Polestar Automotive Holding UK (NASDAQ:PSNY) Trading Down 8.3% – What’s Next?

Shares of Polestar Automotive Holding UK PLC (NASDAQ:PSNY) dropped 8.3% on Tuesday . The stock traded as low as $16.92 and last traded at $16.9090. Approximately 37,035 shares traded hands during trading, a decline of 85% from the average daily volume of 251,423 shares. The stock had previously closed at $18.44.

Wall Street Analysts Forecast Growth

Several brokerages have commented on PSNY. Cantor Fitzgerald lowered shares of Polestar Automotive Holding UK from a “neutral” rating to an “underweight” rating in a research note on Thursday. Zacks Research raised shares of Polestar Automotive Holding UK from a “strong sell” rating to a “hold” rating in a research report on Monday, January 12th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Polestar Automotive Holding UK in a research note on Monday, December 29th. One investment analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Sell”.

Polestar Automotive Holding UK Price Performance

The company has a market cap of $1.27 billion, a PE ratio of -0.91 and a beta of 1.33. The stock has a 50 day simple moving average of $120.73 and a two-hundred day simple moving average of $560.39.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of PSNY. Banco Bilbao Vizcaya Argentaria S.A. purchased a new stake in shares of Polestar Automotive Holding UK in the fourth quarter valued at about $160,160,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in shares of Polestar Automotive Holding UK during the fourth quarter worth about $522,000. Fjarde AP Fonden Fourth Swedish National Pension Fund acquired a new position in Polestar Automotive Holding UK in the 4th quarter valued at about $3,111,000. JPMorgan Chase & Co. raised its stake in Polestar Automotive Holding UK by 6.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 167,188 shares of the company’s stock valued at $157,000 after acquiring an additional 10,780 shares during the last quarter. Finally, Bank of America Corp DE raised its stake in Polestar Automotive Holding UK by 128.7% during the 3rd quarter. Bank of America Corp DE now owns 164,594 shares of the company’s stock valued at $155,000 after acquiring an additional 92,621 shares during the last quarter. 1.02% of the stock is owned by hedge funds and other institutional investors.

Polestar Automotive Holding UK Company Profile

Polestar Automotive Holding UK PLC (NASDAQ: PSNY) is an electric performance car company specializing in the design, development and manufacture of premium electric vehicles. Established as an offshoot of Volvo Car Group’s high-performance Polestar division, the company focuses on delivering a blend of Scandinavian design, advanced electric powertrains and cutting-edge connectivity features.

The roots of Polestar date back to 1996 when it operated as Volvo’s in-house tuning and motorsport arm.