Polestar Automotive Holding UK (NASDAQ:PSNY) Stock Price Up 4.9% – Still a Buy?

Shares of Polestar Automotive Holding UK PLC (NASDAQ:PSNY) traded up 4.9% on Friday . The company traded as high as $1.14 and last traded at $1.18. 362,806 shares traded hands during mid-day trading, a decline of 93% from the average session volume of 5,216,560 shares. The stock had previously closed at $1.12.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on PSNY shares. Cantor Fitzgerald reissued a “neutral” rating on shares of Polestar Automotive Holding UK in a research report on Friday, January 17th. Bank of America began coverage on Polestar Automotive Holding UK in a research report on Thursday, December 5th. They issued a “neutral” rating and a $1.25 price objective on the stock. Two investment analysts have rated the stock with a sell rating and five have given a hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $1.53.

Polestar Automotive Holding UK Stock Performance

The firm has a market capitalization of $2.36 billion, a P/E ratio of -1.94 and a beta of 1.49. The stock’s 50 day simple moving average is $1.09 and its 200 day simple moving average is $1.20.

Hedge Funds Weigh In On Polestar Automotive Holding UK

Several institutional investors have recently made changes to their positions in the company. Public Employees Retirement System of Ohio bought a new stake in shares of Polestar Automotive Holding UK in the 4th quarter valued at about $104,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in shares of Polestar Automotive Holding UK in the 4th quarter worth $610,000. Vident Advisory LLC acquired a new position in Polestar Automotive Holding UK during the 4th quarter valued at about $178,000. Nuveen Asset Management LLC acquired a new position in shares of Polestar Automotive Holding UK during the fourth quarter valued at about $347,000. Finally, D. E. Shaw & Co. Inc. boosted its stake in Polestar Automotive Holding UK by 69.7% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 339,809 shares of the company’s stock worth $357,000 after purchasing an additional 139,590 shares in the last quarter. Hedge funds and other 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.