Polestar Automotive Holding UK (NASDAQ:PSNY) Shares Gap Up – Should You Buy?

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) shares 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 traded.

Wall Street Analysts Forecast Growth

PSNY has been the subject of several recent research reports. Wall Street Zen cut shares of Polestar Automotive Holding UK from a “hold” rating to a “sell” rating in a research report on Saturday, October 4th. Cantor Fitzgerald restated 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 research note on Thursday. Two equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average target price of $1.25.

Polestar Automotive Holding UK Stock Performance

The company has a 50 day moving average price of $0.89 and a 200 day moving average price of $1.02. The company has a market capitalization of $1.10 billion, a price-to-earnings ratio of -0.79 and a beta of 1.35.

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

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Russell Investments Group Ltd. raised its holdings in shares of 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 purchasing an additional 14,877 shares during the last quarter. Cresset Asset Management LLC increased its position in shares of Polestar Automotive Holding UK by 26.7% during the second quarter. Cresset Asset Management LLC now owns 83,504 shares of the company’s stock valued at $89,000 after acquiring an additional 17,590 shares during the last quarter. Captrust Financial Advisors lifted its holdings in Polestar Automotive Holding UK by 43.2% during the second quarter. Captrust Financial Advisors now owns 58,700 shares of the company’s stock worth $63,000 after acquiring an additional 17,700 shares during the period. Rathbones Group PLC boosted its position in Polestar Automotive Holding UK by 79.1% in the third quarter. Rathbones Group PLC now owns 45,285 shares of the company’s stock worth $43,000 after purchasing an additional 20,000 shares during the last quarter. Finally, SCS Capital Management LLC bought a new position in Polestar Automotive Holding UK in the 1st quarter valued at $43,000. Hedge funds and other institutional investors own 1.02% of the company’s stock.

Polestar Automotive Holding UK Company Profile

Polestar Automotive Holding UK PLC manufactures and sells premium electric vehicles. The company was founded in 2017 and is headquartered in Gothenburg, Sweden.