Polestar Automotive Holding UK (NASDAQ:PSNY) Sees Unusually-High Trading Volume – Here’s Why

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) shares saw strong trading volume on Friday . 2,732,546 shares changed hands during mid-day trading, a decline of 4% from the previous session’s volume of 2,849,959 shares.The stock last traded at $1.17 and had previously closed at $1.10.

Analysts Set New Price Targets

Several brokerages recently issued reports on PSNY. Bank of America assumed coverage on Polestar Automotive Holding UK in a research report on Thursday, December 5th. They set a “neutral” rating and a $1.25 price objective for the company. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $1.50 price target on shares of Polestar Automotive Holding UK in a report on Tuesday, September 10th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $3.00 price objective on shares of Polestar Automotive Holding UK in a research note on Monday, September 30th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $1.53.

Polestar Automotive Holding UK Price Performance

The stock has a market cap of $2.50 billion, a price-to-earnings ratio of -2.05 and a beta of 1.53. The firm’s 50-day moving average is $1.11 and its 200 day moving average is $1.11.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PSNY. Tidal Investments LLC raised its holdings in shares of Polestar Automotive Holding UK by 78.3% in the 3rd quarter. Tidal Investments LLC now owns 468,741 shares of the company’s stock worth $806,000 after purchasing an additional 205,890 shares during the period. Geode Capital Management LLC raised its holdings in Polestar Automotive Holding UK by 444.0% in the third quarter. Geode Capital Management LLC now owns 854,999 shares of the company’s stock valued at $1,471,000 after buying an additional 697,820 shares during the period. Y Intercept Hong Kong Ltd acquired a new position in Polestar Automotive Holding UK during the third quarter valued at approximately $468,000. XTX Topco Ltd grew its stake in Polestar Automotive Holding UK by 91.5% during the third quarter. XTX Topco Ltd now owns 288,564 shares of the company’s stock worth $496,000 after buying an additional 137,907 shares during the period. Finally, Captrust Financial Advisors increased its position in shares of Polestar Automotive Holding UK by 125.4% in the third quarter. Captrust Financial Advisors now owns 46,615 shares of the company’s stock worth $80,000 after acquiring an additional 25,930 shares in the last quarter. Institutional investors and hedge funds own 1.02% of the company’s stock.

Polestar Automotive Holding UK Company Profile

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