Polestar Automotive Holding UK (NASDAQ:PSNY) Shares Down 8.7% – Here’s What Happened

Polestar Automotive Holding UK PLC (NASDAQ:PSNY)’s share price fell 8.7% during mid-day trading on Wednesday . The stock traded as low as $1.16 and last traded at $1.17. 2,743,697 shares traded hands during trading, a decline of 64% from the average session volume of 7,536,135 shares. The stock had previously closed at $1.28.

Analyst Upgrades and Downgrades

Several analysts recently commented on PSNY shares. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $1.50 price target on shares of Polestar Automotive Holding UK in a research report on Tuesday, September 10th. Cantor Fitzgerald restated an “overweight” rating and set a $3.00 price target on shares of Polestar Automotive Holding UK in a research report on Monday, September 30th. Sanford C. Bernstein raised their price target on shares of Polestar Automotive Holding UK from $0.74 to $0.78 and gave the company an “underperform” rating in a research report on Friday, August 30th. Finally, Piper Sandler dropped their price target on shares of Polestar Automotive Holding UK from $2.00 to $1.50 and set a “neutral” rating on the stock in a research report on Wednesday, September 4th. Two research 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. Based on data from MarketBeat.com, Polestar Automotive Holding UK has a consensus rating of “Hold” and a consensus target price of $1.58.

Polestar Automotive Holding UK Stock Down 8.2 %

The company’s 50-day moving average price is $1.44 and its 200-day moving average price is $1.10. The firm has a market cap of $2.51 billion, a price-to-earnings ratio of -2.06 and a beta of 1.54.

Polestar Automotive Holding UK (NASDAQ:PSNY) last posted 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 for the quarter. Analysts predict that Polestar Automotive Holding UK PLC will post -0.53 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Polestar Automotive Holding UK

Several hedge funds and other institutional investors have recently modified their holdings of the business. Harel Insurance Investments & Financial Services Ltd. raised its stake 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 purchasing an additional 13,624 shares during the period. Public Employees Retirement Association of Colorado acquired a new position in shares of Polestar Automotive Holding UK in the second quarter valued at approximately $26,000. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in shares of Polestar Automotive Holding UK by 32.7% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 141,336 shares of the company’s stock valued at $218,000 after purchasing an additional 34,827 shares in the last quarter. SG Americas Securities LLC acquired a new position in Polestar Automotive Holding UK during the 2nd quarter worth approximately $32,000. Finally, Versor Investments LP acquired a new position in Polestar Automotive Holding UK during the 2nd quarter worth approximately $47,000. 1.02% of the stock is owned by hedge funds and other institutional investors.

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.