Polestar Automotive Holding UK (NASDAQ:PSNY) Trading Up 11.1% – Still a Buy?

Polestar Automotive Holding UK PLC (NASDAQ:PSNY)’s share price traded up 11.1% during trading on Wednesday . The stock traded as high as $0.79 and last traded at $0.7930. 4,357,216 shares changed hands during mid-day trading, an increase of 3% from the average session volume of 4,248,275 shares. The stock had previously closed at $0.7138.

Analyst Ratings Changes

Several equities analysts have recently weighed in on PSNY shares. Cantor Fitzgerald restated a “neutral” rating on shares of Polestar Automotive Holding UK in a report on Thursday, September 4th. Weiss Ratings restated a “sell (d-)” rating on shares of Polestar Automotive Holding UK in a research note on Wednesday, October 8th. Finally, Wall Street Zen cut shares of Polestar Automotive Holding UK from a “hold” rating to a “sell” rating in a report on Saturday, October 4th. Two equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Polestar Automotive Holding UK currently has a consensus rating of “Reduce” and an average price target of $1.25.

Polestar Automotive Holding UK Price Performance

The business’s 50 day moving average price is $0.94 and its 200 day moving average price is $1.04. The stock has a market capitalization of $1.62 billion, a P/E ratio of -1.16 and a beta of 1.35.

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

Institutional Trading of Polestar Automotive Holding UK

Large investors have recently modified their holdings of the company. Deutsche Bank AG lifted its holdings 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 acquiring an additional 146,107 shares during the period. Goldman Sachs Group Inc. increased its position 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 valued at $555,000 after purchasing an additional 57,717 shares during the last quarter. California State Teachers Retirement System increased its position in shares of Polestar Automotive Holding UK by 18.6% during the 2nd quarter. California State Teachers Retirement System now owns 458,629 shares of the company’s stock valued at $491,000 after purchasing an additional 72,023 shares during the last quarter. 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 worth $472,000 after purchasing an additional 170,563 shares during the period. Finally, The Manufacturers Life Insurance Company purchased a new position in shares of Polestar Automotive Holding UK in the second quarter worth approximately $326,000. 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.