Polestar Automotive Holding UK (NASDAQ:PSNYW) Trading Up 3% – Here’s What Happened

Polestar Automotive Holding UK PLC (NASDAQ:PSNYW) shares were up 3% on Tuesday . The stock traded as high as $3.05 and last traded at $2.9040. Approximately 11,104 shares traded hands during mid-day trading, an increase of 39% from the average daily volume of 8,016 shares. The stock had previously closed at $2.82.

Wall Street Analyst Weigh In

Separately, Weiss Ratings lowered Polestar Automotive Holding UK from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, May 27th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, Polestar Automotive Holding UK has a consensus rating of “Sell”.

Polestar Automotive Holding UK Price Performance

The business’s 50 day moving average is $3.43 and its 200 day moving average is $4.13.

Institutional Investors Weigh In On Polestar Automotive Holding UK

An institutional investor recently bought a new position in Polestar Automotive Holding UK stock. Boothbay Fund Management LLC acquired a new stake in shares of Polestar Automotive Holding UK PLC (NASDAQ:PSNYW) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 80,000 shares of the company’s stock, valued at approximately $510,000.

Polestar Automotive Holding UK Company Profile

Polestar Automotive Holding UK plc is a special-purpose acquisition company (SPAC) incorporated in the United Kingdom with the primary objective of effecting a business combination, share exchange, asset acquisition or similar merger transaction with one or more businesses in the automotive sector. The company’s management team, supported by affiliates of The Gores Group and Guggenheim Partners, completed its initial public offering in mid-2021 and its units trade on the Nasdaq under the symbol PSNYW.

The SPAC was specifically formed to combine with Polestar Performance AB, the electric performance carmaker backed by Volvo Cars and Zhejiang Geely Holding Group.