Polestar Automotive Holding UK (NASDAQ:PSNY) Trading Up 4.6% - Here's Why

Polestar Automotive Holding UK PLC (NASDAQ:PSNY - Get Free Report) shares shot up 4.6% during mid-day trading on Wednesday . The company traded as high as $1.26 and last traded at $1.26. 1,458,823 shares traded hands during mid-day trading, a decline of 81% from the average session volume of 7,843,846 shares. The stock had previously closed at $1.20.

Analysts Set New Price Targets

A number of research firms recently commented on PSNY. Sanford C. Bernstein lifted their price target on shares of Polestar Automotive Holding UK from $0.74 to $0.78 and gave the stock an "underperform" rating in a research note on Friday, August 30th. Barclays decreased their price target on Polestar Automotive Holding UK from $2.00 to $1.00 and set an "underweight" rating for the company in a research note on Wednesday, July 3rd. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and issued a $1.50 price objective on shares of Polestar Automotive Holding UK in a research report on Tuesday, September 10th. Piper Sandler decreased their target price on Polestar Automotive Holding UK from $2.00 to $1.50 and set a "neutral" rating for the company in a research report on Wednesday, September 4th. Finally, Cantor Fitzgerald restated an "overweight" rating and issued a $3.00 price target on shares of Polestar Automotive Holding UK in a report on Monday, September 30th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $1.58.

Polestar Automotive Holding UK Trading Up 5.0 %

The firm's 50-day moving average price is $1.31 and its two-hundred day moving average price is $1.12. The stock has a market cap of $2.69 billion, a PE ratio of -2.21 and a beta of 1.48.

Polestar Automotive Holding UK (NASDAQ:PSNY - Get Free Report) last issued its quarterly earnings data on Wednesday, August 14th. The company reported ($0.35) EPS for the quarter. The company had revenue of $534.12 million for the quarter. On average, analysts anticipate that Polestar Automotive Holding UK PLC will post -0.53 earnings per share for the current year.

Institutional Investors Weigh In On Polestar Automotive Holding UK

A number of institutional investors have recently added to or reduced their stakes in the stock. AMF Tjanstepension AB boosted its holdings in shares of Polestar Automotive Holding UK by 399.3% in the 2nd quarter. AMF Tjanstepension AB now owns 21,971,866 shares of the company's stock valued at $17,283,000 after buying an additional 17,571,426 shares in the last quarter. Swedbank AB acquired a new stake in Polestar Automotive Holding UK in the second quarter valued at approximately $9,235,000. Tredje AP fonden purchased a new position in Polestar Automotive Holding UK in the second quarter worth $3,091,000. Skandinaviska Enskilda Banken AB publ purchased a new stake in shares of Polestar Automotive Holding UK during the 2nd quarter valued at $1,321,000. Finally, Livforsakringsbolaget Skandia Omsesidigt acquired a new stake in shares of Polestar Automotive Holding UK in the 2nd quarter worth $518,000. Institutional investors 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.