Polestar Automotive Holding UK (NASDAQ:PSNY) Trading Down 7.4%

Shares of Polestar Automotive Holding UK PLC (NASDAQ:PSNY) were down 7.4% during mid-day trading on Tuesday . The company traded as low as $0.78 and last traded at $0.78. Approximately 1,121,491 shares changed hands during trading, a decline of 78% from the average daily volume of 5,026,823 shares. The stock had previously closed at $0.84.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on PSNY shares. Citigroup decreased their price target on Polestar Automotive Holding UK from $2.50 to $1.70 and set a “neutral” rating for the company in a research note on Thursday, May 16th. Piper Sandler restated a “neutral” rating and set a $2.00 price objective (down from $3.00) on shares of Polestar Automotive Holding UK in a report on Friday, March 15th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $5.00 price objective on shares of Polestar Automotive Holding UK in a report on Friday, April 12th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $3.48.

Polestar Automotive Holding UK Price Performance

The stock has a fifty day moving average price of $1.11 and a 200-day moving average price of $1.63.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Private Advisor Group LLC lifted its position in Polestar Automotive Holding UK by 159.5% during the 4th quarter. Private Advisor Group LLC now owns 62,550 shares of the company’s stock worth $141,000 after acquiring an additional 38,450 shares during the period. Invesco Ltd. lifted its position in Polestar Automotive Holding UK by 10.7% during the 3rd quarter. Invesco Ltd. now owns 2,833,547 shares of the company’s stock worth $7,481,000 after acquiring an additional 273,479 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in Polestar Automotive Holding UK by 67.6% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 288,172 shares of the company’s stock worth $608,000 after acquiring an additional 116,207 shares during the period. Jump Financial LLC acquired a new stake in Polestar Automotive Holding UK during the 4th quarter worth about $242,000. Finally, Rafferty Asset Management LLC lifted its holdings in shares of Polestar Automotive Holding UK by 18.7% in the 3rd quarter. Rafferty Asset Management LLC now owns 62,999 shares of the company’s stock valued at $166,000 after buying an additional 9,942 shares during the period. 1.02% of the stock is currently owned by hedge funds and other institutional investors.

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.