Polestar Automotive Holding UK (NASDAQ:PSNY) Shares Gap Down – Time to Sell?

Shares of Polestar Automotive Holding UK PLC (NASDAQ:PSNY) gapped down prior to trading on Tuesday . The stock had previously closed at $1.29, but opened at $1.25. Polestar Automotive Holding UK shares last traded at $1.31, with a volume of 458,598 shares traded.

Wall Street Analysts Forecast Growth

PSNY has been the subject of several research analyst reports. Barclays cut their price objective on Polestar Automotive Holding UK from $2.00 to $1.00 and set an “underweight” rating for the company in a report on Wednesday, July 3rd. Piper Sandler decreased their price objective 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. Sanford C. Bernstein lifted their price objective on 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. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $1.50 target price on shares of Polestar Automotive Holding UK in a report on Tuesday, September 10th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $3.00 price target on shares of Polestar Automotive Holding UK in a report on Monday, September 30th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $1.58.

Polestar Automotive Holding UK Price Performance

The stock has a market cap of $2.67 billion, a P/E ratio of -2.19 and a beta of 1.48. The firm’s 50-day moving average price is $1.37 and its 200-day moving average price is $1.12.

Polestar Automotive Holding UK (NASDAQ:PSNY) last released its quarterly earnings data on Wednesday, August 14th. The company reported ($0.35) earnings per share (EPS) for the quarter. The business had revenue of $534.12 million during the quarter. Sell-side analysts expect that Polestar Automotive Holding UK PLC will post -0.53 earnings per share for the current year.

Institutional Investors Weigh In On Polestar Automotive Holding UK

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Harel Insurance Investments & Financial Services Ltd. increased its position in shares of Polestar Automotive Holding UK by 77.3% during the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 31,239 shares of the company’s stock valued at $25,000 after purchasing an additional 13,624 shares during the last quarter. Public Employees Retirement Association of Colorado purchased a new position in shares of Polestar Automotive Holding UK during the second quarter worth approximately $26,000. SG Americas Securities LLC bought a new stake in shares of Polestar Automotive Holding UK during the second quarter valued at approximately $32,000. Versor Investments LP bought a new position in Polestar Automotive Holding UK in the second quarter worth approximately $47,000. Finally, DNB Asset Management AS purchased a new position in Polestar Automotive Holding UK during the 2nd quarter worth $48,000. 1.02% of the stock is currently owned by hedge funds and other institutional investors.

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.