Polestar Automotive Holding UK (NASDAQ:PSNY) Stock Price Down 14.1% – Here’s What Happened

Polestar Automotive Holding UK PLC (NASDAQ:PSNY)’s stock price was down 14.1% during mid-day trading on Monday . The stock traded as low as $19.56 and last traded at $19.8210. Approximately 46,825 shares traded hands during mid-day trading, a decline of 75% from the average daily volume of 188,283 shares. The stock had previously closed at $23.08.

Analyst Ratings Changes

PSNY has been the subject of several research analyst reports. Wall Street Zen upgraded Polestar Automotive Holding UK from a “sell” rating to a “hold” rating in a research note on Saturday, April 25th. Weiss Ratings upgraded Polestar Automotive Holding UK from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, May 14th. Finally, Cantor Fitzgerald cut Polestar Automotive Holding UK from a “neutral” rating to an “underweight” rating in a research note on Thursday, February 19th. One research analyst has rated the stock with a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Sell”.

Polestar Automotive Holding UK Stock Down 15.4%

The company has a 50 day moving average of $19.79 and a 200-day moving average of $136.29. The stock has a market capitalization of $1.82 billion, a P/E ratio of -1.00 and a beta of 1.29.

Hedge Funds Weigh In On Polestar Automotive Holding UK

Large investors have recently added to or reduced their stakes in the company. Rathbones Group PLC lifted its stake in Polestar Automotive Holding UK by 79.1% during the third quarter. Rathbones Group PLC now owns 45,285 shares of the company’s stock worth $43,000 after purchasing an additional 20,000 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in Polestar Automotive Holding UK by 28,277.8% during the first quarter. EverSource Wealth Advisors LLC now owns 2,554 shares of the company’s stock worth $47,000 after purchasing an additional 2,545 shares during the last quarter. Russell Investments Group Ltd. lifted its stake in Polestar Automotive Holding UK by 45.0% during the second quarter. Russell Investments Group Ltd. now owns 47,970 shares of the company’s stock worth $51,000 after purchasing an additional 14,877 shares during the last quarter. Focus Partners Wealth bought a new position in Polestar Automotive Holding UK during the first quarter worth $62,000. Finally, Captrust Financial Advisors lifted its stake in Polestar Automotive Holding UK by 43.2% during the second quarter. Captrust Financial Advisors now owns 58,700 shares of the company’s stock worth $63,000 after purchasing an additional 17,700 shares during the last quarter. 1.02% of the stock is currently owned by 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.