Gores Guggenheim (NASDAQ:GGPI) is in the spotlight once again after the company completed a major milestone. As a refresher, Polestar agreed to merge with the special purpose acquisition company (SPAC) last year in a transaction valued at $20 billion.
What’s the recent news with this name? Well, the electric vehicle (EV) manufacturer just announced that it has begun deliveries of the Polestar 2 for its first 180 customers in Australia. In addition, another 200 models of the Polestar 2 are en route to Australia. They are expected to arrive by the end of this month. The next model, the Polestar 3, is expected to reach Australia by next year.
Currently, GGPI stock is up 2% today. Here’s what investors should know moving forward.
Why Is GGPI Stock in the Spotlight?
So far, Polestar and GGPI stock have shown a lot of promise.
Specifically, the Polestar 2 seeks to rival Tesla’s (NASDAQ:TSLA) Model 3 and is sold via a direct-t0-consumer model. Further, in the nearly four months that Polestar has opened Australian reservations, the company has received around 600 orders. The 2’s models — which include single- and dual-motor versions — range from $59,900 to $69,900.
What’s more, in regard to production, one Polestar Australia spokesperson stated that “stock levels are currently strong.” This is in contrast to other EV competitors, such as Lucid (NASDAQ:LCID) and Rivian (NASDAQ:RIVN). During its earnings call, Lucid lowered its 2022 production target from 20,000 to between 12,000 and 14,000. Additionally, Rivian has lowered its 2022 production target from 40,000 to 25,000.
With that in mind, let’s take a look at the largest institutional owners of Polestar.
5 Investors Betting Big on Gores Guggenheim (Polestar)
Institutional ownership of a stock is important to track. This is in part because large investors can provide price support and liquidity. According to 13F forms filed during the fourth quarter, 94 funds hold GGPI stock. That marks a decrease of 10 from the prior quarter. Furthermore, 42 funds initiated new positions during the quarter while 50 funds completely sold out. Finally, institutional investors in aggregate currently hold more than 11.38 million call options versus 7.83 million put options.
So, who are the top five funds betting big on Polestar?
- BNP Paribas Asset Management (OTCMKTS:BNPQY): 3.12 million shares or 3.90% ownership.
- Millennium Management: 2.08 million shares or 2.60% ownership.
- Susquehanna International Group: 1.71 million shares or 2.14% ownership.
- Centiva Capital: 1.51 million shares or 1.89% ownership.
- Sessa Capital: 1 million shares or 1.25% ownership.
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.