Polestar Automotive Holding UK (NASDAQ:PSNY) Shares Down 4.1% – Should You Sell?

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) shares traded down 4.1% during mid-day trading on Tuesday . The stock traded as low as $12.30 and last traded at $12.3510. Approximately 122,516 shares traded hands during trading, a decline of 29% from the average daily volume of 171,959 shares. The stock had previously closed at $12.88.

Analysts Set New Price Targets

A number of research firms recently commented on PSNY. Weiss Ratings downgraded Polestar Automotive Holding UK from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday. Wall Street Zen downgraded shares of Polestar Automotive Holding UK from a “hold” rating to a “sell” rating in a research note on Sunday, July 12th. One research analyst has rated the stock with a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Sell”.

Polestar Automotive Holding UK Stock Performance

The stock has a fifty day simple moving average of $15.99 and a two-hundred day simple moving average of $18.09. The stock has a market cap of $1.16 billion, a price-to-earnings ratio of -0.64 and a beta of 1.33.

Insiders Place Their Bets

In other Polestar Automotive Holding UK news, Director Quan (Joe) Zhang bought 1,700 shares of the firm’s stock in a transaction on Tuesday, June 30th. The shares were purchased at an average price of $17.70 per share, for a total transaction of $30,090.00. Following the completion of the transaction, the director directly owned 3,300 shares in the company, valued at approximately $58,410. The trade was a 106.25% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Xiaojie Shen bought 2,436 shares of the stock in a transaction on Monday, June 29th. The shares were acquired at an average cost of $17.31 per share, with a total value of $42,167.16. Following the purchase, the director owned 7,369 shares of the company’s stock, valued at approximately $127,557.39. This represents a 49.38% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders acquired a total of 21,829 shares of company stock valued at $396,522 over the last ninety days. 0.02% of the stock is owned by insiders.

Hedge Funds Weigh In On Polestar Automotive Holding UK

A number of institutional investors have recently added to or reduced their stakes in PSNY. California State Teachers Retirement System lifted its stake in Polestar Automotive Holding UK by 2,733.7% in the 2nd quarter. California State Teachers Retirement System now owns 1,318,995 shares of the company’s stock valued at $24,771,000 after purchasing an additional 1,272,449 shares during the last quarter. Nykredit A S bought a new stake in shares of Polestar Automotive Holding UK during the second quarter worth $65,000. Public Employees Retirement System of Ohio acquired a new position in shares of Polestar Automotive Holding UK during the second quarter worth $277,000. EverSource Wealth Advisors LLC increased 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. Finally, Swiss National Bank lifted its stake in shares of Polestar Automotive Holding UK by 195.4% in the 1st quarter. Swiss National Bank now owns 88,893 shares of the company’s stock valued at $1,637,000 after acquiring an additional 58,800 shares during the last quarter. 1.02% of the stock is currently owned by institutional investors and hedge funds.

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.