Polestar Automotive Holding UK (NASDAQ:PSNY) Trading Down 6.9% – Time to Sell?

Polestar Automotive Holding UK PLC (NASDAQ:PSNY)’s stock price dropped 6.9% on Tuesday . The company traded as low as $1.28 and last traded at $1.29. Approximately 2,168,233 shares changed hands during trading, a decline of 72% from the average daily volume of 7,649,846 shares. The stock had previously closed at $1.38.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Sanford C. Bernstein raised their target price on shares of Polestar Automotive Holding UK from $0.74 to $0.78 and gave the stock an “underperform” rating in a research note on Friday, August 30th. Piper Sandler reduced their target price on shares of Polestar Automotive Holding UK from $2.00 to $1.50 and set a “neutral” rating for the company in a research note on Wednesday, September 4th. Cantor Fitzgerald restated an “overweight” rating and issued a $3.00 target price on shares of Polestar Automotive Holding UK in a research note on Monday, September 30th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $1.50 target price on shares of Polestar Automotive Holding UK in a research note on Tuesday, September 10th. Finally, Barclays reduced their target price on shares of Polestar Automotive Holding UK from $2.00 to $1.00 and set an “underweight” rating for the company in a research note on Wednesday, July 3rd. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $1.58.

Polestar Automotive Holding UK Stock Performance

The company’s fifty day simple moving average is $1.42 and its two-hundred day simple moving average is $1.11. The stock has a market capitalization of $2.37 billion, a PE ratio of -2.04 and a beta of 1.48.

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

Institutional Investors Weigh In On Polestar Automotive Holding UK

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

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.