Polestar Automotive Holding UK (NASDAQ:PSNY) Trading Down 4.4% – Here’s What Happened

Polestar Automotive Holding UK PLC (NASDAQ:PSNY)’s share price fell 4.4% during trading on Wednesday . The company traded as low as $1.04 and last traded at $1.05. 3,556,800 shares were traded during trading, a decline of 43% from the average session volume of 6,248,733 shares. The stock had previously closed at $1.10.

Wall Street Analysts Forecast Growth

PSNY has been the subject of several recent analyst reports. Bank of America started coverage on Polestar Automotive Holding UK in a research note on Thursday, December 5th. They issued a “neutral” rating and a $1.25 price objective on the stock. Cantor Fitzgerald restated a “neutral” rating on shares of Polestar Automotive Holding UK in a research note on Friday, January 17th. Two analysts have rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $1.53.

Polestar Automotive Holding UK Trading Down 5.5 %

The firm has a market cap of $2.22 billion, a price-to-earnings ratio of -1.82 and a beta of 1.53. The business’s 50-day simple moving average is $1.09 and its two-hundred day simple moving average is $1.15.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Skandinaviska Enskilda Banken AB publ bought a new stake in Polestar Automotive Holding UK in the second quarter valued at $1,321,000. Geode Capital Management LLC grew its stake in shares of Polestar Automotive Holding UK by 444.0% in the 3rd quarter. Geode Capital Management LLC now owns 854,999 shares of the company’s stock valued at $1,471,000 after buying an additional 697,820 shares during the period. Marshall Wace LLP bought a new stake in Polestar Automotive Holding UK in the 2nd quarter valued at about $407,000. Canada Pension Plan Investment Board raised its stake in Polestar Automotive Holding UK by 59.4% during the 2nd quarter. Canada Pension Plan Investment Board now owns 321,142 shares of the company’s stock worth $253,000 after buying an additional 119,642 shares during the period. Finally, Public Sector Pension Investment Board bought a new position in Polestar Automotive Holding UK in the second quarter worth approximately $193,000. 1.02% of the stock is owned by institutional investors and hedge funds.

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.