Polestar Automotive Holding UK (NASDAQ:PSNY) Shares Gap Down - What's Next?

Polestar Automotive Holding UK PLC (NASDAQ:PSNY - Get Free Report) gapped down prior to trading on Tuesday . The stock had previously closed at $1.29, but opened at $1.25. Polestar Automotive Holding UK shares last traded at $1.31, with a volume of 458,598 shares traded.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Barclays decreased their price objective on 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. Piper Sandler decreased their target price on 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. Sanford C. Bernstein lifted their target price on 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. Cantor Fitzgerald reissued an "overweight" rating and set a $3.00 target price on shares of Polestar Automotive Holding UK in a research note on Monday, September 30th. Finally, Deutsche Bank Aktiengesellschaft reissued a "hold" rating and set a $1.50 target price on shares of Polestar Automotive Holding UK in a research note on Tuesday, September 10th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $1.58.

Polestar Automotive Holding UK Stock Up 2.3 %

The stock's 50 day moving average is $1.37 and its two-hundred day moving average is $1.12. The company has a market capitalization of $2.82 billion, a PE ratio of -2.32 and a beta of 1.48.

Polestar Automotive Holding UK (NASDAQ:PSNY - Get Free Report) last released 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, sell-side analysts predict that Polestar Automotive Holding UK PLC will post -0.53 EPS for the current fiscal year.

Hedge Funds Weigh In On Polestar Automotive Holding UK

Hedge funds and other institutional investors have recently modified their holdings of the stock. Skandinaviska Enskilda Banken AB publ acquired a new position in Polestar Automotive Holding UK in the 2nd quarter worth approximately $1,321,000. Tidal Investments LLC grew its stake in shares of Polestar Automotive Holding UK by 118.4% during the 1st quarter. Tidal Investments LLC now owns 241,946 shares of the company's stock worth $373,000 after purchasing an additional 131,167 shares during the period. Swedbank AB acquired a new stake in shares of Polestar Automotive Holding UK during the 2nd quarter worth approximately $9,235,000. DNB Asset Management AS acquired a new stake in shares of Polestar Automotive Holding UK during the 2nd quarter worth approximately $48,000. Finally, Marshall Wace LLP acquired a new stake in shares of Polestar Automotive Holding UK during the 2nd quarter worth approximately $407,000. 1.02% of the stock is owned by hedge funds and other institutional investors.

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.