Polestar Automotive Holding UK (NASDAQ:PSNY) Trading Down 4.7% – Should You Sell?

Polestar Automotive Holding UK PLC (NASDAQ:PSNY)’s stock price traded down 4.7% on Monday . The company traded as low as $1.10 and last traded at $1.11. 1,833,136 shares traded hands during mid-day trading, a decline of 75% from the average session volume of 7,405,019 shares. The stock had previously closed at $1.16.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on PSNY shares. Sanford C. Bernstein lifted their price objective on shares of Polestar Automotive Holding UK from $0.74 to $0.78 and gave the stock an “underperform” rating in a research report on Friday, August 30th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $1.50 price target on shares of Polestar Automotive Holding UK in a report on Tuesday, September 10th. Cantor Fitzgerald reiterated an “overweight” rating and set a $3.00 price objective on shares of Polestar Automotive Holding UK in a report on Monday, September 30th. Finally, Piper Sandler dropped their target price on Polestar Automotive Holding UK from $2.00 to $1.50 and set a “neutral” rating on the stock in a research note on Wednesday, September 4th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $1.58.

Polestar Automotive Holding UK Stock Down 4.3 %

The company’s 50 day moving average price is $1.44 and its 200 day moving average price is $1.10. The firm has a market capitalization of $2.37 billion, a price-to-earnings ratio of -2.04 and a beta of 1.54.

Institutional Trading of Polestar Automotive Holding UK

Several large investors have recently added to or reduced their stakes in PSNY. AMF Tjanstepension AB lifted its holdings in shares of Polestar Automotive Holding UK by 399.3% during the second quarter. AMF Tjanstepension AB now owns 21,971,866 shares of the company’s stock worth $17,283,000 after purchasing an additional 17,571,426 shares during the period. Swedbank AB purchased a new position in Polestar Automotive Holding UK during the 2nd quarter worth approximately $9,235,000. Tredje AP fonden acquired a new stake in Polestar Automotive Holding UK during the 2nd quarter valued at approximately $3,091,000. Skandinaviska Enskilda Banken AB publ acquired a new stake in Polestar Automotive Holding UK during the 2nd quarter valued at approximately $1,321,000. Finally, Geode Capital Management LLC boosted its holdings in shares of Polestar Automotive Holding UK by 444.0% in the 3rd quarter. Geode Capital Management LLC now owns 854,999 shares of the company’s stock valued at $1,471,000 after acquiring an additional 697,820 shares during the last quarter. Hedge funds and other institutional investors own 1.02% of the company’s stock.

Polestar Automotive Holding UK Company Profile

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