Polestar Automotive Holding UK (NASDAQ:PSNY) Shares Gap Down - Time to Sell?

Polestar Automotive Holding UK PLC (NASDAQ:PSNY - Get Free Report)'s stock price gapped down prior to trading on Friday . The stock had previously closed at $1.48, but opened at $1.36. Polestar Automotive Holding UK shares last traded at $1.42, with a volume of 2,243,991 shares trading hands.

Analysts Set New Price Targets

Several research firms have commented on PSNY. Cantor Fitzgerald reiterated an "overweight" rating and issued a $3.00 price objective on shares of Polestar Automotive Holding UK in a report on Monday, September 30th. Barclays decreased their price target on shares of Polestar Automotive Holding UK from $2.00 to $1.00 and set an "underweight" rating on the stock in a research note on Wednesday, July 3rd. Sanford C. Bernstein upped their price target on shares of Polestar Automotive Holding UK from $0.74 to $0.78 and gave the company an "underperform" rating in a research note on Friday, August 30th. Deutsche Bank Aktiengesellschaft restated a "hold" rating and issued a $1.50 price target on shares of Polestar Automotive Holding UK in a research note on Tuesday, September 10th. Finally, Piper Sandler decreased their price target on shares of Polestar Automotive Holding UK from $2.00 to $1.50 and set a "neutral" rating on the stock in a research note on Wednesday, September 4th. 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. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $1.58.

Polestar Automotive Holding UK Price Performance

The company's 50-day moving average is $1.27 and its two-hundred day moving average is $1.14. The firm has a market cap of $3.10 billion, a P/E ratio of -2.51 and a beta of 1.48.

Polestar Automotive Holding UK (NASDAQ:PSNY - Get Free Report) last posted 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 for the quarter. On average, analysts expect that Polestar Automotive Holding UK PLC will post -0.53 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in PSNY. AMF Tjanstepension AB lifted its holdings in shares of Polestar Automotive Holding UK by 399.3% in the second quarter. AMF Tjanstepension AB now owns 21,971,866 shares of the company's stock worth $17,283,000 after acquiring an additional 17,571,426 shares during the last quarter. Swedbank AB bought a new position in shares of Polestar Automotive Holding UK in the second quarter worth about $9,235,000. Tredje AP fonden bought a new position in shares of Polestar Automotive Holding UK in the second quarter worth about $3,091,000. Skandinaviska Enskilda Banken AB publ bought a new position in Polestar Automotive Holding UK in the 2nd quarter valued at approximately $1,321,000. Finally, Livforsakringsbolaget Skandia Omsesidigt bought a new position in Polestar Automotive Holding UK in the 2nd quarter valued at approximately $518,000. Institutional investors 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.