Polestar Automotive Holding UK (NASDAQ:PSNY) Trading Down 9.1%

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) shares dropped 9.1% on Tuesday . The stock traded as low as $0.83 and last traded at $0.83. Approximately 9,223,488 shares were traded during trading, an increase of 48% from the average daily volume of 6,226,943 shares. The stock had previously closed at $0.92.

Wall Street Analysts Forecast Growth

PSNY has been the topic of several analyst reports. Citigroup decreased their price target on Polestar Automotive Holding UK from $2.50 to $1.70 and set a “neutral” rating on the stock in a research report on Thursday, May 16th. Cantor Fitzgerald restated an “overweight” rating and issued a $5.00 price objective on shares of Polestar Automotive Holding UK in a research report on Monday. Finally, Piper Sandler restated a “neutral” rating and issued a $2.00 price objective (down from $3.00) on shares of Polestar Automotive Holding UK in a research report on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, Polestar Automotive Holding UK currently has an average rating of “Hold” and a consensus price target of $3.48.

Polestar Automotive Holding UK Price Performance

The company has a 50 day simple moving average of $0.98 and a 200-day simple moving average of $1.52.

Institutional Trading of Polestar Automotive Holding UK

Several hedge funds and other institutional investors have recently bought and sold shares of PSNY. Invesco Ltd. boosted its stake in Polestar Automotive Holding UK by 10.7% in the third quarter. Invesco Ltd. now owns 2,833,547 shares of the company’s stock worth $7,481,000 after buying an additional 273,479 shares in the last quarter. Mariner LLC boosted its stake in Polestar Automotive Holding UK by 207.5% in the third quarter. Mariner LLC now owns 252,901 shares of the company’s stock worth $668,000 after buying an additional 170,660 shares in the last quarter. Green Alpha Advisors LLC purchased a new stake in shares of Polestar Automotive Holding UK during the fourth quarter valued at approximately $616,000. Raymond James & Associates boosted its stake in shares of Polestar Automotive Holding UK by 36.5% during the fourth quarter. Raymond James & Associates now owns 29,532 shares of the company’s stock valued at $67,000 after purchasing an additional 7,900 shares during the period. Finally, Schechter Investment Advisors LLC purchased a new stake in shares of Polestar Automotive Holding UK during the fourth quarter valued at approximately $35,000. Hedge funds and other institutional investors own 1.02% of the company’s stock.

About Polestar Automotive Holding UK

Polestar Automotive Holding UK PLC manufactures and sells premium electric vehicles. The company was founded in 2017 and is headquartered in Gothenburg, Sweden.