Polestar Automotive Holding UK (NASDAQ:PSNY) Shares Down 5.4% – Time to Sell?

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) was down 5.4% during mid-day trading on Friday . The stock traded as low as $1.29 and last traded at $1.40. Approximately 3,197,763 shares changed hands during trading, a decline of 59% from the average daily volume of 7,862,009 shares. The stock had previously closed at $1.48.

Wall Street Analysts Forecast Growth

A number of research firms have commented on PSNY. Barclays reduced their target price on 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. 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 note on Friday, August 30th. Cantor Fitzgerald reiterated 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. Piper Sandler dropped their target price 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. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $1.50 price target on shares of Polestar Automotive Holding UK in a report on Tuesday, September 10th. Two 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.com, the company presently has an average rating of “Hold” and an average target price of $1.58.

Polestar Automotive Holding UK Stock Performance

The stock has a market capitalization of $3.10 billion, a P/E ratio of -2.54 and a beta of 1.48. The stock has a 50 day moving average of $1.28 and a 200 day moving average of $1.13.

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 firm had revenue of $534.12 million for the quarter. On average, research analysts anticipate that Polestar Automotive Holding UK PLC will post -0.53 EPS for the current fiscal year.

Institutional Investors Weigh In On Polestar Automotive Holding UK

Several large investors have recently made changes to their positions in PSNY. Green Alpha Advisors LLC grew its holdings in Polestar Automotive Holding UK by 2.4% in the 1st quarter. Green Alpha Advisors LLC now owns 279,118 shares of the company’s stock worth $430,000 after buying an additional 6,528 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. boosted 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 acquiring an additional 13,624 shares during the period. Public Employees Retirement Association of Colorado acquired a new position in Polestar Automotive Holding UK during the 2nd quarter worth $26,000. Healthcare of Ontario Pension Plan Trust Fund grew its stake in shares of Polestar Automotive Holding UK by 32.7% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 141,336 shares of the company’s stock worth $218,000 after purchasing an additional 34,827 shares in the last quarter. Finally, SG Americas Securities LLC acquired a new position in shares of Polestar Automotive Holding UK during the second quarter valued at $32,000. Institutional investors and hedge funds 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.