Polestar Automotive Holding UK (NASDAQ:PSNYW) Shares Up 14.5% – Still a Buy?

Polestar Automotive Holding UK PLC (NASDAQ:PSNYW)’s stock price was up 14.5% during trading on Tuesday . The company traded as high as $3.30 and last traded at $3.15. Approximately 4,914 shares were traded during mid-day trading, a decline of 41% from the average daily volume of 8,361 shares. The stock had previously closed at $2.75.

Polestar Automotive Holding UK Price Performance

The company has a 50 day moving average price of $4.07 and a 200 day moving average price of $6.18.

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 stake in shares of Polestar Automotive Holding UK PLC (NASDAQ:PSNYW) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 80,000 shares of the company’s stock, valued at approximately $510,000.

Polestar Automotive Holding UK Company Profile

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.