Polestar Automotive Holding UK (NASDAQ:PSNY) Shares Down 5.9% – Here’s Why

by · The Cerbat Gem

Polestar Automotive Holding UK PLC (NASDAQ:PSNY – Get Free Report) shares dropped 5.9% during mid-day trading on Monday . The company traded as low as $1.35 and last traded at $1.37. Approximately 1,777,620 shares were traded during trading, a decline of 77% from the average daily volume of 7,848,009 shares. The stock had previously closed at $1.45.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on PSNY shares. Piper Sandler decreased their price objective on shares of Polestar Automotive Holding UK from $2.00 to $1.50 and set a “neutral” rating for the company in a research note on Wednesday, September 4th. Sanford C. Bernstein boosted their target price on shares of 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. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $1.50 price target on shares of Polestar Automotive Holding UK in a report on Tuesday, September 10th. Barclays cut their price objective on shares of Polestar Automotive Holding UK from $2.00 to $1.00 and set an “underweight” rating on the stock in a report on Wednesday, July 3rd. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $3.00 target price on shares of Polestar Automotive Holding UK in a research report on Monday, September 30th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $1.58.

Check Out Our Latest Analysis on PSNY

Polestar Automotive Holding UK Price Performance

The firm has a market cap of $2.69 billion, a P/E ratio of -2.21 and a beta of 1.48. The firm’s 50-day moving average price is $1.31 and its 200 day moving average price is $1.12.

Polestar Automotive Holding UK (NASDAQ:PSNY – Get Free Report) last released its earnings results on Wednesday, August 14th. The company reported ($0.35) EPS for the quarter. The business had revenue of $534.12 million during the quarter. Analysts forecast that Polestar Automotive Holding UK PLC will post -0.53 earnings per share for the current year.

Institutional Trading of Polestar Automotive Holding UK

Several institutional investors have recently added to or reduced their stakes in the business. AMF Tjanstepension AB raised 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 purchasing an additional 17,571,426 shares during the period. Swedbank AB bought a new stake in Polestar Automotive Holding UK in the second quarter valued at $9,235,000. Tredje AP fonden acquired a new position in shares of Polestar Automotive Holding UK during the second quarter valued at $3,091,000. Skandinaviska Enskilda Banken AB publ bought a new position in shares of Polestar Automotive Holding UK during the second quarter worth about $1,321,000. Finally, Livforsakringsbolaget Skandia Omsesidigt acquired a new stake in shares of Polestar Automotive Holding UK in the 2nd quarter worth about $518,000. Institutional investors own 1.02% of the company’s stock.

Polestar Automotive Holding UK Company Profile

(Get Free Report)

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

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