Polestar Automotive Holding UK (NASDAQ:PSNY) Trading Up 7.5% - Still a Buy?

Polestar Automotive Holding UK PLC (NASDAQ:PSNY - Get Free Report) shot up 7.5% on Monday . The company traded as high as $1.24 and last traded at $1.23. 1,456,273 shares changed hands during mid-day trading, a decline of 81% from the average session volume of 7,570,947 shares. The stock had previously closed at $1.14.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Cantor Fitzgerald reissued an "overweight" rating and set a $3.00 target price on shares of Polestar Automotive Holding UK in a research report on Monday, September 30th. Piper Sandler lowered their price objective on Polestar Automotive Holding UK from $2.00 to $1.50 and set a "neutral" rating for the company in a research note on Wednesday, September 4th. Sanford C. Bernstein upped their target price on Polestar Automotive Holding UK from $0.74 to $0.78 and gave the company an "underperform" rating in a research report on Friday, August 30th. Finally, Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and set a $1.50 target price on shares of Polestar Automotive Holding UK in a research note on Tuesday, September 10th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $1.58.

Polestar Automotive Holding UK Trading Up 7.0 %

The firm has a market capitalization of $2.60 billion, a price-to-earnings ratio of -2.14 and a beta of 1.54. The company has a 50-day moving average of $1.44 and a 200-day moving average of $1.10.

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

Institutional Trading of Polestar Automotive Holding UK

Hedge funds have recently made changes to their positions in the stock. Harel Insurance Investments & Financial Services Ltd. boosted its holdings in shares of Polestar Automotive Holding UK by 77.3% during the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 31,239 shares of the company's stock valued at $25,000 after acquiring an additional 13,624 shares during the period. Public Employees Retirement Association of Colorado bought a new position in Polestar Automotive Holding UK in the 2nd quarter worth about $26,000. SG Americas Securities LLC bought a new position in Polestar Automotive Holding UK in the 2nd quarter worth about $32,000. Versor Investments LP bought a new stake in shares of Polestar Automotive Holding UK during the second quarter valued at approximately $47,000. Finally, DNB Asset Management AS acquired a new position in shares of Polestar Automotive Holding UK during the second quarter worth approximately $48,000. 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.