Polestar Automotive Holding UK (NASDAQ:PSNY) Shares Down 5.2% – Time to Sell?

Polestar Automotive Holding UK PLC (NASDAQ:PSNY)’s share price was down 5.2% during mid-day trading on Monday . The stock traded as low as $1.08 and last traded at $1.08. Approximately 1,305,480 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 7,354,541 shares. The stock had previously closed at $1.14.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on PSNY shares. Deutsche Bank Aktiengesellschaft reiterated 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. Sanford C. Bernstein lifted their target price 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. Cantor Fitzgerald reissued an “overweight” rating and issued a $3.00 target price on shares of Polestar Automotive Holding UK in a research report on Monday, September 30th. Finally, Piper Sandler cut their price target on Polestar Automotive Holding UK from $2.00 to $1.50 and set a “neutral” rating on the stock in a research report on Wednesday, September 4th. Two analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $1.58.

Polestar Automotive Holding UK Price Performance

The firm’s 50 day moving average price is $1.34 and its two-hundred day moving average price is $1.08. The firm has a market cap of $2.28 billion, a price-to-earnings ratio of -1.98 and a beta of 1.54.

Institutional Investors Weigh In On Polestar Automotive Holding UK

Several large investors have recently modified their holdings of PSNY. Harel Insurance Investments & Financial Services Ltd. raised its position 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 buying an additional 13,624 shares during the last quarter. Public Employees Retirement Association of Colorado acquired a new stake in Polestar Automotive Holding UK in the second quarter valued at about $26,000. MetLife Investment Management LLC boosted its holdings in Polestar Automotive Holding UK by 134.4% in the 3rd quarter. MetLife Investment Management LLC now owns 15,390 shares of the company’s stock valued at $26,000 after purchasing an additional 8,823 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of Polestar Automotive Holding UK during the 2nd quarter worth approximately $32,000. Finally, Versor Investments LP acquired a new stake in shares of Polestar Automotive Holding UK in the 2nd quarter valued at approximately $47,000. Hedge funds and other institutional investors own 1.02% of the company’s stock.

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.