Polestar Automotive Holding UK (NASDAQ:PSNY) Stock Price Up 11.7% – Here’s What Happened

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) traded up 11.7% during mid-day trading on Friday . The company traded as high as $0.60 and last traded at $0.6070. 4,016,253 shares traded hands during trading, a decline of 12% from the average session volume of 4,566,627 shares. The stock had previously closed at $0.5436.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Weiss Ratings reissued a “sell (e+)” rating on shares of Polestar Automotive Holding UK in a research note on Wednesday. Cantor Fitzgerald reissued a “neutral” rating on shares of Polestar Automotive Holding UK in a research report on Thursday, September 4th. Wall Street Zen cut Polestar Automotive Holding UK from a “hold” rating to a “sell” rating in a research note on Saturday, October 4th. Finally, Zacks Research lowered Polestar Automotive Holding UK from a “hold” rating to a “strong sell” rating in a research note on Friday, November 14th. Two investment analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Reduce” and an average target price of $1.25.

Polestar Automotive Holding UK Price Performance

The company’s fifty day simple moving average is $0.84 and its 200-day simple moving average is $1.00. The firm has a market capitalization of $1.31 billion, a PE ratio of -0.94 and a beta of 1.35.

Shares of Polestar Automotive Holding UK are set to reverse split before the market opens on Tuesday, December 30th. The 1-30 reverse split was announced on Monday, November 17th. The number of shares owned by shareholders will be adjusted after the closing bell on Monday, December 29th.

Polestar Automotive Holding UK (NASDAQ:PSNY) last posted its quarterly earnings results on Wednesday, September 3rd. The company reported ($0.10) earnings per share for the quarter, beating the consensus estimate of ($0.12) by $0.02. The firm had revenue of $790.79 million for the quarter, compared to analysts’ expectations of $850.00 million. As a group, equities research analysts anticipate that Polestar Automotive Holding UK PLC will post -0.59 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Polestar Automotive Holding UK

A number of hedge funds have recently modified their holdings of the business. Baader Bank Aktiengesellschaft acquired a new position in Polestar Automotive Holding UK in the first quarter valued at approximately $85,000. Deutsche Bank AG raised its position in Polestar Automotive Holding UK by 22.5% in the first quarter. Deutsche Bank AG now owns 794,873 shares of the company’s stock valued at $835,000 after purchasing an additional 146,107 shares during the period. Invesco Ltd. lifted its stake in shares of Polestar Automotive Holding UK by 1,096.8% in the 1st quarter. Invesco Ltd. now owns 146,238 shares of the company’s stock valued at $154,000 after purchasing an additional 134,019 shares during the last quarter. Advisors Asset Management Inc. grew its holdings in shares of Polestar Automotive Holding UK by 61.2% during the 1st quarter. Advisors Asset Management Inc. now owns 449,227 shares of the company’s stock worth $472,000 after purchasing an additional 170,563 shares during the period. Finally, Goldman Sachs Group Inc. grew its holdings in shares of Polestar Automotive Holding UK by 12.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 528,893 shares of the company’s stock worth $555,000 after purchasing an additional 57,717 shares during the period. 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.