Polestar Automotive Holding UK (NASDAQ:PSNY) Shares Down 6.6% – Here’s Why

Shares of Polestar Automotive Holding UK PLC (NASDAQ:PSNY) were down 6.6% during mid-day trading on Wednesday . The company traded as low as $8.31 and last traded at $8.3450. Approximately 42,044 shares changed hands during mid-day trading, a decline of 77% from the average session volume of 182,134 shares. The stock had previously closed at $8.93.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on PSNY. Weiss Ratings downgraded shares of Polestar Automotive Holding UK from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, August 25th. Wall Street Zen lowered Polestar Automotive Holding UK from a “sell” rating to a “strong sell” rating in a report on Saturday. Finally, Cantor Fitzgerald reiterated an “underweight” rating on shares of Polestar Automotive Holding UK in a research report on Friday, September 4th. One equities research analyst has rated the stock with a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Polestar Automotive Holding UK has a consensus rating of “Sell”.

Polestar Automotive Holding UK Stock Performance

The stock’s 50-day simple moving average is $14.49 and its two-hundred day simple moving average is $17.62. The stock has a market cap of $756.12 million, a price-to-earnings ratio of -0.42 and a beta of 1.32.

Polestar Automotive Holding UK (NASDAQ:PSNY) last issued its quarterly earnings results on Thursday, September 3rd. The company reported ($3.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.19) by ($0.96). The firm had revenue of $680.05 million during the quarter, compared to the consensus estimate of $878.10 million. As a group, research analysts predict that Polestar Automotive Holding UK PLC will post -8.08 earnings per share for the current year.

Insider Activity

In related news, Director Winfried Vahland purchased 6,000 shares of the firm’s stock in a transaction on Monday, June 29th. The shares were bought at an average cost of $16.95 per share, for a total transaction of $101,700.00. Following the transaction, the director directly owned 37,979 shares of the company’s stock, valued at approximately $643,744.05. This trade represents a 18.76% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Karl-Thomas Neumann acquired 2,009 shares of the business’s stock in a transaction dated Monday, June 29th. The shares were bought at an average cost of $16.93 per share, with a total value of $34,012.37. Following the transaction, the director directly owned 7,998 shares of the company’s stock, valued at $135,406.14. The trade was a 33.54% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders acquired 15,129 shares of company stock worth $264,398. Corporate insiders own 0.02% of the company’s stock.

Institutional Trading of Polestar Automotive Holding UK

Large investors have recently added to or reduced their stakes in the company. Banco Bilbao Vizcaya Argentaria S.A. acquired a new stake in shares of Polestar Automotive Holding UK in the fourth quarter valued at $160,160,000. California State Teachers Retirement System raised its position in shares of Polestar Automotive Holding UK by 2,733.7% in the 2nd quarter. California State Teachers Retirement System now owns 1,318,995 shares of the company’s stock valued at $24,771,000 after acquiring an additional 1,272,449 shares during the period. UBS Group AG boosted its stake in Polestar Automotive Holding UK by 22.6% during the 3rd quarter. UBS Group AG now owns 2,409,258 shares of the company’s stock worth $2,265,000 after acquiring an additional 443,359 shares during the last quarter. The Manufacturers Life Insurance Company bought a new position in Polestar Automotive Holding UK during the 2nd quarter worth approximately $326,000. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund acquired a new position in Polestar Automotive Holding UK during the fourth quarter valued at approximately $3,111,000. 1.02% of the stock is owned by institutional investors.

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.