Alecta Tjanstepension Omsesidigt Decreases Stake in Polestar Automotive Holding UK PLC (NASDAQ:PSNY)

Alecta Tjanstepension Omsesidigt trimmed its position in Polestar Automotive Holding UK PLC (NASDAQ:PSNY - Free Report) by 50.6% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,925,000 shares of the company's stock after selling 3,000,000 shares during the period. Alecta Tjanstepension Omsesidigt owned about 0.14% of Polestar Automotive Holding UK worth $5,060,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in PSNY. Healthcare of Ontario Pension Plan Trust Fund grew its position in Polestar Automotive Holding UK by 71.5% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 242,402 shares of the company's stock worth $191,000 after acquiring an additional 101,066 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in Polestar Automotive Holding UK in the second quarter worth about $179,000. Scientech Research LLC purchased a new position in 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 during the 2nd quarter worth $407,000. Finally, Public Sector Pension Investment Board purchased a new position in shares of Polestar Automotive Holding UK in the 2nd quarter worth approximately $193,000. 1.02% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on PSNY shares. Piper Sandler reduced their target price 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. Barclays cut their price objective on 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. Sanford C. Bernstein lifted their price objective 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. Cantor Fitzgerald reissued 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, Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and issued a $1.50 target price on shares of Polestar Automotive Holding UK in a research note on Tuesday, September 10th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $1.58.

Polestar Automotive Holding UK Stock Performance

Shares of PSNY traded up $0.05 during midday trading on Friday, hitting $1.28. 2,292,295 shares of the stock were exchanged, compared to its average volume of 7,806,994. The firm has a market cap of $2.73 billion, a P/E ratio of -2.25 and a beta of 1.48. Polestar Automotive Holding UK PLC has a 52-week low of $0.61 and a 52-week high of $2.67. The stock has a fifty day simple moving average of $1.34 and a 200 day simple moving average of $1.12.

Polestar Automotive Holding UK (NASDAQ:PSNY - Get Free Report) last released its earnings results 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. As a group, equities research analysts forecast that Polestar Automotive Holding UK PLC will post -0.53 EPS for the current fiscal year.

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.