Polestar Automotive Holding UK (NASDAQ:PSNY) Stock Price Up 6.3% - Should You Buy?

Shares of Polestar Automotive Holding UK PLC (NASDAQ:PSNY - Get Free Report) were up 6.3% during mid-day trading on Thursday . The stock traded as high as $0.92 and last traded at $0.91. Approximately 700,196 shares changed hands during mid-day trading, a decline of 90% from the average daily volume of 7,228,287 shares. The stock had previously closed at $0.86.

Analyst Ratings Changes

Several brokerages recently commented on PSNY. Piper Sandler dropped their price objective on Polestar Automotive Holding UK from $2.00 to $1.50 and set a "neutral" rating on the stock in a research note on Wednesday, September 4th. Bank of America began coverage on Polestar Automotive Holding UK in a report on Thursday, December 5th. They set a "neutral" rating and a $1.25 price objective 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 note on Monday, September 30th. Sanford C. Bernstein lifted their price target on shares of Polestar Automotive Holding UK from $0.74 to $0.78 and gave the company an "underperform" rating in a research note on Friday, August 30th. Finally, Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and issued a $1.50 price target on shares of Polestar Automotive Holding UK in a report on Tuesday, September 10th. Two analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $1.53.

Polestar Automotive Holding UK Price Performance

The stock's 50-day moving average price is $1.17 and its 200 day moving average price is $1.09. The firm has a market cap of $2.00 billion, a P/E ratio of -1.64 and a beta of 1.53.

Institutional Investors Weigh In On Polestar Automotive Holding UK

Several institutional investors and hedge funds have recently added to or reduced their stakes in PSNY. Tredje AP fonden acquired a new stake in shares of Polestar Automotive Holding UK in the second quarter valued at about $3,091,000. Skandinaviska Enskilda Banken AB publ bought a new position in Polestar Automotive Holding UK in the second quarter valued at approximately $1,321,000. Geode Capital Management LLC increased its position in shares of Polestar Automotive Holding UK by 444.0% during the 3rd quarter. Geode Capital Management LLC now owns 854,999 shares of the company's stock worth $1,471,000 after purchasing an additional 697,820 shares during the last quarter. Marshall Wace LLP bought a new stake in shares of Polestar Automotive Holding UK during the 2nd quarter worth approximately $407,000. Finally, Tidal Investments LLC boosted 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 valued at $806,000 after buying an additional 205,890 shares during the last quarter. 1.02% of the stock is owned by institutional investors.

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.