Polestar Automotive Holding UK (NASDAQ:PSNY) Shares Down 8.7% – Here’s What Happened

Polestar Automotive Holding UK PLC (NASDAQ:PSNY)’s share price dropped 8.7% during mid-day trading on Wednesday . The stock traded as low as $1.16 and last traded at $1.17. Approximately 2,743,697 shares traded hands during mid-day trading, a decline of 64% from the average daily volume of 7,536,135 shares. The stock had previously closed at $1.28.

Analyst Upgrades and Downgrades

Several analysts recently commented on PSNY shares. Cantor Fitzgerald reiterated an “overweight” rating and issued a $3.00 price target on shares of Polestar Automotive Holding UK in a research report on Monday, September 30th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $1.50 price target on shares of Polestar Automotive Holding UK in a research note on Tuesday, September 10th. Piper Sandler lowered their price target on shares of Polestar Automotive Holding UK from $2.00 to $1.50 and set a “neutral” rating on the stock in a research note on Wednesday, September 4th. Finally, Sanford C. Bernstein raised their target price on shares of Polestar Automotive Holding UK from $0.74 to $0.78 and gave the company an “underperform” rating in a report on Friday, August 30th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $1.58.

Polestar Automotive Holding UK Price Performance

The company’s 50-day moving average is $1.44 and its 200-day moving average is $1.10. The firm has a market capitalization of $2.51 billion, a price-to-earnings ratio of -2.06 and a beta of 1.54.

Polestar Automotive Holding UK (NASDAQ:PSNY) last released its earnings results on Wednesday, August 14th. The company reported ($0.35) earnings per share (EPS) for the quarter. The company had revenue of $534.12 million for the quarter. Sell-side analysts anticipate that Polestar Automotive Holding UK PLC will post -0.53 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Harel Insurance Investments & Financial Services Ltd. lifted its position in Polestar Automotive Holding UK by 77.3% during the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 31,239 shares of the company’s stock valued at $25,000 after buying an additional 13,624 shares in the last quarter. Public Employees Retirement Association of Colorado acquired a new position in Polestar Automotive Holding UK during the second quarter valued at approximately $26,000. SG Americas Securities LLC acquired a new position in Polestar Automotive Holding UK during the second quarter valued at approximately $32,000. Versor Investments LP acquired a new position in Polestar Automotive Holding UK during the second quarter valued at approximately $47,000. Finally, DNB Asset Management AS acquired a new position in Polestar Automotive Holding UK during the second quarter valued at approximately $48,000. 1.02% of the stock is owned by institutional investors and hedge funds.

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.