Polestar Automotive Holding UK (NASDAQ:PSNY) Trading Down 5.4% – Here’s Why

Polestar Automotive Holding UK PLC (NASDAQ:PSNY)’s share price dropped 5.4% during mid-day trading on Wednesday . The company traded as low as $1.13 and last traded at $1.15. Approximately 1,509,060 shares changed hands during trading, a decline of 72% from the average daily volume of 5,374,996 shares. The stock had previously closed at $1.21.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on PSNY shares. Cantor Fitzgerald reissued a “neutral” rating on shares of Polestar Automotive Holding UK in a report on Friday, January 17th. Bank of America initiated coverage on shares of Polestar Automotive Holding UK in a research note on Thursday, December 5th. They issued a “neutral” rating and a $1.25 target price for the company. Two equities research analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $1.53.

Polestar Automotive Holding UK Stock Performance

The firm has a market cap of $2.39 billion, a price-to-earnings ratio of -1.96 and a beta of 1.49. The company’s 50-day moving average is $1.10 and its 200-day moving average is $1.21.

Hedge Funds Weigh In On Polestar Automotive Holding UK

A number of large investors have recently modified their holdings of PSNY. Public Employees Retirement System of Ohio bought a new position in Polestar Automotive Holding UK in the 4th quarter worth approximately $104,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in shares of Polestar Automotive Holding UK in the 4th quarter valued at $610,000. Vident Advisory LLC bought a new stake in shares of Polestar Automotive Holding UK during the fourth quarter worth $178,000. Nuveen Asset Management LLC acquired a new position in shares of Polestar Automotive Holding UK during the fourth quarter valued at $347,000. Finally, D. E. Shaw & Co. Inc. lifted its stake in shares of Polestar Automotive Holding UK by 69.7% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 339,809 shares of the company’s stock valued at $357,000 after acquiring an additional 139,590 shares during the period. 1.02% of the stock is currently owned by institutional investors and hedge funds.

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.