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

Polestar Automotive Holding UK PLC (NASDAQ:PSNY)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $0.5240, but opened at $0.55. Polestar Automotive Holding UK shares last traded at $0.5150, with a volume of 4,881,057 shares.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Wall Street Zen cut Polestar Automotive Holding UK from a “hold” rating to a “sell” rating in a research report on Saturday, October 4th. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Polestar Automotive Holding UK in a report on Thursday, September 4th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Polestar Automotive Holding UK in a report on Thursday. Two investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Reduce” and a consensus target price of $1.25.

Polestar Automotive Holding UK Stock Performance

The company has a market cap of $1.10 billion, a P/E ratio of -0.79 and a beta of 1.35. The stock’s fifty day moving average price is $0.89 and its two-hundred day moving average price is $1.02.

Polestar Automotive Holding UK (NASDAQ:PSNY) last announced its quarterly earnings data on Wednesday, September 3rd. The company reported ($0.10) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.02. The firm had revenue of $790.79 million during the quarter, compared to the consensus estimate of $850.00 million. On average, equities research analysts forecast that Polestar Automotive Holding UK PLC will post -0.59 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in PSNY. UBS Group AG grew its holdings in shares of Polestar Automotive Holding UK by 22.6% during the 3rd quarter. UBS Group AG now owns 2,409,258 shares of the company’s stock valued at $2,265,000 after purchasing an additional 443,359 shares during the last quarter. Deutsche Bank AG grew its stake in shares of Polestar Automotive Holding UK by 22.5% during the first quarter. Deutsche Bank AG now owns 794,873 shares of the company’s stock worth $835,000 after buying an additional 146,107 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Polestar Automotive Holding UK by 12.2% during the first quarter. Goldman Sachs Group Inc. now owns 528,893 shares of the company’s stock worth $555,000 after buying an additional 57,717 shares in the last quarter. California State Teachers Retirement System lifted its stake in shares of Polestar Automotive Holding UK by 18.6% in the 2nd quarter. California State Teachers Retirement System now owns 458,629 shares of the company’s stock valued at $491,000 after acquiring an additional 72,023 shares during the last quarter. Finally, Advisors Asset Management Inc. lifted its stake in shares of Polestar Automotive Holding UK by 61.2% in the 1st quarter. Advisors Asset Management Inc. now owns 449,227 shares of the company’s stock valued at $472,000 after acquiring an additional 170,563 shares during the last quarter. 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.