Polestar Automotive Holding UK (NASDAQ:PSNY) Shares Down 4.9% - Should You Sell?

Polestar Automotive Holding UK PLC (NASDAQ:PSNY - Get Free Report) shares traded down 4.9% on Wednesday . The company traded as low as $1.25 and last traded at $1.26. 866,304 shares were traded during mid-day trading, a decline of 89% from the average session volume of 7,727,973 shares. The stock had previously closed at $1.32.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $3.00 price objective on shares of Polestar Automotive Holding UK in a report on Monday, September 30th. Piper Sandler reduced their price objective on Polestar Automotive Holding UK from $2.00 to $1.50 and set a "neutral" rating for the company in a research note on Wednesday, September 4th. Deutsche Bank Aktiengesellschaft restated a "hold" rating and set a $1.50 target price on shares of Polestar Automotive Holding UK in a research report on Tuesday, September 10th. 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 report on Wednesday, July 3rd. Finally, Sanford C. Bernstein raised their price objective 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. Two research analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company. 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 Trading Down 5.3 %

The company's 50 day moving average price is $1.37 and its 200 day moving average price is $1.12. The company has a market cap of $2.67 billion, a price-to-earnings ratio of -2.19 and a beta of 1.48.

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

Institutional Investors Weigh In On Polestar Automotive Holding UK

Several institutional investors have recently made changes to their positions in PSNY. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in shares of Polestar Automotive Holding UK by 32.7% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 141,336 shares of the company's stock worth $218,000 after acquiring an additional 34,827 shares during the period. Tidal Investments LLC increased its position in shares of Polestar Automotive Holding UK by 118.4% in the first quarter. Tidal Investments LLC now owns 241,946 shares of the company's stock valued at $373,000 after buying an additional 131,167 shares in the last quarter. DNB Asset Management AS purchased a new position in shares of Polestar Automotive Holding UK in the second quarter valued at $48,000. AMF Tjanstepension AB raised its stake in shares of Polestar Automotive Holding UK by 399.3% during the 2nd quarter. AMF Tjanstepension AB now owns 21,971,866 shares of the company's stock worth $17,283,000 after buying an additional 17,571,426 shares during the last quarter. Finally, SG Americas Securities LLC purchased a new stake in shares of Polestar Automotive Holding UK in the 2nd quarter worth about $32,000. 1.02% of the stock is currently 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.