Polestar Automotive Holding UK (NASDAQ:PSNY) Shares Up 5.1% – Here’s Why

Polestar Automotive Holding UK PLC (NASDAQ:PSNY)’s share price traded up 5.1% during mid-day trading on Friday . The company traded as high as $22.08 and last traded at $21.9340. 19,021 shares were traded during trading, a decline of 90% from the average session volume of 186,155 shares. The stock had previously closed at $20.87.

Wall Street Analyst Weigh In

PSNY has been the subject of several research reports. Weiss Ratings upgraded shares of Polestar Automotive Holding UK from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday. Cantor Fitzgerald cut Polestar Automotive Holding UK from a “neutral” rating to an “underweight” rating in a research note on Thursday, February 19th. Finally, Wall Street Zen upgraded Polestar Automotive Holding UK from a “sell” rating to a “hold” rating in a report on Saturday, April 25th. One investment analyst has rated the stock with a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Polestar Automotive Holding UK has a consensus rating of “Sell”.

Polestar Automotive Holding UK Trading Up 4.7%

The stock has a market capitalization of $2.04 billion, a price-to-earnings ratio of -1.12 and a beta of 1.22. The company’s 50 day moving average is $18.68 and its 200 day moving average is $189.95.

Institutional Trading of Polestar Automotive Holding UK

Several institutional investors and hedge funds have recently made changes to their positions in PSNY. Goldman Sachs Group Inc. boosted its position in shares of Polestar Automotive Holding UK by 12.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 528,893 shares of the company’s stock valued at $555,000 after purchasing an additional 57,717 shares during the period. Focus Partners Wealth acquired a new position in Polestar Automotive Holding UK during the first quarter worth approximately $62,000. Russell Investments Group Ltd. lifted its stake in Polestar Automotive Holding UK by 45.0% in the second quarter. Russell Investments Group Ltd. now owns 47,970 shares of the company’s stock valued at $51,000 after buying an additional 14,877 shares during the last quarter. Cresset Asset Management LLC lifted its stake in Polestar Automotive Holding UK by 26.7% in the second quarter. Cresset Asset Management LLC now owns 83,504 shares of the company’s stock valued at $89,000 after buying an additional 17,590 shares during the last quarter. Finally, The Manufacturers Life Insurance Company acquired a new stake in shares of Polestar Automotive Holding UK in the second quarter valued at approximately $326,000. 1.02% of the stock is owned by hedge funds and other institutional investors.

Polestar Automotive Holding UK Company Profile

Polestar Automotive Holding UK PLC (NASDAQ: PSNY) is an electric performance car company specializing in the design, development and manufacture of premium electric vehicles. Established as an offshoot of Volvo Car Group’s high-performance Polestar division, the company focuses on delivering a blend of Scandinavian design, advanced electric powertrains and cutting-edge connectivity features.

The roots of Polestar date back to 1996 when it operated as Volvo’s in-house tuning and motorsport arm.