Polestar Automotive Holding UK (NASDAQ:PSNY) Sees Unusually-High Trading Volume – Time to Buy?

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) shares saw unusually-high trading volume on Thursday . Approximately 297,335 shares were traded during mid-day trading, an increase of 90% from the previous session’s volume of 156,837 shares.The stock last traded at $12.55 and had previously closed at $14.11.

Analysts Set New Price Targets

PSNY has been the subject of a number of research analyst reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Polestar Automotive Holding UK in a research report on Monday. Cantor Fitzgerald restated a “neutral” rating on shares of Polestar Automotive Holding UK in a research report on Thursday, September 4th. Wall Street Zen cut Polestar Automotive Holding UK from a “hold” rating to a “sell” rating in a research note on Saturday, October 4th. 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 investment analyst has rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Sell”.

Polestar Automotive Holding UK Stock Performance

The company’s 50-day simple moving average is $21.61 and its 200 day simple moving average is $28.41. The company has a market cap of $1.02 billion, a PE ratio of -22.05 and a beta of 1.37.

Polestar Automotive Holding UK’s stock is scheduled to reverse split on 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.

Institutional Investors Weigh In On Polestar Automotive Holding UK

Several large investors have recently bought and sold shares of the stock. SCS Capital Management LLC purchased a new position in shares of Polestar Automotive Holding UK in the 1st quarter valued at about $43,000. Rathbones Group PLC increased its stake 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 buying an additional 20,000 shares during the period. Russell Investments Group Ltd. raised its holdings in 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 acquiring an additional 14,877 shares in the last quarter. Focus Partners Wealth purchased a new position in Polestar Automotive Holding UK in the first quarter worth approximately $62,000. Finally, Captrust Financial Advisors grew its holdings 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 acquiring an additional 17,700 shares in the last quarter. Hedge funds and other institutional investors own 1.02% of the company’s stock.

About Polestar Automotive Holding UK

Polestar Automotive Holding UK PLC manufactures and sells premium electric vehicles. The company was founded in 2017 and is headquartered in Gothenburg, Sweden.