Polestar Automotive Holding UK (NASDAQ:PSNY) Shares Down 9.6% – Time to Sell?
by Michael Walen · The Markets DailyPolestar Automotive Holding UK PLC (NASDAQ:PSNY – Get Free Report) dropped 9.6% during mid-day trading on Tuesday . The company traded as low as $20.39 and last traded at $20.1050. Approximately 13,136 shares traded hands during mid-day trading, a decline of 93% from the average daily volume of 181,826 shares. The stock had previously closed at $22.24.
Wall Street Analysts Forecast Growth
PSNY has been the subject of a number of analyst reports. Zacks Research raised shares of Polestar Automotive Holding UK from a “strong sell” rating to a “hold” rating in a research note on Monday, January 12th. Weiss Ratings restated a “sell (e+)” rating on shares of Polestar Automotive Holding UK in a research report on Monday, December 29th. Finally, Wall Street Zen downgraded Polestar Automotive Holding UK from a “hold” rating to a “sell” rating in a report on Saturday, October 4th. Two analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Reduce”.
Check Out Our Latest Analysis on Polestar Automotive Holding UK
Polestar Automotive Holding UK Trading Down 10.1%
The firm has a market cap of $1.43 billion, a P/E ratio of -1.02 and a beta of 1.34. The company’s 50-day moving average is $352.60 and its two-hundred day moving average is $710.63.
Institutional Investors Weigh In On Polestar Automotive Holding UK
Several institutional investors have recently made changes to their positions in the stock. Rathbones Group PLC grew its position in shares of Polestar Automotive Holding UK by 79.1% in the third quarter. Rathbones Group PLC now owns 45,285 shares of the company’s stock valued at $43,000 after purchasing an additional 20,000 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in Polestar Automotive Holding UK by 45.0% in the 2nd quarter. Russell Investments Group Ltd. now owns 47,970 shares of the company’s stock worth $51,000 after purchasing an additional 14,877 shares during the period. Focus Partners Wealth purchased a new position in Polestar Automotive Holding UK during the 1st quarter valued at about $62,000. Captrust Financial Advisors grew its holdings in Polestar Automotive Holding UK by 43.2% during the 2nd quarter. Captrust Financial Advisors now owns 58,700 shares of the company’s stock valued at $63,000 after buying an additional 17,700 shares in the last quarter. Finally, Cresset Asset Management LLC increased its position in shares of Polestar Automotive Holding UK by 26.7% during the second quarter. Cresset Asset Management LLC now owns 83,504 shares of the company’s stock valued at $89,000 after buying an additional 17,590 shares during the period. Hedge funds and other institutional investors own 1.02% of the company’s stock.
About Polestar Automotive Holding UK
Polestar Automotive Holding UK PLC (NASDAQ: PSNY) is an electric performance car company specializing in the design, development and manufacture of premium electric vehicles. Established as an offshoot of Volvo Car Group’s high-performance Polestar division, the company focuses on delivering a blend of Scandinavian design, advanced electric powertrains and cutting-edge connectivity features.
The roots of Polestar date back to 1996 when it operated as Volvo’s in-house tuning and motorsport arm.