Polestar Automotive Holding UK Stock Down 2.4%

NASDAQ PSNYW traded down $0.10 during trading hours on Friday, hitting $4.04. The company had a trading volume of 15,717 shares, compared to its average volume of 103,892. Polestar Automotive Holding UK has a fifty-two week low of $2.10 and a fifty-two week high of $14.49. The firm’s 50 day moving average is $3.29 and its 200 day moving average is $3.39.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Polestar Automotive Holding UK in a report on Monday, August 24th. One analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Sell”.

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.