Polestar Automotive Holding UK PLC (NASDAQ:PSNYW) Sees Significant Growth in Short Interest

Polestar Automotive Holding UK PLC (NASDAQ:PSNYW) was the recipient of a significant increase in short interest during the month of July. As of July 31st, there was short interest totaling 33,913 shares, an increase of 1,041.1% from the July 15th total of 2,972 shares. Based on an average daily volume of 311,261 shares, the days-to-cover ratio is presently 0.1 days.

Polestar Automotive Holding UK Price Performance

Shares of Polestar Automotive Holding UK stock traded up $0.23 during mid-day trading on Tuesday, hitting $2.80. 60,427 shares of the stock were exchanged, compared to its average volume of 35,818. The company has a 50-day simple moving average of $2.59 and a 200 day simple moving average of $3.20. Polestar Automotive Holding UK has a 12 month low of $2.10 and a 12 month high of $24.00.

Wall Street Analyst Weigh In

Separately, Weiss Ratings lowered Polestar Automotive Holding UK from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, May 27th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company presently has an average rating of “Sell”.

Institutional Trading of 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) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. 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.