Polestar Automotive Holding UK (NASDAQ:PSNY) Shares Up 5.9% – Here’s Why

Shares of Polestar Automotive Holding UK PLC (NASDAQ:PSNY) were up 5.9% during trading on Thursday . The company traded as high as $1.17 and last traded at $1.17. Approximately 4,885,448 shares traded hands during mid-day trading, a decline of 9% from the average daily volume of 5,352,650 shares. The stock had previously closed at $1.10.

Wall Street Analyst Weigh In

A number of equities analysts have commented on PSNY shares. Bank of America started coverage on Polestar Automotive Holding UK in a research note on Thursday, December 5th. They issued a “neutral” rating and a $1.25 target price for the company. Cantor Fitzgerald restated a “neutral” rating on shares of Polestar Automotive Holding UK in a research note on Friday, January 17th. Two research analysts have rated the stock with a sell rating and five have given a hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $1.53.

Polestar Automotive Holding UK Price Performance

The stock has a market cap of $2.50 billion, a P/E ratio of -2.05 and a beta of 1.52. The company has a fifty day moving average of $1.07 and a 200 day moving average of $1.18.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of PSNY. MetLife Investment Management LLC increased its holdings in shares of Polestar Automotive Holding UK by 134.4% in the third quarter. MetLife Investment Management LLC now owns 15,390 shares of the company’s stock valued at $26,000 after buying an additional 8,823 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Polestar Automotive Holding UK in the fourth quarter valued at $33,000. Bank of New York Mellon Corp bought a new position in shares of Polestar Automotive Holding UK in the fourth quarter valued at $37,000. Alliancebernstein L.P. bought a new position in shares of Polestar Automotive Holding UK in the fourth quarter valued at $42,000. Finally, Tobam bought a new position in shares of Polestar Automotive Holding UK in the fourth quarter valued at $65,000. 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.