Polestar Automotive Holding UK (NASDAQ:PSNY) Shares Down 7% - Time to Sell?

Polestar Automotive Holding UK PLC (NASDAQ:PSNY - Get Free Report) was down 7% during trading on Tuesday . The company traded as low as $1.50 and last traded at $1.53. Approximately 2,882,199 shares changed hands during trading, a decline of 63% from the average daily volume of 7,895,912 shares. The stock had previously closed at $1.64.

Analyst Upgrades and Downgrades

PSNY has been the subject of several research analyst reports. Sanford C. Bernstein boosted their target price 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. Piper Sandler lowered their price objective 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. Barclays reduced their target price on Polestar Automotive Holding UK from $2.00 to $1.00 and set an "underweight" rating on the stock in a report on Wednesday, July 3rd. Cantor Fitzgerald reiterated an "overweight" rating and issued a $3.00 price target on shares of Polestar Automotive Holding UK in a report on Monday, September 30th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and issued a $1.50 price objective on shares of Polestar Automotive Holding UK in a report on Tuesday, September 10th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, Polestar Automotive Holding UK currently has an average rating of "Hold" and an average target price of $1.58.

Polestar Automotive Holding UK Trading Down 7.9 %

The business has a 50-day moving average price of $1.22 and a two-hundred day moving average price of $1.13.

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

Institutional Investors Weigh In On Polestar Automotive Holding UK

Several large investors have recently made changes to their positions in the company. Green Alpha Advisors LLC boosted its position in shares of Polestar Automotive Holding UK by 2.4% during the first quarter. Green Alpha Advisors LLC now owns 279,118 shares of the company's stock worth $430,000 after buying an additional 6,528 shares during the period. Harel Insurance Investments & Financial Services Ltd. boosted its position in Polestar Automotive Holding UK by 77.3% during the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 31,239 shares of the company's stock worth $25,000 after acquiring an additional 13,624 shares during the period. Public Employees Retirement Association of Colorado bought a new position in shares of Polestar Automotive Holding UK in the second quarter worth $26,000. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in shares of Polestar Automotive Holding UK by 32.7% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 141,336 shares of the company's stock valued at $218,000 after purchasing an additional 34,827 shares during the period. Finally, SG Americas Securities LLC bought a new stake in shares of Polestar Automotive Holding UK during the second quarter valued at about $32,000. Institutional investors and hedge funds own 1.02% of the company's stock.

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.