Polestar Automotive Holding UK PLC (NASDAQ:PSNY) Receives Average Rating of "Reduce" from Analysts

Polestar Automotive Holding UK PLC (NASDAQ:PSNY - Get Free Report) has been given a consensus recommendation of "Reduce" by the six analysts that are currently covering the firm, MarketBeat reports. Two investment analysts have rated the stock with a sell recommendation, three have assigned a hold recommendation and one has issued a buy recommendation on the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $1.58.

Several equities research analysts recently issued reports on the company. Cantor Fitzgerald reissued an "overweight" rating and set a $3.00 price target on shares of Polestar Automotive Holding UK in a research report on Monday, September 30th. Sanford C. Bernstein raised their price target on shares of Polestar Automotive Holding UK from $0.74 to $0.78 and gave the stock an "underperform" rating in a research report on Friday, August 30th. Barclays decreased their price target on shares of Polestar Automotive Holding UK from $2.00 to $1.00 and set an "underweight" rating for the company in a report on Wednesday, July 3rd. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and set a $1.50 price objective on shares of Polestar Automotive Holding UK in a research note on Tuesday, September 10th. Finally, Piper Sandler lowered their target price on Polestar Automotive Holding UK from $2.00 to $1.50 and set a "neutral" rating for the company in a report on Wednesday, September 4th.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. AMF Tjanstepension AB increased its holdings in shares of Polestar Automotive Holding UK by 399.3% during the second quarter. AMF Tjanstepension AB now owns 21,971,866 shares of the company's stock valued at $17,283,000 after purchasing an additional 17,571,426 shares during the period. Swedbank AB acquired a new position in Polestar Automotive Holding UK during the 2nd quarter valued at about $9,235,000. Tredje AP fonden bought a new stake in shares of Polestar Automotive Holding UK during the 2nd quarter worth about $3,091,000. Skandinaviska Enskilda Banken AB publ bought a new position in shares of Polestar Automotive Holding UK in the second quarter valued at approximately $1,321,000. Finally, Livforsakringsbolaget Skandia Omsesidigt bought a new position in shares of Polestar Automotive Holding UK in the second quarter valued at approximately $518,000. Institutional investors own 1.02% of the company's stock.

Polestar Automotive Holding UK Trading Down 1.7 %

NASDAQ PSNY traded down $0.03 during trading hours on Friday, reaching $1.69. 3,012,539 shares of the company traded hands, compared to its average volume of 7,945,984. The company has a 50 day moving average of $1.20 and a two-hundred day moving average of $1.14. Polestar Automotive Holding UK has a 12 month low of $0.61 and a 12 month high of $2.91.

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

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.