Polestar Automotive Holding UK (NASDAQ:PSNY) Stock Price Down 5.4% – Should You Sell?

Shares of Polestar Automotive Holding UK PLC (NASDAQ:PSNY) were down 5.4% during trading on Wednesday . The company traded as low as $1.13 and last traded at $1.15. Approximately 1,509,060 shares changed hands during trading, a decline of 72% from the average daily volume of 5,374,996 shares. The stock had previously closed at $1.21.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Cantor Fitzgerald reiterated a “neutral” rating on shares of Polestar Automotive Holding UK in a research note on Friday, January 17th. Bank of America began coverage on Polestar Automotive Holding UK in a research note on Thursday, December 5th. They set a “neutral” rating and a $1.25 price objective for the company. Two analysts have rated the stock with a sell rating and five have issued a hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $1.53.

Polestar Automotive Holding UK Trading Down 6.2 %

The company has a fifty day moving average of $1.10 and a 200-day moving average of $1.22. The stock has a market cap of $2.42 billion, a PE ratio of -1.99 and a beta of 1.49.

Hedge Funds Weigh In On Polestar Automotive Holding UK

Large investors have recently modified their holdings of the business. MetLife Investment Management LLC increased its stake in Polestar Automotive Holding UK by 134.4% in the 3rd 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. Raymond James Financial Inc. acquired a new position in Polestar Automotive Holding UK in the fourth quarter worth about $33,000. Bank of New York Mellon Corp acquired a new position in Polestar Automotive Holding UK in the fourth quarter valued at approximately $37,000. Alliancebernstein L.P. acquired a new position in shares of Polestar Automotive Holding UK during the fourth quarter worth approximately $42,000. Finally, Tobam bought a new stake in Polestar Automotive Holding UK during the fourth quarter worth approximately $65,000. 1.02% of the stock is owned by hedge funds and other institutional investors.

Polestar Automotive Holding UK Company Profile

Polestar Automotive Holding UK PLC manufactures and sells premium electric vehicles. The company was founded in 2017 and is headquartered in Gothenburg, Sweden.