Polestar Automotive Holding UK (NASDAQ:PSNY) Trading Down 7.1% – What’s Next?

Polestar Automotive Holding UK PLC (NASDAQ:PSNY)’s share price traded down 7.1% during trading on Thursday . The company traded as low as $18.92 and last traded at $19.04. Approximately 85,352 shares changed hands during trading, a decline of 52% from the average daily volume of 179,280 shares. The stock had previously closed at $20.50.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on PSNY shares. 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. Wall Street Zen upgraded Polestar Automotive Holding UK from a “sell” rating to a “hold” rating in a research note on Saturday, April 25th. Finally, Cantor Fitzgerald lowered Polestar Automotive Holding UK from a “neutral” rating to an “underweight” rating in a report on Thursday, February 19th. One equities research analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Polestar Automotive Holding UK currently has a consensus rating of “Sell”.

Polestar Automotive Holding UK Stock Down 5.9%

The company has a market cap of $1.80 billion, a P/E ratio of -0.99 and a beta of 1.29. The stock has a 50 day moving average price of $20.24 and a two-hundred day moving average price of $89.17.

Insider Transactions at Polestar Automotive Holding UK

In other news, Director Winfried Vahland acquired 6,700 shares of the firm’s stock in a transaction on Monday, June 1st. The shares were purchased at an average cost of $19.72 per share, with a total value of $132,124.00. Following the acquisition, the director directly owned 31,979 shares in the company, valued at $630,625.88. This represents a 26.50% increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. In the last ninety days, insiders sold 4,211 shares of company stock valued at $74,450. Insiders own 0.02% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC lifted its holdings in shares of 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 buying an additional 2,545 shares in the last quarter. Pictet Asset Management Holding SA grew its stake in shares of Polestar Automotive Holding UK by 74.8% in the first quarter. Pictet Asset Management Holding SA now owns 7,465 shares of the company’s stock valued at $138,000 after acquiring an additional 3,194 shares in the last quarter. Public Employees Retirement System of Ohio increased its position in Polestar Automotive Holding UK by 171.8% during the first quarter. Public Employees Retirement System of Ohio now owns 9,966 shares of the company’s stock worth $184,000 after acquiring an additional 6,300 shares during the period. SmartHarvest Portfolios LLC bought a new position in Polestar Automotive Holding UK during the first quarter worth about $186,000. Finally, Alpine Global Management LLC bought a new position in Polestar Automotive Holding UK during the fourth quarter worth about $219,000. Institutional investors own 1.02% of the company’s stock.

About Polestar Automotive Holding UK

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.