Polestar Automotive Holding UK (NASDAQ:PSNY) Trading Down 5.1% – What’s Next?

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) dropped 5.1% during trading on Monday . The stock traded as low as $0.95 and last traded at $0.97. Approximately 5,127,689 shares changed hands during mid-day trading, a decline of 29% from the average daily volume of 7,216,251 shares. The stock had previously closed at $1.02.

Analyst Upgrades and Downgrades

PSNY has been the subject of several analyst reports. Deutsche Bank Aktiengesellschaft reissued 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. Cantor Fitzgerald reiterated 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. Bank of America assumed coverage on Polestar Automotive Holding UK in a research report on Thursday, December 5th. They issued a “neutral” rating and a $1.25 price objective for the company. Piper Sandler dropped their price target on Polestar Automotive Holding UK from $2.00 to $1.50 and set a “neutral” rating on the stock in a research note on Wednesday, September 4th. Finally, Sanford C. Bernstein lifted their price objective on shares of Polestar Automotive Holding UK from $0.74 to $0.78 and gave the stock an “underperform” rating in a research report on Friday, August 30th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $1.53.

Polestar Automotive Holding UK Trading Down 5.3 %

The stock has a market cap of $1.83 billion, a P/E ratio of -1.50 and a beta of 1.53. The firm has a 50-day simple moving average of $1.18 and a two-hundred day simple moving average of $1.09.

Hedge Funds Weigh In On Polestar Automotive Holding UK

Hedge funds have recently bought and sold shares of the business. MetLife Investment Management LLC grew its position in shares of Polestar Automotive Holding UK by 134.4% during the 3rd quarter. MetLife Investment Management LLC now owns 15,390 shares of the company’s stock worth $26,000 after purchasing an additional 8,823 shares in the last quarter. Public Employees Retirement Association of Colorado acquired a new stake in Polestar Automotive Holding UK during the second quarter worth approximately $26,000. SG Americas Securities LLC bought a new position in Polestar Automotive Holding UK during the 2nd quarter worth $32,000. Captrust Financial Advisors raised its holdings in Polestar Automotive Holding UK by 125.4% in the 3rd quarter. Captrust Financial Advisors now owns 46,615 shares of the company’s stock valued at $80,000 after acquiring an additional 25,930 shares in the last quarter. Finally, Versor Investments LP bought a new stake in shares of Polestar Automotive Holding UK during the 2nd quarter valued at $47,000. 1.02% of the stock is owned by 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.