Polestar Automotive Holding UK PLC (NASDAQ:PSNY) Given Consensus Rating of “Reduce” by Brokerages

Shares of Polestar Automotive Holding UK PLC (NASDAQ:PSNY) have been assigned a consensus recommendation of “Reduce” from the five brokerages that are presently covering the company, Marketbeat reports. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $1.60.

PSNY has been the subject of a number of recent analyst reports. Piper Sandler lowered their price target on shares of Polestar Automotive Holding UK from $2.00 to $1.50 and set a “neutral” rating for the company in a report on Wednesday, September 4th. Sanford C. Bernstein increased 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 note on Friday, August 30th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $3.00 price objective on shares of Polestar Automotive Holding UK in a report on Monday. Barclays lowered their target price on Polestar Automotive Holding UK from $2.00 to $1.00 and set an “underweight” rating on the stock in a research report on Wednesday, July 3rd. Finally, Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $1.50 price target on shares of Polestar Automotive Holding UK in a report on Tuesday.

Hedge Funds Weigh In On Polestar Automotive Holding UK

Several large investors have recently bought and sold shares of the stock. AMF Tjanstepension AB lifted its position in shares of Polestar Automotive Holding UK by 399.3% during the 2nd quarter. AMF Tjanstepension AB now owns 21,971,866 shares of the company’s stock worth $17,283,000 after buying an additional 17,571,426 shares during the period. Swedbank AB bought a new stake in Polestar Automotive Holding UK during the 2nd quarter worth about $9,235,000. Tredje AP fonden acquired a new position in Polestar Automotive Holding UK in the second quarter valued at approximately $3,091,000. Skandinaviska Enskilda Banken AB publ acquired a new stake in shares of Polestar Automotive Holding UK during the second quarter worth $1,321,000. Finally, Livforsakringsbolaget Skandia Omsesidigt bought a new stake in Polestar Automotive Holding UK in the second quarter valued at about $518,000. 1.02% of the stock is currently owned by institutional investors and hedge funds.

Polestar Automotive Holding UK Price Performance

PSNY opened at $1.49 on Tuesday. The company’s 50 day simple moving average is $0.91 and its 200 day simple moving average is $1.13. Polestar Automotive Holding UK has a 1 year low of $0.61 and a 1 year high of $2.97.

Polestar Automotive Holding UK (NASDAQ:PSNY) last released its quarterly earnings data on Wednesday, August 14th. The company reported ($0.35) EPS for the quarter. The firm had revenue of $534.12 million during the quarter. As a group, sell-side analysts anticipate that Polestar Automotive Holding UK will post -0.53 earnings per share for the current fiscal year.

About Polestar Automotive Holding UK

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