Polestar Automotive Holding UK (NASDAQ:PSNY) Shares Gap Up After Insider Buying Activity

Polestar Automotive Holding UK PLC (NASDAQ:PSNY)’s share price gapped up before the market opened on Thursday following insider buying activity. The stock had previously closed at $18.87, but opened at $19.95. Polestar Automotive Holding UK shares last traded at $19.5450, with a volume of 9,568 shares traded.

Specifically, Director Winfried Vahland bought 6,700 shares of the stock in a transaction dated Monday, June 1st. The shares were bought at an average cost of $19.72 per share, with a total value of $132,124.00. Following the completion of the transaction, the director directly owned 31,979 shares of the company’s stock, valued at $630,625.88. This trade represents a 26.50% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Wall Street Zen upgraded shares of Polestar Automotive Holding UK from a “sell” rating to a “hold” rating in a report on Saturday, April 25th. Weiss Ratings upgraded shares of Polestar Automotive Holding UK from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, May 14th. Finally, Cantor Fitzgerald downgraded Polestar Automotive Holding UK from a “neutral” rating to an “underweight” rating in a research note on Thursday, February 19th. One analyst has rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Sell”.

Polestar Automotive Holding UK Trading Up 4.1%

The company has a market capitalization of $1.83 billion, a PE ratio of -1.01 and a beta of 1.29. The stock has a fifty day moving average of $19.91 and a two-hundred day moving average of $123.41.

Institutional Trading of Polestar Automotive Holding UK

Institutional investors have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC boosted its stake in shares of Polestar Automotive Holding UK by 28,277.8% during the first quarter. EverSource Wealth Advisors LLC now owns 2,554 shares of the company’s stock valued at $47,000 after purchasing an additional 2,545 shares during the period. California State Teachers Retirement System increased its position in shares of Polestar Automotive Holding UK by 184.5% during the first quarter. California State Teachers Retirement System now owns 46,546 shares of the company’s stock valued at $857,000 after buying an additional 30,185 shares during the period. Public Employees Retirement System of Ohio lifted its stake in shares of Polestar Automotive Holding UK by 171.8% in the 1st quarter. Public Employees Retirement System of Ohio now owns 9,966 shares of the company’s stock valued at $184,000 after purchasing an additional 6,300 shares during the period. Swiss National Bank lifted its position in Polestar Automotive Holding UK by 195.4% during the first quarter. Swiss National Bank now owns 88,893 shares of the company’s stock valued at $1,637,000 after buying an additional 58,800 shares during the period. Finally, Pictet Asset Management Holding SA boosted its stake in Polestar Automotive Holding UK by 74.8% during the first quarter. Pictet Asset Management Holding SA now owns 7,465 shares of the company’s stock worth $138,000 after acquiring an additional 3,194 shares in the last quarter. 1.02% of the stock is currently owned by hedge funds and other institutional investors.

Polestar Automotive Holding UK Company Profile

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.