Polestar Automotive Holding UK (NASDAQ:PSNY) Shares Down 7.2% – Here’s What Happened

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) shares traded down 7.2% during trading on Monday . The company traded as low as $1.03 and last traded at $1.03. 1,090,870 shares were traded during mid-day trading, a decline of 85% from the average session volume of 7,185,292 shares. The stock had previously closed at $1.11.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on PSNY. Bank of America began coverage on Polestar Automotive Holding UK in a research report on Thursday, December 5th. They set a “neutral” rating and a $1.25 price objective on the stock. 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 reiterated a “hold” rating and issued a $1.50 price objective on shares of Polestar Automotive Holding UK in a report on Tuesday, September 10th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $3.00 target price on shares of Polestar Automotive Holding UK in a report on Monday, September 30th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $1.53.

Polestar Automotive Holding UK Trading Down 5.0 %

The firm has a market cap of $2.25 billion, a price-to-earnings ratio of -1.85 and a beta of 1.53. The business’s 50-day simple moving average is $1.13 and its two-hundred day simple moving average is $1.11.

Hedge Funds Weigh In On Polestar Automotive Holding UK

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Tredje AP fonden purchased a new stake in Polestar Automotive Holding UK in the 2nd quarter valued at about $3,091,000. Skandinaviska Enskilda Banken AB publ bought a new position in Polestar Automotive Holding UK during the second quarter valued at $1,321,000. Geode Capital Management LLC increased its holdings in Polestar Automotive Holding UK by 444.0% in the 3rd quarter. Geode Capital Management LLC now owns 854,999 shares of the company’s stock worth $1,471,000 after acquiring an additional 697,820 shares during the last quarter. Marshall Wace LLP purchased a new stake in shares of Polestar Automotive Holding UK during the 2nd quarter valued at approximately $407,000. Finally, Renaissance Technologies LLC bought a new position in shares of Polestar Automotive Holding UK in the second quarter worth $266,000. Institutional investors and hedge funds own 1.02% of the company’s stock.

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.