Polestar Automotive Holding UK (NASDAQ:PSNY) Shares Down 5.9% - Should You Sell?

Shares of Polestar Automotive Holding UK PLC (NASDAQ:PSNY - Get Free Report) traded down 5.9% during mid-day trading on Monday . The company traded as low as $1.35 and last traded at $1.37. 1,777,620 shares traded hands during mid-day trading, a decline of 77% from the average session volume of 7,848,009 shares. The stock had previously closed at $1.45.

Analysts Set New Price Targets

PSNY has been the topic of several recent analyst reports. Cantor Fitzgerald reaffirmed 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. 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. Sanford C. Bernstein raised their target price 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. Barclays reduced 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 research note on Wednesday, July 3rd. Finally, Piper Sandler lowered 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. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $1.58.

Polestar Automotive Holding UK Stock Performance

The stock's fifty day simple moving average is $1.30 and its two-hundred day simple moving average is $1.13. The company has a market capitalization of $2.86 billion, a price-to-earnings ratio of -2.35 and a beta of 1.48.

Polestar Automotive Holding UK (NASDAQ:PSNY - Get Free Report) last released its earnings results on Wednesday, August 14th. The company reported ($0.35) EPS for the quarter. The company had revenue of $534.12 million for the quarter. On average, equities analysts anticipate 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. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in Polestar Automotive Holding UK by 71.5% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 242,402 shares of the company's stock worth $191,000 after buying an additional 101,066 shares during the period. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Polestar Automotive Holding UK during the second quarter valued at approximately $179,000. Scientech Research LLC acquired a new stake in shares of Polestar Automotive Holding UK during the second quarter valued at approximately $161,000. Marshall Wace LLP purchased a new stake in shares of Polestar Automotive Holding UK in the 2nd quarter valued at approximately $407,000. Finally, Public Sector Pension Investment Board acquired a new position in Polestar Automotive Holding UK in the 2nd quarter worth approximately $193,000. 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.