Polestar Automotive Holding UK (NASDAQ:PSNY) Stock Price Down 5.9% – Should You Sell?

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

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Piper Sandler dropped 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. Barclays cut 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. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $3.00 price objective on shares of Polestar Automotive Holding UK in a research note on Monday, September 30th. 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. Finally, Sanford C. Bernstein boosted their target price on 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 investment analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $1.58.

Polestar Automotive Holding UK Stock Down 7.6 %

The stock has a market capitalization of $2.86 billion, a P/E ratio of -2.40 and a beta of 1.48. The company has a fifty day simple moving average of $1.28 and a two-hundred day simple moving average of $1.13.

Polestar Automotive Holding UK (NASDAQ:PSNY) last released its quarterly earnings data 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, equities analysts forecast that Polestar Automotive Holding UK PLC will post -0.53 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Skandinaviska Enskilda Banken AB publ acquired a new position in Polestar Automotive Holding UK in the 2nd quarter worth $1,321,000. Tidal Investments LLC boosted its position in shares of 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 bought a new position in shares of Polestar Automotive Holding UK during the second quarter worth about $9,235,000. DNB Asset Management AS acquired a new stake in Polestar Automotive Holding UK in the 2nd quarter valued at approximately $48,000. Finally, Marshall Wace LLP bought a new stake in Polestar Automotive Holding UK in the 2nd quarter valued at approximately $407,000. Institutional investors and hedge funds own 1.02% of the company’s stock.

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.