Polestar Automotive Holding UK (NASDAQ:PSNY) Trading Down 6.9% – Time to Sell?

by · The Markets Daily

Polestar Automotive Holding UK PLC (NASDAQ:PSNY – Get Free Report)’s stock price dropped 6.9% on Tuesday . The stock traded as low as $1.28 and last traded at $1.29. Approximately 2,168,233 shares were traded during mid-day trading, a decline of 72% from the average daily volume of 7,649,846 shares. The stock had previously closed at $1.38.

Wall Street Analysts Forecast Growth

PSNY has been the topic of several recent analyst reports. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $1.50 target price on shares of Polestar Automotive Holding UK in a report on Tuesday, September 10th. Piper Sandler reduced 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 research note on Wednesday, September 4th. Sanford C. Bernstein boosted their price target on shares of Polestar Automotive Holding UK from $0.74 to $0.78 and gave the company an “underperform” rating in a research note on Friday, August 30th. Barclays reduced their price target on shares of Polestar Automotive Holding UK from $2.00 to $1.00 and set an “underweight” rating on the stock in a research note 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 note on Monday, September 30th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $1.58.

View Our Latest Analysis on PSNY

Polestar Automotive Holding UK Stock Performance

The stock’s 50-day simple moving average is $1.42 and its 200 day simple moving average is $1.11. The company has a market capitalization of $2.37 billion, a PE ratio of -2.04 and a beta of 1.48.

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

Institutional Investors Weigh In On Polestar Automotive Holding UK

A number of large investors have recently modified their holdings of PSNY. Skandinaviska Enskilda Banken AB publ acquired a new position in shares of Polestar Automotive Holding UK in the 2nd quarter valued at $1,321,000. Tidal Investments LLC boosted its holdings in shares of Polestar Automotive Holding UK by 118.4% in the 1st quarter. Tidal Investments LLC now owns 241,946 shares of the company’s stock valued at $373,000 after buying an additional 131,167 shares in the last quarter. Swedbank AB acquired a new position in shares of Polestar Automotive Holding UK in the 2nd quarter valued at $9,235,000. DNB Asset Management AS acquired a new position in shares of Polestar Automotive Holding UK in the 2nd quarter valued at $48,000. Finally, Marshall Wace LLP acquired a new position in shares of Polestar Automotive Holding UK in the 2nd quarter valued at $407,000. 1.02% of the stock is owned by hedge funds and other institutional investors.

About Polestar Automotive Holding UK

(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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