Polestar Automotive Holding UK (NASDAQ:PSNY) Trading Down 4.9% – Time to Sell?

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) shares traded down 4.9% during mid-day trading on Wednesday . The stock traded as low as $1.25 and last traded at $1.26. 866,304 shares were traded during trading, a decline of 89% from the average session volume of 7,727,973 shares. The stock had previously closed at $1.32.

Analysts Set New Price Targets

A number of analysts have commented on PSNY shares. Sanford C. Bernstein raised their price objective on Polestar Automotive Holding UK from $0.74 to $0.78 and gave the stock an “underperform” rating in a research report on Friday, August 30th. Piper Sandler lowered their price target on shares of Polestar Automotive Holding UK from $2.00 to $1.50 and set a “neutral” rating on the stock in a report on Wednesday, September 4th. Cantor Fitzgerald restated an “overweight” rating and issued a $3.00 price objective on shares of Polestar Automotive Holding UK in a research note on Monday, September 30th. Barclays decreased their target price on shares of 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 restated a “hold” rating and set a $1.50 price target on shares of Polestar Automotive Holding UK in a research note on Tuesday, September 10th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $1.58.

Polestar Automotive Holding UK Price Performance

The stock has a market capitalization of $2.66 billion, a P/E ratio of -2.32 and a beta of 1.48. The company’s 50 day simple moving average is $1.37 and its two-hundred day simple moving average is $1.12.

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

Institutional Trading of Polestar Automotive Holding UK

A number of hedge funds and other institutional investors have recently made changes to their positions in PSNY. Harel Insurance Investments & Financial Services Ltd. grew its holdings in Polestar Automotive Holding UK by 77.3% during the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 31,239 shares of the company’s stock worth $25,000 after acquiring an additional 13,624 shares during the last quarter. Public Employees Retirement Association of Colorado acquired a new stake in shares of Polestar Automotive Holding UK in the second quarter valued at approximately $26,000. SG Americas Securities LLC bought a new position in Polestar Automotive Holding UK in the 2nd quarter worth approximately $32,000. Versor Investments LP acquired a new position in Polestar Automotive Holding UK during the 2nd quarter worth $47,000. Finally, DNB Asset Management AS bought a new position in Polestar Automotive Holding UK in the 2nd quarter valued at $48,000. 1.02% of the stock is currently owned by institutional investors and hedge funds.

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.