Polestar Automotive Holding UK (NASDAQ:PSNY) Stock Price Down 6.9% - Time to Sell?

Polestar Automotive Holding UK PLC (NASDAQ:PSNY - Get Free Report)'s share price fell 6.9% on Tuesday . The stock traded as low as $1.28 and last traded at $1.29. 2,168,233 shares were traded during mid-day trading, a decline of 72% from the average session volume of 7,649,846 shares. The stock had previously closed at $1.38.

Analysts Set New Price Targets

Several analysts have commented on the company. Barclays cut their target price 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. Deutsche Bank Aktiengesellschaft reiterated 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. Piper Sandler dropped their price target 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. Cantor Fitzgerald restated an "overweight" rating and issued a $3.00 price target on shares of Polestar Automotive Holding UK in a research note on Monday, September 30th. Finally, Sanford C. Bernstein raised their target price on Polestar Automotive Holding UK from $0.74 to $0.78 and gave the stock an "underperform" rating in a report on Friday, August 30th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $1.58.

Polestar Automotive Holding UK Stock Performance

The stock has a fifty day moving average of $1.42 and a 200 day moving average of $1.11. The company has a market capitalization of $2.69 billion, a P/E ratio of -2.21 and a beta of 1.48.

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

Institutional Investors Weigh In On Polestar Automotive Holding UK

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Harel Insurance Investments & Financial Services Ltd. raised its holdings in 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 valued at $25,000 after acquiring an additional 13,624 shares during the period. 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. Healthcare of Ontario Pension Plan Trust Fund lifted its position in shares of Polestar Automotive Holding UK by 32.7% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 141,336 shares of the company's stock worth $218,000 after buying an additional 34,827 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of Polestar Automotive Holding UK in the second quarter worth about $32,000. Finally, Versor Investments LP purchased a new stake in shares of Polestar Automotive Holding UK in the second quarter worth about $47,000. 1.02% of the stock is owned by institutional investors.

Polestar Automotive Holding UK Company Profile

Polestar Automotive Holding UK PLC manufactures and sells premium electric vehicles. The company was founded in 2017 and is headquartered in Gothenburg, Sweden.