Polestar Automotive Holding UK (NASDAQ:PSNY) Trading Down 4.6% – What’s Next?

Shares of Polestar Automotive Holding UK PLC (NASDAQ:PSNY) were down 4.6% during mid-day trading on Tuesday . The stock traded as low as $1.13 and last traded at $1.15. Approximately 542,092 shares traded hands during mid-day trading, a decline of 93% from the average daily volume of 7,403,717 shares. The stock had previously closed at $1.20.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $1.50 target price on shares of Polestar Automotive Holding UK in a report on Tuesday, September 10th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $3.00 price objective on shares of Polestar Automotive Holding UK in a report on Monday, September 30th. Sanford C. Bernstein upped 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 research note on Friday, August 30th. Finally, Piper Sandler reduced their price target 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. Two analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $1.58.

Polestar Automotive Holding UK Trading Down 0.9 %

The company’s 50 day moving average price is $1.36 and its two-hundred day moving average price is $1.09. The firm has a market cap of $2.33 billion, a PE ratio of -1.91 and a beta of 1.54.

Institutional Trading of Polestar Automotive Holding UK

Several hedge funds have recently bought and sold shares of the stock. Tidal Investments LLC lifted its position in shares of Polestar Automotive Holding UK by 118.4% during the 1st quarter. Tidal Investments LLC now owns 241,946 shares of the company’s stock valued at $373,000 after buying an additional 131,167 shares in the last quarter. DNB Asset Management AS purchased a new position in Polestar Automotive Holding UK during the second quarter valued at approximately $48,000. AMF Tjanstepension AB boosted its position in shares of Polestar Automotive Holding UK by 399.3% in the second quarter. AMF Tjanstepension AB now owns 21,971,866 shares of the company’s stock worth $17,283,000 after purchasing an additional 17,571,426 shares during the period. SG Americas Securities LLC purchased a new stake in shares of Polestar Automotive Holding UK in the second quarter worth $32,000. Finally, Livforsakringsbolaget Skandia Omsesidigt bought a new stake in shares of Polestar Automotive Holding UK during the 2nd quarter valued at $518,000. Institutional investors own 1.02% of the company’s stock.

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.