Polestar Automotive Holding UK (NASDAQ:PSNY) Stock Price Up 7.7% – Time to Buy?

Polestar Automotive Holding UK PLC (NASDAQ:PSNY)’s share price traded up 7.7% during trading on Friday . The company traded as high as $1.21 and last traded at $1.19. 1,367,670 shares traded hands during trading, a decline of 81% from the average session volume of 7,350,221 shares. The stock had previously closed at $1.10.

Wall Street Analyst Weigh In

PSNY has been the topic of several research reports. Piper Sandler cut their price target on shares of Polestar Automotive Holding UK from $2.00 to $1.50 and set a “neutral” rating on the stock in a report on Wednesday, September 4th. Cantor Fitzgerald reissued an “overweight” rating and set a $3.00 target price on shares of Polestar Automotive Holding UK in a report on Monday, September 30th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $1.50 price target on shares of Polestar Automotive Holding UK in a report on Tuesday, September 10th. Finally, Sanford C. Bernstein lifted their price objective on 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. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $1.58.

Polestar Automotive Holding UK Stock Up 3.6 %

The firm has a market cap of $2.43 billion, a price-to-earnings ratio of -2.00 and a beta of 1.54. The company’s 50-day moving average price is $1.39 and its 200-day moving average price is $1.09.

Institutional Investors Weigh In On Polestar Automotive Holding UK

Several institutional investors have recently bought and sold shares of PSNY. Healthcare of Ontario Pension Plan Trust Fund lifted its position in shares of Polestar Automotive Holding UK by 32.7% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 141,336 shares of the company’s stock valued at $218,000 after acquiring an additional 34,827 shares in the last quarter. Tidal Investments LLC boosted its stake in Polestar Automotive Holding UK by 118.4% during the 1st quarter. Tidal Investments LLC now owns 241,946 shares of the company’s stock worth $373,000 after purchasing an additional 131,167 shares during the last quarter. DNB Asset Management AS acquired a new stake in Polestar Automotive Holding UK during the 2nd quarter worth $48,000. AMF Tjanstepension AB grew its holdings in shares of Polestar Automotive Holding UK by 399.3% during the second quarter. AMF Tjanstepension AB now owns 21,971,866 shares of the company’s stock worth $17,283,000 after buying an additional 17,571,426 shares in the last quarter. Finally, SG Americas Securities LLC acquired a new stake in shares of Polestar Automotive Holding UK in the second quarter valued at about $32,000. 1.02% of the stock is currently owned by institutional investors and hedge funds.

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.