What's Going On With Polestar Automotive Stock?

Polestar Automotive Holding UK Limited PSNY shares are pulling back Monday after gaining more than 20% on Friday. Here's a look at what's happening with the EV-maker's stock. 

The company announced last week that it has begun production of its Polestar 3 electric SUVs at a U.S. factory. It intends to ship the American-made EVs to customers in the U.S. and Europe in a move designed to avoid the high tariffs imposed on China-made EVs. 

Read Next: What’s Going On With Cannabis Grower Tilray’s Stock?

“Manufacturing Polestar 3 in the USA is a crucial step for us. Now we offer customers in America an electric SUV that is built in America. Exporting the South Carolina-produced Polestar 3 to Europe will strengthen our business on a broader scope," Polestar CEO Thomas Ingenlath said.

Shares are pulling back on above-average trading volume Monday, though the stock remains up by 13% over the past five days. According to data from Benzinga Pro, the stock is trading just above its 52-week low of 61 cents and 8.29% of shares are being sold short.

Will PSNY Go Up?

When trying to assess whether or not Polestar Automotive will trade higher from current levels, it's a good idea to take a look at analyst forecasts:

• Wall Street analysts have an average 12-month price target of $3 on Polestar Automotive.
• The Street high target is currently at $5 and the Street low target is $1.
• Five analysts have positive ratings, no one has neutral ratings and one has a negative rating.
• In the last month, two analysts have adjusted price targets.

Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Polestar Automotive have performed in recent history.

Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Polestar Automotive is 62.28% down year-to-date. The average analyst price target suggests the stock could have further upside ahead.

For a broad overview of everything you need to know about Polestar Automotive, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.

PSNY Price Action: According to Benzinga Pro, Polestar Automotive shares are down 5.14% at 14 cents at the time of publication Monday.

Read Also:

• Canoo Reports Q2 Results: Reduced Expenses, Lower Cash Outflow

Image: Shutterstock