Polestar Automotive Holding UK PLC (NASDAQ:PSNYW) Sees Large Decline in Short Interest

Polestar Automotive Holding UK PLC (NASDAQ:PSNYW) saw a large decline in short interest in the month of December. As of December 15th, there was short interest totaling 4,758 shares, a decline of 92.0% from the November 30th total of 59,118 shares. Based on an average daily trading volume, of 33,150 shares, the days-to-cover ratio is presently 0.1 days. Based on an average daily trading volume, of 33,150 shares, the days-to-cover ratio is presently 0.1 days.

Polestar Automotive Holding UK Stock Performance

Shares of PSNYW traded down $0.08 during trading hours on Wednesday, reaching $6.32. The company had a trading volume of 27,672 shares, compared to its average volume of 50,823. Polestar Automotive Holding UK has a 12-month low of $3.01 and a 12-month high of $24.00. The firm has a 50 day simple moving average of $6.69 and a 200-day simple moving average of $6.39.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Polestar Automotive Holding UK in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company presently has an average rating of “Sell”.

About Polestar Automotive Holding UK

Polestar Automotive Holding UK plc is a special-purpose acquisition company (SPAC) incorporated in the United Kingdom with the primary objective of effecting a business combination, share exchange, asset acquisition or similar merger transaction with one or more businesses in the automotive sector. The company’s management team, supported by affiliates of The Gores Group and Guggenheim Partners, completed its initial public offering in mid-2021 and its units trade on the Nasdaq under the symbol PSNYW.

The SPAC was specifically formed to combine with Polestar Performance AB, the electric performance carmaker backed by Volvo Cars and Zhejiang Geely Holding Group.