Polestar Automotive Holding UK (NASDAQ:PSNY) Trading 3.2% Higher – Should You Buy?

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) traded up 3.2% on Wednesday . The stock traded as high as $1.17 and last traded at $1.14. 2,534,567 shares traded hands during trading, a decline of 53% from the average session volume of 5,357,852 shares. The stock had previously closed at $1.10.

Wall Street Analyst Weigh In

PSNY has been the topic of several recent analyst reports. Bank of America began coverage on shares of Polestar Automotive Holding UK in a research note on Thursday, December 5th. They set a “neutral” rating and a $1.25 target price on the stock. Cantor Fitzgerald reissued an “overweight” rating and issued a $3.00 price objective on shares of Polestar Automotive Holding UK in a research note on Monday, September 30th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, Polestar Automotive Holding UK presently has a consensus rating of “Hold” and an average price target of $1.53.

Polestar Automotive Holding UK Stock Up 3.6 %

The firm has a market capitalization of $2.46 billion, a price-to-earnings ratio of -2.02 and a beta of 1.53. The business has a 50-day moving average of $1.10 and a two-hundred day moving average of $1.13.

Institutional Trading of Polestar Automotive Holding UK

Several institutional investors have recently modified their holdings of the company. Renaissance Technologies LLC bought a new stake in Polestar Automotive Holding UK in the second quarter valued at about $266,000. Tredje AP fonden acquired a new stake in Polestar Automotive Holding UK during the second quarter valued at approximately $3,091,000. Hsbc Holdings PLC bought a new stake in shares of Polestar Automotive Holding UK in the 2nd quarter valued at approximately $189,000. XTX Topco Ltd raised its holdings in shares of Polestar Automotive Holding UK by 153.1% in the 2nd quarter. XTX Topco Ltd now owns 150,657 shares of the company’s stock worth $119,000 after buying an additional 91,139 shares in the last quarter. Finally, Public Employees Retirement Association of Colorado bought a new position in shares of Polestar Automotive Holding UK during the 2nd quarter worth approximately $26,000. 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.