Polestar Automotive Holding UK PLC (NASDAQ:PSNY) Receives Average Rating of “Reduce” from Brokerages

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) has received a consensus recommendation of “Reduce” from the seven ratings firms that are covering the firm, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, four have issued a hold recommendation and one has issued a buy recommendation on the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $1.53.

A number of analysts have commented on PSNY shares. Bank of America began coverage on shares of Polestar Automotive Holding UK in a report on Thursday, December 5th. They set a “neutral” rating and a $1.25 target price for the company. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $3.00 target price on shares of Polestar Automotive Holding UK in a report on Monday, September 30th.

Polestar Automotive Holding UK Stock Performance

PSNY stock opened at $1.15 on Monday. The company has a market cap of $2.46 billion, a price-to-earnings ratio of -2.02 and a beta of 1.53. The business’s 50-day moving average is $1.10 and its two-hundred day moving average is $1.14. Polestar Automotive Holding UK has a fifty-two week low of $0.61 and a fifty-two week high of $2.33.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in PSNY. Skandinaviska Enskilda Banken AB publ purchased a new position in shares of Polestar Automotive Holding UK during the second quarter valued at about $1,321,000. Geode Capital Management LLC grew its holdings in Polestar Automotive Holding UK by 444.0% during the 3rd quarter. Geode Capital Management LLC now owns 854,999 shares of the company’s stock valued at $1,471,000 after buying an additional 697,820 shares in the last quarter. Marshall Wace LLP bought a new stake in Polestar Automotive Holding UK in the 2nd quarter worth approximately $407,000. Tredje AP fonden purchased a new stake in shares of Polestar Automotive Holding UK during the 2nd quarter worth approximately $3,091,000. Finally, Canada Pension Plan Investment Board raised its holdings in shares of Polestar Automotive Holding UK by 59.4% during the 2nd quarter. Canada Pension Plan Investment Board now owns 321,142 shares of the company’s stock worth $253,000 after acquiring an additional 119,642 shares in the last quarter. 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.