Polestar Automotive Holding UK (NASDAQ:PSNY) Trading Down 4.9% – What’s Next?

Polestar Automotive Holding UK PLC (NASDAQ:PSNY)’s stock price was down 4.9% on Wednesday . The stock traded as low as $1.25 and last traded at $1.26. Approximately 866,304 shares traded hands during mid-day trading, a decline of 89% from the average daily volume of 7,727,973 shares. The stock had previously closed at $1.32.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on PSNY shares. Sanford C. Bernstein boosted 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. 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 report on Wednesday, September 4th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $3.00 target price on shares of Polestar Automotive Holding UK in a report on Monday, September 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 report on Wednesday, July 3rd. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $1.50 price objective on shares of Polestar Automotive Holding UK in a research report on Tuesday, September 10th. Two analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $1.58.

Polestar Automotive Holding UK Stock Down 5.7 %

The company’s fifty day moving average price is $1.37 and its two-hundred day moving average price is $1.12. The company has a market cap of $2.66 billion, a price-to-earnings ratio of -2.32 and a beta of 1.48.

Polestar Automotive Holding UK (NASDAQ:PSNY) last announced its earnings results on Wednesday, August 14th. The company reported ($0.35) earnings per share for the quarter. The company had revenue of $534.12 million for the quarter. On average, equities research analysts predict that Polestar Automotive Holding UK PLC will post -0.53 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Polestar Automotive Holding UK

Several institutional investors have recently bought and sold shares of PSNY. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in shares of Polestar Automotive Holding UK by 71.5% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 242,402 shares of the company’s stock valued at $191,000 after purchasing an additional 101,066 shares during the last quarter. Susquehanna Fundamental Investments LLC bought a new position in Polestar Automotive Holding UK in the second quarter valued at $179,000. Scientech Research LLC acquired a new stake in Polestar Automotive Holding UK in the 2nd quarter valued at $161,000. Marshall Wace LLP acquired a new stake in Polestar Automotive Holding UK in the 2nd quarter valued at $407,000. Finally, Public Sector Pension Investment Board bought a new stake in Polestar Automotive Holding UK during the 2nd quarter worth about $193,000. 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.