Polestar Automotive Holding UK (NASDAQ:PSNYW) Shares Down 4.5% – Here’s Why

Shares of Polestar Automotive Holding UK PLC (NASDAQ:PSNYW) fell 4.5% during mid-day trading on Wednesday . The company traded as low as $2.65 and last traded at $2.73. Approximately 73,631 shares were traded during trading, an increase of 113% from the average daily volume of 34,588 shares. The stock had previously closed at $2.86.

Analyst Ratings Changes

Separately, Weiss Ratings lowered Polestar Automotive Holding UK from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, May 27th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock presently has an average rating of “Sell”.

Polestar Automotive Holding UK Stock Performance

The firm’s 50 day moving average price is $2.75 and its two-hundred day moving average price is $3.36.

Institutional Inflows and Outflows

An institutional investor recently bought a new stake in Polestar Automotive Holding UK stock. Boothbay Fund Management LLC purchased a new stake in Polestar Automotive Holding UK PLC (NASDAQ:PSNYW) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 80,000 shares of the company’s stock, valued at approximately $510,000.

About Polestar Automotive Holding UK

Polestar Automotive Holding UK plc is a special-purpose acquisition company (SPAC) incorporated in the United Kingdom with the primary objective of effecting a business combination, share exchange, asset acquisition or similar merger transaction with one or more businesses in the automotive sector. The company’s management team, supported by affiliates of The Gores Group and Guggenheim Partners, completed its initial public offering in mid-2021 and its units trade on the Nasdaq under the symbol PSNYW.

The SPAC was specifically formed to combine with Polestar Performance AB, the electric performance carmaker backed by Volvo Cars and Zhejiang Geely Holding Group.