Analysts Set Polestar Automotive Holding UK PLC (NASDAQ:PSNY) Target Price at $1.58

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) has received an average rating of “Reduce” from the six ratings firms that are currently covering the firm, Marketbeat reports. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company. The average 12 month target price among analysts that have covered the stock in the last year is $1.58.

Several analysts have commented on the company. Piper Sandler cut their target price 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. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $1.50 price objective on shares of Polestar Automotive Holding UK in a report on Tuesday, September 10th. Cantor Fitzgerald reissued an “overweight” rating and issued a $3.00 target price on shares of Polestar Automotive Holding UK in a research report on Monday, September 30th. Finally, 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.

Institutional Investors Weigh In On Polestar Automotive Holding UK

Several large investors have recently added to or reduced their stakes in PSNY. AMF Tjanstepension AB boosted its position in 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 during the period. Swedbank AB bought a new position in shares of Polestar Automotive Holding UK during the second quarter valued at approximately $9,235,000. Tredje AP fonden bought a new position in shares of Polestar Automotive Holding UK during the second quarter valued at approximately $3,091,000. Skandinaviska Enskilda Banken AB publ bought a new position in shares of Polestar Automotive Holding UK during the second quarter valued at approximately $1,321,000. Finally, Geode Capital Management LLC boosted its stake in shares of Polestar Automotive Holding UK by 444.0% during the third quarter. Geode Capital Management LLC now owns 854,999 shares of the company’s stock valued at $1,471,000 after purchasing an additional 697,820 shares in the last quarter. 1.02% of the stock is owned by hedge funds and other institutional investors.

Polestar Automotive Holding UK Stock Down 8.3 %

Shares of PSNY opened at $1.10 on Friday. The business’s 50 day moving average price is $1.37 and its 200-day moving average price is $1.09. Polestar Automotive Holding UK has a 52 week low of $0.61 and a 52 week high of $2.65. The stock has a market cap of $2.35 billion, a P/E ratio of -1.93 and a beta of 1.54.

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.