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

Polestar Automotive Holding UK PLC (NASDAQ:PSNYW) was the recipient of a significant increase in short interest during the month of August. As of August 31st, there was short interest totaling 87,817 shares, an increase of 211.7% from the August 15th total of 28,173 shares. Based on an average daily volume of 958,032 shares, the short-interest ratio is presently 0.1 days.

Analyst Ratings Changes

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Polestar Automotive Holding UK in a research report on Monday, August 24th. One research analyst has rated the stock with a Sell rating, According to MarketBeat, Polestar Automotive Holding UK presently has a consensus rating of “Sell”.

Polestar Automotive Holding UK Stock Performance

PSNYW stock traded down $0.10 during midday trading on Friday, reaching $4.04. The company had a trading volume of 15,717 shares, compared to its average volume of 103,892. The stock has a 50 day moving average price of $3.29 and a 200 day moving average price of $3.39. Polestar Automotive Holding UK has a fifty-two week low of $2.10 and a fifty-two week high of $14.49.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Polestar Automotive Holding UK stock. Boothbay Fund Management LLC acquired a new position in shares of Polestar Automotive Holding UK PLC (NASDAQ:PSNYW) in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 80,000 shares of the company’s stock, valued at approximately $510,000.

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.