Polestar Automotive Holding UK (NASDAQ:PSNY) Stock Price Down 4.9% – Here’s Why

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) shares dropped 4.9% during trading on Wednesday . The stock traded as low as $1.25 and last traded at $1.26. Approximately 866,304 shares changed hands during mid-day trading, a decline of 89% from the average daily volume of 7,727,973 shares. The stock had previously closed at $1.32.

Analysts Set New Price Targets

Several research firms recently weighed in on PSNY. Cantor Fitzgerald reiterated an “overweight” rating and set a $3.00 target price on shares of Polestar Automotive Holding UK in a research report on Monday, September 30th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $1.50 target price on shares of Polestar Automotive Holding UK in a research report on Tuesday, September 10th. Piper Sandler lowered their target price on Polestar Automotive Holding UK from $2.00 to $1.50 and set a “neutral” rating on the stock in a research report on Wednesday, September 4th. Barclays lowered their target price on Polestar Automotive Holding UK from $2.00 to $1.00 and set an “underweight” rating on the stock in a research report on Wednesday, July 3rd. Finally, Sanford C. Bernstein boosted 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. Two 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, Polestar Automotive Holding UK currently has an average rating of “Hold” and a consensus price target of $1.58.

Polestar Automotive Holding UK Stock Up 1.5 %

The company has a fifty day moving average price of $1.39 and a 200-day moving average price of $1.12. The stock has a market capitalization of $2.84 billion, a P/E ratio of -2.33 and a beta of 1.48.

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

Institutional Investors Weigh In On Polestar Automotive Holding UK

Several large investors have recently added to or reduced their stakes in PSNY. Skandinaviska Enskilda Banken AB publ bought a new position in shares of Polestar Automotive Holding UK during the second quarter valued at approximately $1,321,000. Tidal Investments LLC grew its stake in shares of Polestar Automotive Holding UK by 118.4% during the first quarter. Tidal Investments LLC now owns 241,946 shares of the company’s stock valued at $373,000 after buying an additional 131,167 shares during the last quarter. Swedbank AB bought a new position in shares of Polestar Automotive Holding UK during the second quarter valued at approximately $9,235,000. DNB Asset Management AS bought a new position in shares of Polestar Automotive Holding UK during the second quarter valued at approximately $48,000. Finally, Marshall Wace LLP bought a new position in shares of Polestar Automotive Holding UK during the second quarter valued at approximately $407,000. 1.02% of the stock is owned by institutional investors.

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.