Polestar Automotive Holding UK (NASDAQ:PSNY) Sees Strong Trading Volume

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) shares saw unusually-strong trading volume on Thursday . Approximately 12,160,102 shares changed hands during mid-day trading, an increase of 197% from the previous session’s volume of 4,090,425 shares.The stock last traded at $0.82 and had previously closed at $0.92.

Wall Street Analyst Weigh In

A number of analysts have weighed in on PSNY shares. Citigroup cut their target price on shares of Polestar Automotive Holding UK from $2.50 to $1.70 and set a “neutral” rating on the stock in a research report on Thursday, May 16th. Cantor Fitzgerald reiterated an “overweight” rating and set a $5.00 price target on shares of Polestar Automotive Holding UK in a report on Friday, April 12th. Finally, Piper Sandler reiterated a “neutral” rating and set a $2.00 price target (down previously from $3.00) on shares of Polestar Automotive Holding UK in a report on Friday, March 15th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $3.48.

Polestar Automotive Holding UK Stock Performance

The business’s 50 day moving average is $1.37 and its two-hundred day moving average is $1.78.

Hedge Funds Weigh In On Polestar Automotive Holding UK

A number of hedge funds have recently bought and sold shares of PSNY. Commonwealth Equity Services LLC raised its stake in Polestar Automotive Holding UK by 109.0% during the third quarter. Commonwealth Equity Services LLC now owns 24,346 shares of the company’s stock worth $64,000 after buying an additional 12,697 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its stake in Polestar Automotive Holding UK by 7.4% in the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 171,965 shares of the company’s stock valued at $454,000 after purchasing an additional 11,899 shares in the last quarter. Avantax Advisory Services Inc. bought a new stake in Polestar Automotive Holding UK in the third quarter valued at $34,000. Pathstone Family Office LLC increased its stake in Polestar Automotive Holding UK by 87.8% in the third quarter. Pathstone Family Office LLC now owns 84,510 shares of the company’s stock valued at $223,000 after purchasing an additional 39,510 shares in the last quarter. Finally, Canada Pension Plan Investment Board bought a new stake in Polestar Automotive Holding UK in the third quarter valued at $532,000. 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.