Polestar Automotive Holding UK (NASDAQ:PSNY) Sees Unusually-High Trading Volume - Should You Buy?

Key Points

• Polestar Automotive Holding UK experienced a decline in trading volume, with approximately 3.97 million shares traded, down from 4.27 million in the previous session.
• The company's stock price last traded at $1.16, a drop from its previous close of $1.33, and it holds a market cap of $2.40 billion.
• Recent institutional investments include Russell Investments increasing its holdings by 45% and Cresset Asset Management boosting its stake by 26.7% in the second quarter alone.

Polestar Automotive Holding UK PLC (NASDAQ:PSNY - Get Free Report) shares saw strong trading volume on Wednesday . 3,971,715 shares changed hands during mid-day trading, a decline of 7% from the previous session's volume of 4,276,104 shares.The stock last traded at $1.16 and had previously closed at $1.33.

Wall Street Analyst Weigh In

Separately, Cantor Fitzgerald reissued a "neutral" rating on shares of Polestar Automotive Holding UK in a research report on Thursday. Three analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $1.92.

Polestar Automotive Holding UK Price Performance

The company has a fifty day moving average of $1.11 and a 200 day moving average of $1.08. The stock has a market cap of $2.16 billion, a P/E ratio of -1.77 and a beta of 1.44.

Institutional Investors Weigh In On Polestar Automotive Holding UK

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Deutsche Bank AG purchased a new stake in shares of Polestar Automotive Holding UK during the fourth quarter valued at $681,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in Polestar Automotive Holding UK in the 4th quarter worth approximately $610,000. Northern Trust Corp acquired a new stake in Polestar Automotive Holding UK during the fourth quarter valued at $548,000. California State Teachers Retirement System acquired a new stake in shares of Polestar Automotive Holding UK during the 4th quarter valued at about $406,000. Finally, Nuveen Asset Management LLC acquired a new stake in Polestar Automotive Holding UK in the fourth quarter valued at approximately $347,000. Institutional investors and hedge funds 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.