Polestar Automotive Holding UK (NASDAQ:PSNY) Cut to Strong Sell at Wall Street Zen

Wall Street Zen downgraded shares of Polestar Automotive Holding UK (NASDAQ:PSNY) from a sell rating to a strong sell rating in a research note published on Saturday morning,Wall Street Zen reports.

A number of other brokerages have also issued reports on PSNY. Weiss Ratings lowered Polestar Automotive Holding UK from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, August 25th. Cantor Fitzgerald reiterated an “underweight” rating on shares of Polestar Automotive Holding UK in a report on Friday. One analyst has rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Sell”.

Polestar Automotive Holding UK Stock Performance

Shares of NASDAQ:PSNY opened at $9.21 on Friday. The firm has a market cap of $859.66 million, a price-to-earnings ratio of -0.48 and a beta of 1.32. The firm has a fifty day moving average price of $14.68 and a 200 day moving average price of $17.67. Polestar Automotive Holding UK has a fifty-two week low of $8.03 and a fifty-two week high of $31.50.

Polestar Automotive Holding UK (NASDAQ:PSNY) last posted its earnings results on Thursday, September 3rd. The company reported ($3.15) EPS for the quarter, missing analysts’ consensus estimates of ($2.19) by ($0.96). The firm had revenue of $680.05 million during the quarter, compared to analysts’ expectations of $878.10 million. As a group, research analysts predict that Polestar Automotive Holding UK will post -8.08 earnings per share for the current year.

Insider Transactions at Polestar Automotive Holding UK

In related news, Director Xiaojie (Laura) Shen bought 2,436 shares of the business’s stock in a transaction on Monday, June 29th. The shares were bought at an average price of $17.31 per share, for a total transaction of $42,167.16. Following the completion of the purchase, the director directly owned 7,369 shares of the company’s stock, valued at approximately $127,557.39. This trade represents a 49.38% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Winfried Vahland purchased 6,000 shares of the firm’s stock in a transaction on Monday, June 29th. The shares were purchased at an average cost of $16.95 per share, with a total value of $101,700.00. Following the completion of the transaction, the director owned 37,979 shares of the company’s stock, valued at approximately $643,744.05. The trade was a 18.76% increase in their position. The SEC filing for this purchase provides additional information. In the last quarter, insiders purchased 15,129 shares of company stock worth $264,398. Company insiders own 0.02% of the company’s stock.

Hedge Funds Weigh In On Polestar Automotive Holding UK

Large investors have recently made changes to their positions in the business. EverSource Wealth Advisors LLC grew its stake in Polestar Automotive Holding UK by 28,277.8% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,554 shares of the company’s stock worth $47,000 after buying an additional 2,545 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in Polestar Automotive Holding UK by 45.0% in the second quarter. Russell Investments Group Ltd. now owns 47,970 shares of the company’s stock worth $51,000 after acquiring an additional 14,877 shares in the last quarter. Focus Partners Wealth acquired a new stake in Polestar Automotive Holding UK in the first quarter worth about $62,000. Captrust Financial Advisors grew its stake in shares of Polestar Automotive Holding UK by 43.2% during the second quarter. Captrust Financial Advisors now owns 58,700 shares of the company’s stock worth $63,000 after acquiring an additional 17,700 shares during the last quarter. Finally, Nykredit A S purchased a new stake in shares of Polestar Automotive Holding UK during the second quarter worth about $65,000. 1.02% of the stock is owned by institutional investors and hedge funds.

About Polestar Automotive Holding UK

Polestar Automotive Holding UK PLC (NASDAQ: PSNY) is an electric performance car company specializing in the design, development and manufacture of premium electric vehicles. Established as an offshoot of Volvo Car Group’s high-performance Polestar division, the company focuses on delivering a blend of Scandinavian design, advanced electric powertrains and cutting-edge connectivity features.

The roots of Polestar date back to 1996 when it operated as Volvo’s in-house tuning and motorsport arm.