PSNY Stock News: Polestar jumps higher as EV stocks extend gains to start the week
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CLAIM OFFER- NASDAQ:PSNY gained 5.43% during Monday’s trading session.
- Polestar rebounds from its recent post-earnings sell off.
- While Polestar might be struggling, its parent company Geely is booming in China.
NASDAQ:PSNY kicked the week off on the front foot after a major sell-off following its earnings last week. On Monday, shares of PSNY added 5.43% and closed the trading session at a price of $7.57. Stocks extended their rally from last week as all three major indices closed the day higher on Monday. Investors seem to be in a positive frame of mind as early consensus estimates have the CPI figure for August posting a sequential decline from July. Overall, the Dow Jones gained 229 basis points, the S&P 500 added 1.06%, and the NASDAQ rose by 1.27% during the session.
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Polestar posted its earnings at the start of the month and the EV startup that is based out of Sweden saw a wider than expected loss last quarter. The results were a steep sell off from investors that might be losing patience with the company. Polestar attributed the losses to continued expansion of operations as well as its post-SPAC merger with Gores Guggenheim. Still, the company has maintained its guidance for the rest of the year, while also growing into several new markets and also posted a 95% year over year rise in revenues for the first half of the year.
Polestar stock forecast
The first half of 2022 was also a great growth story for Polestar’s parent company, Geely Motors in China. The company reported a staggering 520% year over year growth in EV sales for the first six months of the year, while also showing a 398% year over year growth in plug-in sales. Geely is also considering an IPO for its ride-hailing subsidiary Cao Cao on the Hong Kong Stock Exchange..
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- NASDAQ:PSNY gained 5.43% during Monday’s trading session.
- Polestar rebounds from its recent post-earnings sell off.
- While Polestar might be struggling, its parent company Geely is booming in China.
NASDAQ:PSNY kicked the week off on the front foot after a major sell-off following its earnings last week. On Monday, shares of PSNY added 5.43% and closed the trading session at a price of $7.57. Stocks extended their rally from last week as all three major indices closed the day higher on Monday. Investors seem to be in a positive frame of mind as early consensus estimates have the CPI figure for August posting a sequential decline from July. Overall, the Dow Jones gained 229 basis points, the S&P 500 added 1.06%, and the NASDAQ rose by 1.27% during the session.
Stay up to speed with hot stocks' news!
Polestar posted its earnings at the start of the month and the EV startup that is based out of Sweden saw a wider than expected loss last quarter. The results were a steep sell off from investors that might be losing patience with the company. Polestar attributed the losses to continued expansion of operations as well as its post-SPAC merger with Gores Guggenheim. Still, the company has maintained its guidance for the rest of the year, while also growing into several new markets and also posted a 95% year over year rise in revenues for the first half of the year.
Polestar stock forecast
The first half of 2022 was also a great growth story for Polestar’s parent company, Geely Motors in China. The company reported a staggering 520% year over year growth in EV sales for the first six months of the year, while also showing a 398% year over year growth in plug-in sales. Geely is also considering an IPO for its ride-hailing subsidiary Cao Cao on the Hong Kong Stock Exchange..
Like this article? Help us with some feedback by answering this survey:
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