Polestar Automotive Holding UK (NASDAQ:PSNY) Trading Down 5.9% – Time to Sell?

Polestar Automotive Holding UK PLC (NASDAQ:PSNY)’s share price fell 5.9% on Monday . The company traded as low as $1.35 and last traded at $1.37. 1,777,620 shares traded hands during mid-day trading, a decline of 77% from the average session volume of 7,848,009 shares. The stock had previously closed at $1.45.

Analysts Set New Price Targets

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

Polestar Automotive Holding UK Stock Performance

The company has a 50-day moving average of $1.31 and a 200-day moving average of $1.12. The stock has a market capitalization of $2.69 billion, a price-to-earnings ratio of -2.21 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 for the quarter. The firm had revenue of $534.12 million during the quarter. As a group, analysts expect that Polestar Automotive Holding UK PLC will post -0.53 earnings per share for the current year.

Hedge Funds Weigh In On Polestar Automotive Holding UK

Several institutional investors and hedge funds have recently modified their holdings of the company. Skandinaviska Enskilda Banken AB publ acquired a new position in Polestar Automotive Holding UK in the 2nd quarter valued at $1,321,000. Tidal Investments LLC lifted its position in Polestar Automotive Holding UK by 118.4% during the first quarter. Tidal Investments LLC now owns 241,946 shares of the company’s stock worth $373,000 after buying an additional 131,167 shares during the period. Swedbank AB acquired a new stake in Polestar Automotive Holding UK in the 2nd quarter worth about $9,235,000. DNB Asset Management AS acquired a new position in shares of Polestar Automotive Holding UK during the 2nd quarter valued at about $48,000. Finally, Marshall Wace LLP purchased a new position in shares of Polestar Automotive Holding UK during the 2nd quarter worth about $407,000. Hedge funds and other 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.