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

Shares of Polestar Automotive Holding UK PLC (NASDAQ:PSNY) gapped down before the market opened on Thursday . The stock had previously closed at $1.22, but opened at $1.09. Polestar Automotive Holding UK shares last traded at $1.06, with a volume of 3,553,861 shares traded.

Analyst Upgrades and Downgrades

Several analysts have recently commented on PSNY shares. Bank of America began coverage on Polestar Automotive Holding UK in a report on Thursday, December 5th. They issued a “neutral” rating and a $1.25 price target for the company. Cantor Fitzgerald reissued an “overweight” rating and issued a $3.00 target price on shares of Polestar Automotive Holding UK in a report on Monday, September 30th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $1.53.

Polestar Automotive Holding UK Trading Down 13.9 %

The firm has a 50 day moving average of $1.10 and a two-hundred day moving average of $1.14. The stock has a market capitalization of $2.24 billion, a PE ratio of -1.84 and a beta of 1.53.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in PSNY. Public Employees Retirement Association of Colorado purchased a new position in Polestar Automotive Holding UK during the 2nd quarter valued at about $26,000. MetLife Investment Management LLC increased its stake in shares of Polestar Automotive Holding UK by 134.4% during the 3rd quarter. MetLife Investment Management LLC now owns 15,390 shares of the company’s stock worth $26,000 after purchasing an additional 8,823 shares in the last quarter. Captrust Financial Advisors lifted its stake in Polestar Automotive Holding UK by 125.4% in the 3rd quarter. Captrust Financial Advisors now owns 46,615 shares of the company’s stock valued at $80,000 after buying an additional 25,930 shares in the last quarter. XTX Topco Ltd grew its holdings in Polestar Automotive Holding UK by 153.1% during the 2nd quarter. XTX Topco Ltd now owns 150,657 shares of the company’s stock valued at $119,000 after buying an additional 91,139 shares during the last quarter. Finally, Scientech Research LLC purchased a new position in Polestar Automotive Holding UK during the second quarter worth $161,000. Institutional investors and hedge funds own 1.02% of the company’s stock.

About Polestar Automotive Holding UK

Polestar Automotive Holding UK PLC manufactures and sells premium electric vehicles. The company was founded in 2017 and is headquartered in Gothenburg, Sweden.