Polestar Automotive Holding UK (NASDAQ:PSNY) Stock Price Down 8.7%

Polestar Automotive Holding UK PLC (NASDAQ:PSNY - Get Free Report)'s stock price dropped 8.7% on Wednesday . The company traded as low as $1.42 and last traded at $1.44. Approximately 1,715,823 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 7,985,453 shares. The stock had previously closed at $1.58.

Analyst Upgrades and Downgrades

PSNY has been the topic of several recent analyst reports. Piper Sandler reduced their price objective 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. Barclays reduced their price target 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. Sanford C. Bernstein lifted their price objective on Polestar Automotive Holding UK from $0.74 to $0.78 and gave the company an "underperform" rating in a research report on Friday, August 30th. Cantor Fitzgerald reiterated an "overweight" rating and set a $3.00 target price on shares of Polestar Automotive Holding UK in a research report on Monday. Finally, Citigroup decreased their price target on Polestar Automotive Holding UK from $2.50 to $1.70 and set a "neutral" rating on the stock in a research note on Thursday, May 16th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, Polestar Automotive Holding UK presently has an average rating of "Hold" and a consensus target price of $1.58.

Polestar Automotive Holding UK Price Performance

The firm has a 50-day moving average of $0.92 and a two-hundred day moving average of $1.13.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Green Alpha Advisors LLC raised its stake in shares of Polestar Automotive Holding UK by 2.4% in the 1st quarter. Green Alpha Advisors LLC now owns 279,118 shares of the company's stock valued at $430,000 after acquiring an additional 6,528 shares during the period. Bard Financial Services Inc. raised its position in Polestar Automotive Holding UK by 57.1% in the fourth quarter. Bard Financial Services Inc. now owns 27,500 shares of the company's stock valued at $62,000 after purchasing an additional 10,000 shares during the period. Harel Insurance Investments & Financial Services Ltd. lifted its stake in shares of Polestar Automotive Holding UK by 77.3% during the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 31,239 shares of the company's stock worth $25,000 after purchasing an additional 13,624 shares in the last quarter. Vanguard Personalized Indexing Management LLC lifted its stake in shares of Polestar Automotive Holding UK by 136.4% during the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 24,344 shares of the company's stock worth $55,000 after purchasing an additional 14,048 shares in the last quarter. Finally, Public Employees Retirement Association of Colorado purchased a new stake in shares of Polestar Automotive Holding UK in the second quarter worth about $26,000. 1.02% of the stock is owned by institutional investors and hedge funds.

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.