Polestar Automotive Holding UK (NASDAQ:PSNY) Shares Down 4.6% – Should You Sell?

Polestar Automotive Holding UK PLC (NASDAQ:PSNY)’s stock price traded down 4.6% on Tuesday . The stock traded as low as $1.13 and last traded at $1.15. 542,092 shares were traded during trading, a decline of 93% from the average session volume of 7,403,717 shares. The stock had previously closed at $1.20.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Cantor Fitzgerald restated an “overweight” rating and set a $3.00 price target on shares of Polestar Automotive Holding UK in a report on Monday, September 30th. Piper Sandler reduced their price target on Polestar Automotive Holding UK from $2.00 to $1.50 and set a “neutral” rating on the stock in a report on Wednesday, September 4th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $1.50 price target on shares of Polestar Automotive Holding UK in a report on Tuesday, September 10th. Finally, Sanford C. Bernstein lifted their price objective on Polestar Automotive Holding UK from $0.74 to $0.78 and gave the stock an “underperform” rating in a research note on Friday, August 30th. Two analysts have rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $1.58.

Polestar Automotive Holding UK Trading Down 4.0 %

The firm has a 50-day moving average of $1.38 and a 200 day moving average of $1.09. The company has a market cap of $2.46 billion, a P/E ratio of -2.11 and a beta of 1.54.

Institutional Trading of Polestar Automotive Holding UK

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PSNY. Harel Insurance Investments & Financial Services Ltd. increased its position in Polestar Automotive Holding UK by 77.3% in the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 31,239 shares of the company’s stock valued at $25,000 after buying an additional 13,624 shares in the last quarter. Public Employees Retirement Association of Colorado purchased a new stake in shares of Polestar Automotive Holding UK in the second quarter worth approximately $26,000. MetLife Investment Management LLC lifted its holdings in shares of Polestar Automotive Holding UK by 134.4% in the third quarter. MetLife Investment Management LLC now owns 15,390 shares of the company’s stock valued at $26,000 after purchasing an additional 8,823 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of Polestar Automotive Holding UK during the second quarter valued at approximately $32,000. Finally, Versor Investments LP bought a new stake in Polestar Automotive Holding UK during the second quarter worth $47,000. 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.