Polestar Automotive Holding UK (NASDAQ:PSNY) Hits New 52-Week Low at $0.67

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) hit a new 52-week low on Friday . The company traded as low as $0.67 and last traded at $0.67, with a volume of 5780463 shares traded. The stock had previously closed at $0.70.

Wall Street Analyst Weigh In

Several analysts have commented on the company. Citigroup cut their target price on Polestar Automotive Holding UK from $2.50 to $1.70 and set a “neutral” rating on the stock in a research note on Thursday, May 16th. Piper Sandler restated a “neutral” rating and set a $2.00 target price (down previously from $3.00) on shares of Polestar Automotive Holding UK in a research note on Friday, March 15th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $5.00 price target on shares of Polestar Automotive Holding UK in a report on Friday, April 12th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $3.48.

Polestar Automotive Holding UK Stock Performance

The stock has a 50 day simple moving average of $1.08 and a 200-day simple moving average of $1.61.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of PSNY. Pathstone Family Office LLC raised its stake in shares of Polestar Automotive Holding UK by 87.8% in the third quarter. Pathstone Family Office LLC now owns 84,510 shares of the company’s stock worth $223,000 after buying an additional 39,510 shares during the period. DekaBank Deutsche Girozentrale purchased a new position in Polestar Automotive Holding UK during the third quarter valued at approximately $25,000. Rafferty Asset Management LLC lifted its holdings in Polestar Automotive Holding UK by 18.7% during the third quarter. Rafferty Asset Management LLC now owns 62,999 shares of the company’s stock valued at $166,000 after purchasing an additional 9,942 shares in the last quarter. Invesco Ltd. increased its stake in shares of Polestar Automotive Holding UK by 10.7% in the third quarter. Invesco Ltd. now owns 2,833,547 shares of the company’s stock worth $7,481,000 after purchasing an additional 273,479 shares in the last quarter. Finally, Mariner LLC increased its stake in shares of Polestar Automotive Holding UK by 207.5% in the third quarter. Mariner LLC now owns 252,901 shares of the company’s stock worth $668,000 after purchasing an additional 170,660 shares in the last quarter. Hedge funds and other institutional investors own 1.02% of the company’s stock.

Polestar Automotive Holding UK Company Profile

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