Why Is Polestar (PSNY) Stock Up 7% Today?


  • Polestar Automotive (PSNY) stock is up on a filing update.
  • The company plans to file its annual 2023 report in June.
  • It will also provide preliminary Q1 2024 data at that time.
PSNY Stock - Why Is Polestar (PSNY) Stock Up 7% Today?

Source: Robert Way / Shutterstock.com

Polestar Automotive (NASDAQ:PSNY) stock is up on Friday after the electric vehicle (EV) company provided an update on its missed financial filings.

Polestar Automotive told investors in a news release that it plans to have its filing for the full year of 2023 submitted by the end of June. It also plans to provide preliminary earnings data for its first quarter of 2024 that month.

Investors in PSNY stock will remember that Polestar delayed the filing of its annual report due to errors in prior filings. This had the company looking to investigate certain errors that were present in its 2021 and 2021 annual filings.

What This Means for PSNY Stock

The late annual filing from Polestar has been weighing on PSNY stock. When the company finally gets that filing out, it should relieve some of the pressure that the business is facing from investors and regulators.

Today’s news already has PSNY traders excited and that brings with it heavy trading. That has more than 8.8 million shares changing hands as of this writing. This is well above the company’s daily average trading volume of about 4.9 million shares.

PSNY stock is up 6.7% as of Friday afternoon.

Investors looking for more of the most recent stock market stories will want to stick around!

We have all of the hottest stock market news traders need to know about on Friday! A few examples include what’s going on with shares of Latam Logistics Properties (NYSEMKT:LPA), Trump Media & Technology Group (NASDAQ:DJT) and Nio (NYSE:NIO) stock today. All of this news is available at the links below!

More Stock Market News for Friday

On the date of publication, William White 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.

Article printed from InvestorPlace Media, https://investorplace.com/2024/05/why-is-polestar-psny-stock-up-7-today/.

©2024 InvestorPlace Media, LLC