Swedbank AB Sells 11,367,002 Shares of Polestar Automotive Holding UK PLC $PSNY

Swedbank AB lessened its stake in shares of Polestar Automotive Holding UK PLC (NASDAQ:PSNY) by 96.7% in the 4th quarter, HoldingsChannel.com reports. The fund owned 391,821 shares of the company’s stock after selling 11,367,002 shares during the period. Swedbank AB’s holdings in Polestar Automotive Holding UK were worth $8,373,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. boosted its stake in Polestar Automotive Holding UK by 6.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 167,188 shares of the company’s stock valued at $157,000 after purchasing an additional 10,780 shares during the period. California State Teachers Retirement System boosted its stake in 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 period. UBS Group AG boosted its stake in Polestar Automotive Holding UK by 22.6% during the 3rd quarter. UBS Group AG now owns 2,409,258 shares of the company’s stock valued at $2,265,000 after purchasing an additional 443,359 shares during the period. Goldman Sachs Group Inc. boosted its stake in 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 period. Finally, The Manufacturers Life Insurance Company bought a new stake in Polestar Automotive Holding UK during the 2nd quarter valued at approximately $326,000. Institutional investors own 1.02% of the company’s stock.

Polestar Automotive Holding UK Stock Down 0.6%

Polestar Automotive Holding UK stock opened at $22.11 on Wednesday. The business has a 50 day moving average price of $19.44 and a two-hundred day moving average price of $150.27. The stock has a market cap of $2.06 billion, a price-to-earnings ratio of -1.13 and a beta of 1.22. Polestar Automotive Holding UK PLC has a 12 month low of $11.75 and a 12 month high of $42.60.

Analysts Set New Price Targets

PSNY has been the subject of several recent analyst reports. Weiss Ratings upgraded Polestar Automotive Holding UK from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, May 14th. Wall Street Zen upgraded Polestar Automotive Holding UK from a “sell” rating to a “hold” rating in a research note on Saturday, April 25th. Finally, Cantor Fitzgerald downgraded Polestar Automotive Holding UK from a “neutral” rating to an “underweight” rating in a research note on Thursday, February 19th. One equities research analyst has rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Polestar Automotive Holding UK has an average rating of “Sell”.

Polestar Automotive Holding UK 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.