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

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

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on PSNY shares. Piper Sandler decreased 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. 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. Sanford C. Bernstein increased their target price 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. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $3.00 target price on shares of Polestar Automotive Holding UK in a research note on Monday, September 30th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $1.58.

Polestar Automotive Holding UK Stock Performance

The firm has a market cap of $2.59 billion, a P/E ratio of -2.21 and a beta of 1.54. The business’s 50-day simple moving average is $1.43 and its 200 day simple moving average is $1.10.

Polestar Automotive Holding UK (NASDAQ:PSNY) last posted its earnings results on Wednesday, August 14th. The company reported ($0.35) EPS for the quarter. The business had revenue of $534.12 million for the quarter. As a group, equities research analysts expect that Polestar Automotive Holding UK PLC will post -0.53 EPS for the current year.

Institutional Investors Weigh In On Polestar Automotive Holding UK

Hedge funds have recently modified their holdings of the business. Skandinaviska Enskilda Banken AB publ bought a new stake in shares of Polestar Automotive Holding UK during the 2nd quarter valued at $1,321,000. Tidal Investments LLC grew its position in shares of Polestar Automotive Holding UK by 118.4% during the 1st quarter. Tidal Investments LLC now owns 241,946 shares of the company’s stock valued at $373,000 after acquiring an additional 131,167 shares during the period. Swedbank AB bought a new stake in shares of Polestar Automotive Holding UK during the 2nd quarter valued at $9,235,000. DNB Asset Management AS bought a new stake in shares of Polestar Automotive Holding UK during the 2nd quarter valued at $48,000. Finally, Marshall Wace LLP bought a new stake in shares of Polestar Automotive Holding UK during the 2nd quarter valued at $407,000. 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.