Polestar Automotive Holding UK (NASDAQ:PSNY) Stock Price Down 7.2% – Should You Sell?

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) shares fell 7.2% during mid-day trading on Thursday . The company traded as low as $18.14 and last traded at $18.7150. Approximately 101,423 shares changed hands during mid-day trading, a decline of 43% from the average session volume of 179,224 shares. The stock had previously closed at $20.17.

Wall Street Analyst Weigh In

A number of analysts have recently commented on PSNY shares. 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. Wall Street Zen upgraded shares of Polestar Automotive Holding UK from a “sell” rating to a “hold” rating in a research note on Saturday, April 25th. One analyst has rated the stock with a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Polestar Automotive Holding UK presently has an average rating of “Sell”.

Polestar Automotive Holding UK Stock Performance

The stock has a 50-day moving average of $20.09 and a two-hundred day moving average of $67.09. The company has a market cap of $1.63 billion, a P/E ratio of -0.89 and a beta of 1.29.

Insider Buying and Selling at Polestar Automotive Holding UK

In related news, Director Winfried Vahland purchased 6,700 shares of the stock in a transaction dated Monday, June 1st. The stock was purchased at an average price of $19.72 per share, with a total value of $132,124.00. Following the transaction, the director directly owned 31,979 shares in the company, valued at $630,625.88. This trade represents a 26.50% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold 4,211 shares of company stock worth $74,450 in the last ninety days. 0.02% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of PSNY. Banco Bilbao Vizcaya Argentaria S.A. bought a new stake in shares of Polestar Automotive Holding UK during the fourth quarter valued at approximately $160,160,000. UBS Group AG lifted its position in Polestar Automotive Holding UK by 22.6% in the 3rd quarter. UBS Group AG now owns 2,409,258 shares of the company’s stock valued at $2,265,000 after acquiring an additional 443,359 shares in the last quarter. The Manufacturers Life Insurance Company purchased a new stake in Polestar Automotive Holding UK during the 2nd quarter valued at $326,000. Fjarde AP Fonden Fourth Swedish National Pension Fund purchased a new stake in Polestar Automotive Holding UK during the 4th quarter valued at $3,111,000. Finally, Bank of America Corp DE increased its holdings in shares of Polestar Automotive Holding UK by 128.7% in the 3rd quarter. Bank of America Corp DE now owns 164,594 shares of the company’s stock worth $155,000 after purchasing an additional 92,621 shares in the last quarter. 1.02% of the stock is owned by hedge funds and other institutional investors.

About Polestar Automotive Holding UK

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.