Polestar Automotive Holding UK (NASDAQ:PSNY) Shares Down 4% – Here’s Why
by Danessa Lincoln · The Markets DailyPolestar Automotive Holding UK PLC (NASDAQ:PSNY – Get Free Report)’s stock price traded down 4% during trading on Wednesday . The stock traded as low as $16.95 and last traded at $16.9850. 98,732 shares were traded during trading, a decline of 60% from the average session volume of 244,005 shares. The stock had previously closed at $17.70.
Analysts Set New Price Targets
Several equities analysts have recently issued reports on the stock. Cantor Fitzgerald downgraded shares of Polestar Automotive Holding UK from a “neutral” rating to an “underweight” rating in a research note on Thursday, February 19th. Zacks Research upgraded Polestar Automotive Holding UK from a “strong sell” rating to a “hold” rating in a report on Monday, January 12th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Polestar Automotive Holding UK in a report on Monday, December 29th. One research analyst has rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Sell”.
Get Our Latest Research Report on PSNY
Polestar Automotive Holding UK Trading Down 3.7%
The stock’s 50-day moving average price is $17.82 and its 200-day moving average price is $393.96. The stock has a market cap of $1.22 billion, a price-to-earnings ratio of -0.87 and a beta of 1.23.
Hedge Funds Weigh In On Polestar Automotive Holding UK
Several hedge funds and other institutional investors have recently bought and sold shares of the company. The Manufacturers Life Insurance Company bought a new stake in Polestar Automotive Holding UK during the second quarter valued at $326,000. Bank of America Corp DE raised its position in shares of Polestar Automotive Holding UK by 128.7% in the 3rd quarter. Bank of America Corp DE now owns 164,594 shares of the company’s stock worth $155,000 after acquiring an additional 92,621 shares in the last quarter. Rafferty Asset Management LLC raised its position in shares of Polestar Automotive Holding UK by 99.1% in the 2nd quarter. Rafferty Asset Management LLC now owns 106,630 shares of the company’s stock worth $114,000 after acquiring an additional 53,086 shares in the last quarter. Cresset Asset Management LLC lifted its stake in shares of Polestar Automotive Holding UK by 26.7% in the 2nd quarter. Cresset Asset Management LLC now owns 83,504 shares of the company’s stock valued at $89,000 after purchasing an additional 17,590 shares during the period. Finally, Captrust Financial Advisors lifted its stake in shares of Polestar Automotive Holding UK by 43.2% in the 2nd quarter. Captrust Financial Advisors now owns 58,700 shares of the company’s stock valued at $63,000 after purchasing an additional 17,700 shares during the period. Institutional investors and hedge funds 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.