Polestar Automotive Holding UK (NASDAQ:PSNY) Trading Up 10.3% on Insider Buying Activity

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) shares traded up 10.3% during trading on Wednesday after an insider bought additional shares in the company. The stock traded as high as $20.44 and last traded at $20.7060. Approximately 82,010 shares changed hands during trading, a decline of 55% from the average daily volume of 181,095 shares. The stock had previously closed at $18.78.

Specifically, Director Karl-Thomas Neumann bought 2,009 shares of Polestar Automotive Holding UK stock in a transaction that occurred on Monday, June 29th. The shares were acquired at an average price of $16.93 per share, with a total value of $34,012.37. Following the completion of the purchase, the director directly owned 7,998 shares in the company, valued at $135,406.14. The trade was a 33.54% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Xiaojie Shen purchased 2,436 shares of the stock in a transaction on Monday, June 29th. The shares were purchased at an average price of $17.31 per share, for a total transaction of $42,167.16. Following the transaction, the director directly owned 7,369 shares of the company’s stock, valued at approximately $127,557.39. This represents a 49.38% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In other news, Director Winfried Vahland purchased 6,000 shares of the company’s stock in a transaction on Monday, June 29th. The stock was purchased at an average price of $16.95 per share, with a total value of $101,700.00. Following the completion of the purchase, the director directly owned 37,979 shares in the company, valued at approximately $643,744.05. This trade represents a 18.76% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on PSNY shares. Weiss Ratings upgraded Polestar Automotive Holding UK from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, May 14th. Wall Street Zen upgraded Polestar Automotive Holding UK from a “sell” rating to a “hold” rating in a research report on Saturday, April 25th. One research analyst has rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Sell”.

Polestar Automotive Holding UK Stock Performance

The company has a market cap of $1.91 billion, a PE ratio of -1.05 and a beta of 1.32. The business’s 50-day moving average is $20.12 and its 200 day moving average is $52.17.

Polestar Automotive Holding UK (NASDAQ:PSNY) last posted its quarterly earnings results on Friday, April 17th. The company reported ($12.47) earnings per share (EPS) for the quarter. The business had revenue of $817.75 million for the quarter. Equities research analysts anticipate that Polestar Automotive Holding UK PLC will post -8.08 EPS for the current fiscal year.

Institutional Investors Weigh In On Polestar Automotive Holding UK

Several institutional investors have recently bought and sold shares of PSNY. Banco Bilbao Vizcaya Argentaria S.A. purchased a new position in shares of Polestar Automotive Holding UK during the fourth quarter valued at approximately $160,160,000. UBS Group AG lifted its stake in Polestar Automotive Holding UK by 22.6% in the third quarter. UBS Group AG now owns 2,409,258 shares of the company’s stock worth $2,265,000 after acquiring an additional 443,359 shares during the period. The Manufacturers Life Insurance Company purchased a new stake in Polestar Automotive Holding UK in the second quarter worth $326,000. Fjarde AP Fonden Fourth Swedish National Pension Fund bought a new stake in Polestar Automotive Holding UK in the fourth quarter valued at $3,111,000. Finally, Bank of America Corp DE increased its position in Polestar Automotive Holding UK by 128.7% during the 3rd quarter. Bank of America Corp DE now owns 164,594 shares of the company’s stock valued at $155,000 after purchasing an additional 92,621 shares during the period. 1.02% of the stock is currently owned by hedge funds and other institutional investors.

Polestar Automotive Holding UK Company 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.