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

Polestar Automotive Holding UK PLC (NASDAQ:PSNY)’s share price dropped 6.9% on Tuesday . The stock traded as low as $1.28 and last traded at $1.29. Approximately 2,168,233 shares were traded during mid-day 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

A number of research analysts recently issued reports on the company. Sanford C. Bernstein raised their price target on 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. Barclays lowered their target price on shares of Polestar Automotive Holding UK from $2.00 to $1.00 and set an “underweight” rating on the stock in a research report on Wednesday, July 3rd. 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 report on Wednesday, September 4th. Cantor Fitzgerald restated an “overweight” rating and issued a $3.00 price objective on shares of Polestar Automotive Holding UK in a research note on Monday, September 30th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $1.50 target price on shares of Polestar Automotive Holding UK in a research note on Tuesday, September 10th. Two equities research analysts have rated the stock with a sell rating, three have assigned 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 a consensus price target of $1.58.

Polestar Automotive Holding UK Trading Down 7.2 %

The company has a market capitalization of $2.73 billion, a price-to-earnings ratio of -2.42 and a beta of 1.48. The firm’s 50 day simple moving average is $1.41 and its 200-day simple moving average is $1.11.

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

Institutional Trading of Polestar Automotive Holding UK

Several hedge funds have recently modified their holdings of the business. Harel Insurance Investments & Financial Services Ltd. grew its holdings 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 worth $25,000 after acquiring an additional 13,624 shares during the period. Public Employees Retirement Association of Colorado purchased a new stake in shares of Polestar Automotive Holding UK during the 2nd quarter worth $26,000. SG Americas Securities LLC acquired a new position in shares of Polestar Automotive Holding UK during the 2nd quarter worth $32,000. Versor Investments LP purchased a new position in shares of Polestar Automotive Holding UK in the 2nd quarter valued at about $47,000. Finally, DNB Asset Management AS purchased a new position in shares of Polestar Automotive Holding UK in the 2nd quarter valued at about $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.