Polestar Automotive Holding UK (NASDAQ:PSNY) Trading Down 7.1% – What’s Next?

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) dropped 7.1% during trading on Thursday . The stock traded as low as $18.92 and last traded at $19.04. 85,352 shares traded hands during mid-day trading, a decline of 52% from the average daily volume of 179,280 shares. The stock had previously closed at $20.50.

Analysts Set New Price Targets

Several brokerages have recently weighed in on PSNY. Cantor Fitzgerald cut shares of Polestar Automotive Holding UK from a “neutral” rating to an “underweight” rating in a research note on Thursday, February 19th. Wall Street Zen raised shares of Polestar Automotive Holding UK from a “sell” rating to a “hold” rating in a research report on Saturday, April 25th. Finally, Weiss Ratings upgraded shares of Polestar Automotive Holding UK from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, May 14th. One equities research analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Sell”.

Polestar Automotive Holding UK Price Performance

The firm has a 50-day moving average of $20.24 and a 200 day moving average of $89.17. The stock has a market capitalization of $1.80 billion, a price-to-earnings ratio of -0.99 and a beta of 1.29.

Insider Activity

In related news, Director Winfried Vahland acquired 6,700 shares of the business’s stock in a transaction dated Monday, June 1st. The stock was bought at an average price of $19.72 per share, with a total value of $132,124.00. Following the acquisition, the director owned 31,979 shares in the company, valued at $630,625.88. This represents a 26.50% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In the last quarter, insiders sold 4,211 shares of company stock worth $74,450. Corporate insiders own 0.02% of the company’s stock.

Hedge Funds Weigh In On Polestar Automotive Holding UK

Institutional investors have recently added to or reduced their stakes in the company. Rathbones Group PLC raised its position in Polestar Automotive Holding UK by 79.1% during the third quarter. Rathbones Group PLC now owns 45,285 shares of the company’s stock worth $43,000 after acquiring an additional 20,000 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of Polestar Automotive Holding UK by 28,277.8% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,554 shares of the company’s stock worth $47,000 after purchasing an additional 2,545 shares during the last quarter. Russell Investments Group Ltd. increased its stake in shares of Polestar Automotive Holding UK by 45.0% during the 2nd quarter. Russell Investments Group Ltd. now owns 47,970 shares of the company’s stock worth $51,000 after purchasing an additional 14,877 shares during the last quarter. Focus Partners Wealth bought a new stake in shares of Polestar Automotive Holding UK in the 1st quarter valued at about $62,000. Finally, Captrust Financial Advisors raised its holdings in shares of Polestar Automotive Holding UK by 43.2% in the 2nd quarter. Captrust Financial Advisors now owns 58,700 shares of the company’s stock valued at $63,000 after purchasing an additional 17,700 shares during the period. 1.02% of the stock is currently owned by institutional investors and hedge funds.

Polestar Automotive Holding UK Company Profile

Polestar Automotive Holding UK PLC (NASDAQ: PSNY) is an electric performance car company specializing in the design, development and manufacture of premium electric vehicles. Established as an offshoot of Volvo Car Group’s high-performance Polestar division, the company focuses on delivering a blend of Scandinavian design, advanced electric powertrains and cutting-edge connectivity features.

The roots of Polestar date back to 1996 when it operated as Volvo’s in-house tuning and motorsport arm.